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

My Dear Mr. Pierson: Reference is made to conversations between officers of the Department and of the Export-Import Bank with President Lescot of the Republic of Haiti and Mr. Williams, President of the National Bank of the Republic of Haiti, regarding the extension of financial assistance to the Government of that Republic through the medium of the National Bank of the Republic of Haiti, in order to alleviate the financial crisis which has arisen primarily as a result of the shortage of shipping facilities.

The Department has carefully considered the Haitian financial situation and, due to the uncertainties in regard to the shipping facilities which will be available to Haiti in the coming months, feels strongly that the opening by the Export-Import Bank of a line of credit of $500,000 in favor of the National Bank of the Republic of Haiti, to be utilized only when necessary to maintain the Haitian economy, would be advisable at this time.

The Department has received assurances from the President of the Republic of Haiti that expenditures of the Government of Haiti will be kept at a minimum and that new tax legislation will be shortly enacted.

Sincerely yours,

Sumner Welles