811.20 Defense (M)/7596: Telegram
The Chargé in Panama (Muccio) to the Secretary of State
[Received July 7—1:08 a.m.]
756. My June 27.85 Banco Agropecuario e Industrial has submitted a counter draft of rubber agreement which is in substantial agreement with draft submitted with Department’s instruction 864, June 8.86 Only important differences are (1) contract will be signed by bank on behalf of Government of Panama, (2) right of export not “exclusive” as in our paragraph two but bank’s paragraph three provides that bank agrees that all rubber produced is to be sold to agency, (3) bank’s draft includes a new paragraph providing that reserve obligates itself to receive (up to) 240 tons of rubber and return equivalent amount of manufactured products within 4 months of bank’s delivery of rubber, (4) price is made delivered bank’s warehouse in Panama not f.o.b. ocean port. Our paragraph five is therefore eliminated.
Copy and translation of counterproposal going forward by air mail tomorrow.87