890F.6363/61
The Secretary of Commerce ( Jones ) to the Secretary of State
Dear Mr. Secretary: I have your letter of July 6,29 enclosing copy of your letter of that date to the President,30 regarding the matter of securing for the American Government oil reserves in Saudi Arabia.
Petroleum Reserves Corporation was created by Reconstruction Finance Corporation on June 30, 1943, pursuant to Section 5d (3) of the RFC Act,31 as amended. Its by-laws state that the Corporation shall have not less than five directors nor more than ten. Five Directors have been appointed: The Secretaries of State, War, Navy, Interior and Commerce.
When the President sent me your letter, dated June 26, which was also signed by the Secretaries of War, Navy and Interior, he stated that he approved the plan outlined in your letter to him, but that no further action of any kind was to be taken pending further instructions from him.
When the President has replied to your letter and there is to be a meeting of the Board of Directors, I will be glad to be advised.
Sincerely yours,