The Paraguayan Minister (Estigarribia) to the Secretary of State

Excellency: I have the honor to refer to your communication of this date regarding arrangements for credits to the Banco de la República del Paraguay and for public works purposes.

It is my opinion that it would be highly desirable for the Banco de la República del Paraguay to secure the services of a competent United States technical expert on international financial matters for the period during which the above-mentioned credit to that Bank is [Page 764] extended, in order to assist that institution in the attainment of the policy of the Government of Paraguay of stimulating the expansion of Paraguayan foreign commerce and economic relations with the United States by meeting promptly commercial obligations to United States nationals and concerns and reducing seasonal and unusual fluctuations in the rate of exchange of the peso. I should be deeply grateful if you would take the necessary steps to secure a suitable person for this post.

Accept [etc.]

José F. Estigarribia