611.6531/247
Substance of Gables From the Italian Ministry for Foreign Affairs to the Italian Ambassador (Rosso)23
We have examined with the greatest attention the contents of the telegrams you sent to us after your conversation with Mr. Sayre and we have come to the conclusion that the differences between the points of view of the two Governments are not such as to preclude the possibility of reconciling the divergencies. We feel that this may be possible if both sides will endeavor to tackle the problem more from a practical, than from a formal standpoint.
[Page 533]As to the first condition, we are always ready to consider an increase of exports from the United States to Italy by the allotment of high quotas, provided that the concessions from the American side are such as to offer a reasonable prospect of ameliorating our unfavorable balance of trade.
As to the second point, we do not intend to press for an agreement formally based on the principle of compensation between exports and imports. We do not conceal that our practical aim is to reach, as nearly as possible, an adjustment of our trade balance with the United States, but we hope that such a result may be obtained through an agreement reached on a practical basis.
In our opinion, there is ground for useful negotiations.
You will discuss the above with Assistant Secretary, Mr. Sayre, and let me know his views.
- Copy handed to Assistant Secretary of State Sayre by the Italian Ambassador, May 14, 1935.↩