The Chargé in Peru ( McGurk ) to the Secretary of State

No. 648

Sir: I have the honor to inform the Department that in one of our recent conversations, the Finance Minister took occasion to express his most sincere appreciation for the prompt and cooperative action of the United States government in extending to Peru the new Export-Import Bank credit to be used for exchange purposes. He mentioned, also, that this represents another of the numerous acts which demonstrate clearly that Pan American cooperation is actually operating.

On December 27, the Minister stated that the exchange reserve fund remains at approximately $1,000,000 exclusive of any of the credit obtained in the United States. However, in his statements explaining the various budgetary items to the Senate on December 26, he remarked that it would not be surprising if Peru should make use of the Export-Import bank credit in the near future, in order to accomplish the object for which the credit was solicited.

Respectfully yours,

J. F. McGurk