The Assistant Secretary of State (Berle) to the President of the Export-Import Bank of Washington (Pierson)

Dear Warren: In reply to your letter of November 20th29 regarding the request of the Minister of Yugoslavia for cotton credit, I have to say that the Department does not at the moment see any reason why such credit should be granted. Unless, therefore, the Export-Import Bank deems it desirable to make such a credit, for considerations of its own, there would not appear to be any reason for going forward at this time;30 and the Yugoslav Minister might be so advised.

Sincerely yours,

A. A. Berle, Jr.
  1. Not printed.
  2. No record of any further discussion of this proposed credit has been found in Department files.