660H.1115/17a: Telegram

The Secretary of State to the Minister in Yugoslavia (Lane)

26. Department has discussed matter of cotton dancing again with the Export-Import Bank.

In developing arrangements of this kind with other countries it has proven useful to start on modest scale and if arrangement works [Page 891] satisfactorily thereafter somewhat expand. Following this same approach, Bank suggests willingness to increase amount involved in immediate transaction to $500,000 with the idea that perhaps at a later date amount can be substantially increased. If approved please request National Bank to designate American commercial bank to act as agent.

Hull