622.116/128: Telegram
The Minister in Ecuador (Long) to the Secretary of State
[Received 9:11 p.m.]
203. Referring to Department’s telegram No. 128, September 3, 4 p.m. During long conference with the Minister for Foreign Affairs and Minister of Finance58a it was learned that the latter is submitting [Page 874] recommendation to Congress that he be authorized to alter exchange control regulations. When authorization is granted he states he will attempt to bring these into line with the provisions of the trade agreement though he maintains that the requirement of authorization for exchange is a safeguard to American exporters and will be retained. The appointment of new Director General of Exchange Control was announced today who is believed to be more liberal and reasonable.59
To avoid delays in certification exporters should present copy of authorization for exchange with export documents; insisting that Ecuadoran importer supply this authorization before despatching shipments.
Revision of any article of the trade agreement may be made by the executive but would require approval of Congress if in session otherwise approval of National Economic Council.
Detailed report of the conference being forwarded by air mail.60