821.51/2386: Telegram
The Under Secretary of State (Welles) to the Secretary of State
S. S. “Santa Elena” (Panama), October 5,
1939—9 p.m.
[Received October 6—3:46 a.m.]
[Received October 6—3:46 a.m.]
45. I would recommend that you inform the Colombian Ambassador that if his Government submits to the Council a debt settlement proposal [Page 513] in the general range which I understand Laylin has been proposing the Department will do everything it appropriately can to secure its acceptance.
Our understanding is that this formula would contemplate the resumption of payment on a 3% scale which would gradually rise to 4%. It might be well to reserve flexibility as to the secondary details.
Welles