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  4. Document 423

832.51/1550: Telegram

The Ambassador in Brazil (Caffery) to the Secretary of State

Rio de Janeiro, August 7, 1939—2 p.m.
[Received August 7—1:25 p.m.]

238. The Bank of Brazil is today sending to the commercial banks participating in the 19,200,000 dollar acceptable credit the first renewal drafts and instructions to pay 10 percent of the face amount of the original credit in accordance with the terms of the arrangement.

The Director of Exchange informs me in confidence that the Bank of Brazil authorized from April 10 to date remittances of approximately 3,500,000 dollars for earnings of which 75 percent represents profits of American companies granted at the request of the Embassy.

Caffery