852.5151/275: Telegram
The Secretary of State to the Counselor of Embassy in Spain (Thurston)
375. The National Foreign Trade Council of New York has undertaken to represent a large number of American firms holding credits resulting from merchandise imported into Spain and feels that in view of the present civil strife in that country it should make every effort in behalf of these firms to obtain from the Spanish Government assurances that it will assume responsibility for the conservation of these blocked credits until such time as their transfer may be possible. Representatives of the Council have, therefore, approached the Spanish Ambassador in Washington, who displayed a sympathetic interest and undertook to bring the Council’s views to the attention of the proper Spanish authorities upon the occasion of his recent visit to Valencia. The Council has not as yet, however, succeeded in obtaining the desired assurances from the Spanish Government.
It is obvious that such assurances, if obtained, would constitute a valuable safeguard not merely for the interests which the Council represents but for all American exporters holding blocked credits in Spain. When the occasion offers, therefore, you may in your discretion [Page 537] informally bring to the attention of the appropriate Spanish authorities our continued keen interest in the eventual liquidation of American credits in Spain and our hope that in the meanwhile every care will be taken to conserve them in anticipation of their ultimate transfer.