The Under Secretary of State (Welles) to the President of the Export-Import Bank (Pierson)

My Dear Mr. Pierson: Thank you for your letter of December 5, 1940 acquainting me with the progress of your discussions with the Argentine financial mission. I have been gratified by the reports [Page 483]which have reached me concerning the rapid progress being made in this matter.

I have noted with special interest the suggestion of Dr. Prebisch that the Bank assist in the construction of an oil pipe line from Mendoza to the seaboard. It is the Department’s view, with which I am sure you concur, that assistance in productive development projects constitutes the most effective form of economic cooperation between the United States and other American republics. I therefore wish to express the hope that, if the Argentine Government submits a proposal which gives reasonable consideration to the interests of the American oil companies, the Bank will seriously consider the matter.

Sincerely yours,

Sumner Welles