611.2231/195: Telegram
The Minister in Ecuador (Gonzalez) to the Secretary of State
[Received 6 p.m.]
55. Referring to my telegram No. 54, September 25, 11 a.m., the last paragraph of the memorandum received from the Foreign Office this morning reads as follows:
“However, it must be left on record that in order that Ecuador should continue these unique concessions which until now it has made to no other country, it is agreed that the commercial balance shall be favorable to Ecuador inasmuch as this principle is of vital importance to the economy of the country; since it is the only way that it can cover payments in gold for ocean freight and insurance as well as the merchandise we import which principle has been incorporated in the commercial treaties already concluded by Ecuador and which has been accepted by the other countries.”