Mr. Francis T. Cole, Vice President and General Manager, American Manufacturers Export Association, to the Secretary of State

Dear Mr. Secretary: In connection with the Argentine government plan for liquidating frozen funds, various members have taken exception to the efforts of the Exchange Control Commission to force them to take advantage of the proposed twenty year bond plan under a threat of boycotting or blacklisting.

Some members may wish to have their funds remain as at present rather than be forced into the twenty year bond plan. Should the bond plan be accepted as the one by which frozen funds will be liquidated, would it be possible to negotiate with the Argentine government on the question of leaving the funds as they now are?

Very truly yours,

Francis T. Cole