832.51/794
The Secretary of State to the Brazilian Ambassador (Lima e Silva)
The Secretary of State presents his compliments to His Excellency the Ambassador of Brazil and refers to his note No. 85, dated September 5, 1933, transmitting a memorandum requesting the opening of a credit of $50,000,000 in favor of the Banco do Brasil as an exchange fund for the purpose of paying for imported merchandise.
[Page 73]The Secretary of State has consulted the competent offices of the Government of the United States as to the possibility, particularly from a legal standpoint, of a credit of the kind suggested and has been advised that no agency of the Government would have authority to make the desired advance. The competent authorities add that it would seem, therefore, that the procurement of a credit is a matter which the Banco do Brasil or the Brazilian Government should arrange privately, and not one in which this Government could properly be involved in any way.