651.5231/167: Telegram
The Ambassador in Spain (Bowers) to the Secretary of State
[Received December 28—12:45 p.m.]
81. Recent exchange agreement with France38 summarized Commercial Attaché’s financial report week ended December 21st39 will obviously result in further increasing dollar remittances delay. Moreover confidential official information just obtained that Spain has offered England clearing agreement. Saw Sub-Secretary this morning who states exchange situation is covered in pending commercial agreement of which we still have no copy and adds that Spain is studying every means including that of loan to normalize exchange with all countries.
In view of the above developments believe early successful conclusion our agreement more desirable than ever.