833.5151/469: Telegram
The Minister in Uruguay (Dawson) to the Secretary of State
[Received February 16—10:55 a.m.]
17. According to information furnished informally and in strict confidence to Reed by a leading official of the Bank of the Republic, the latter plans to facilitate by increased use of free exchange the early clearance of imported merchandise now in customs. Accumulated merchandise is estimated at from two to three million dollars and includes not only American but also British and other foreign goods which are likewise affected although in a lesser degree by prevailing shortage of exchange. With respect to future imports the bank official said that the bank does not intend to continue the present virtual embargo on American goods and is waiting for exports to accumulate a reasonable quantity of official exchange in order again to grant us a quota.