660p.116/50a: Telegram

The Secretary of State to the Minister in Latvia (Lane)11

52. Please submit as soon as practicable comprehensive report covering effect of Latvian devaluation on American-Latvian trade.12 Information with respect to changes in Latvian policy or attitude towards American trade should be obtained from official circles. If a comprehensive report cannot be submitted without appreciable delay, forward by despatch pertinent information as obtained and incorporate it later in desired report.

  1. The Minister was accredited to Estonia, Latvia, and Lithuania, with residence at Riga.
  2. The Latvian Cabinet of Ministers decided on September 28, 1936, to devalue the lat by about 40 percent and to tie the lat to the British pound sterling, effective the following morning. Thereupon 25.22 lats became worth one pound, and 5.16 lats equalled $1.00.