561.311F1/151: Telegram
The Chairman of the American Delegation to the Monetary and Economic Conference (Hull) to the Acting Secretary of State
[Received July 15—8:20 a.m.]
135. For Wallace from Morgenthau. After long discussions with Danubian countries for the past week during which they contended their new crops were large and their total export surplus around 70,000,000 bushels, they finally offered to accept a maximum quota for 1933–34 of 50,000,000 basic plus 7,000,000 to be granted at discretion advisory committee. For 1934–35 they propose 45,000,000 plus 5,000,000 [Page 813] with obligation not to increase acreage. If these figures agreeable can probably reach an agreement Monday. Morgenthau recommends it. Do you approve? First formal reply to [conference with?] Russians today at which they suggested an export quota of 90,000,000 bushels. We suggested 25,000,000. In case we cannot agree on figures, should agreement be concluded without Russia? [Morgenthau.]