The Minister in Nicaragua ( Long ) to the Secretary of State
[Received 2:55 p.m.]
5. Department’s telegram 4, January 12, 7 p.m. (1) Substance of Department’s telegram Number 4 has been communicated to Minister for Foreign Affairs who will discuss this matter after a Cabinet meeting when I will again report by telegraph.
(2) Regarding official rate of exchange for gold cordoba, 4 to 1 rate for payment of customs duties was discussed at Cabinet meeting Tuesday and it was found that it would cause too high a cost for imported merchandise. Two to one rate was favored—with the thought it could be raised at will. No final decision was reached but the desire is to keep it as low as practicable. In any event an increase in rate is contemplated.