The Under Secretary of State (Welles) to the Brazilian Minister for Foreign Affairs (Aranha)
I have received with the deepest satisfaction your particularly gratifying telegram of yesterday. The exchange of letters with regard to the establishment of the iron and steel industry in your great country is a source of the greatest pleasure to this Government. I remember well the many conversations which you and I had with regard to it and it is, therefore, now all the more satisfying to see that the hopes which we then expressed have been realized. I believe unquestionably that this agreement marks the reaffirmation of a policy of close practical and intimate cooperation between our two Governments to our reciprocal advantage and the advantage of the New World. Please accept my warmest personal greetings.