811.20 Defense (M)/2727: Telegram

The Ambassador in Colombia ( Braden ) to the Secretary of State

294. For details letter with reference to our telephone conversation today Chief of Exchange and Export Control has agreed to delay approval of export permits for platinum covered by irrevocable letters of credit number 1140 for $12,167, number 1138 for $44,965, both on the Manufacturers Trust Company of New York and number 3687 for $4,150 on the National City Bank of New York for so long as possible probably 2 or 3 days but he urges that the Manufacturers Trust Company and the National City Bank of New York would like cancellation [Page 46] of the above credits to the Banco de Bogotá immediately. I sincerely trust this may be done and that no other New York banks issue any credits having to do with platinum. Meanwhile the Colombians are studying the proposals embodied in Department’s telegram No. 19665a and we will endeavor to expedite in every way. The authorities expect that at least we can control our own banks. Since no platinum shipment can be made except on letter of credit opened in New York as indicated in my telegram No. 250 by preventing could [sic] obtainance thereof we can prevent shipments to any place other than United States and so soon as other details are worked out we can insure all production coming to us.

With further reference to my closing remarks in our telephone conversation the Chief of Exchange and Export Control suggests Metals Reserve Corporation offer forthwith to buy all platinum now on hand in the name of the Banco de la Republica. With this firm proposal as authorization bank will endeavor to acquire stocks now held by Suganami.

  1. Supra.