710G1A/294: Telegram
The Acting Secretary of State to the Chairman of the American Delegation ( Hull )
44. Your 21, December 2, 9 p.m. I have discussed this with the President. It is our judgment that the proposal is not open to criticism [Page 160] except possibly because you would naturally be forced to include exceptions to cover possible actions by the N. R. A.1 and the A. A. A.2 In the light of this fact and the fact that other governments would thereby put forward other exceptions, the proposal could only be valuable from the point of view of expressing ultimate objectives rather than from the point of view of practical and immediate progress.
It seems to us that all possible emphasis on the immediate undertaking of bilateral negotiations would be more useful during this period of unsettled Government finance and of sharply fluctuating exchanges and we wish to submit this for your consideration.
The attitude you express in the final sentence of your 27, December 5, seems advisable.