825.516/182: Telegram

The Ambassador in Chile (Culbertson) to the Secretary of State

73. Department’s telegram No. 28.8 In general American business with one exception has not kept large foreign currency balances in Chile. An approximate estimate of the value of these deposits is $800,000 United States currency of which about $600,000 belongs to the Dupont subsidiary.

[Page 439]

In my informal written communication to the de facto authorities yesterday I referred to a former note addressed to the Minister for Foreign Affairs of the Montero government in which I incorporated the policy in your telegram No. 24, May 28, 2 p.m.9 I said that this policy applies not only to oil property but to all American property in Chile. I then called attention to the adverse effect which the decree quoted in my telegram No. 70, June 9, 4 p.m., would have on deposits in foreign currency by Americans and on the obligation of American banks arising from their trusteeship to all foreign currency depositors.

  1. Supra.
  2. Post, p. 511.