600.119/3217a: Telegram
The Acting Secretary of State to the Chairman of the American Delegation to the Seventh International Conference of American States (Hull)
67. President yesterday afternoon informed a small group representing various Departments concerned that as far back as last March he had in his discussions of agricultural policy discussed with Mr. Peek the possibility and advisability of reopening foreign markets for agricultural surpluses. It was decided at that time that the immediate domestic supply should be restricted in view of the fact that foreign markets were closed temporarily by tariffs, quotas, and so forth, so that the immediate task was to restrict production until machinery for limitation of burdensome surpluses could be put in operation. President explained that now the time has come to initiate second part of program and to correlate the two parts, the internal adjustment of production with such effective foreign purchasing power as may be developed by reciprocal tariffs, barter, and other international arrangements. He designated Mr. Peek to head a temporary committee to recommend permanent machinery to coordinate Government relations to American foreign trade. The committee is to include members of the inter-departmental advisory board on reciprocal treaties and the executive committee on commercial policy and such other individuals as Mr. Peek may select. Mr. Peek will head the new organization when it is created. I may add that relationship of the proposed committee with already existing committee on commercial policy was left somewhat uncertain.