822.50/3–2345

Memorandum by Mr. John C. McClintock, Special Assistant to the Assistant Secretary of State ( Rockefeller )30

I have noted Mr. Atwood’s memorandum of March 23 on the Ecuadoran Development Corporation.

I have discussed this with Mr. Rockefeller who agrees that it is desirable to work out the objectives of both the Ecuadoran and Bolivian Development Corporations in a constructive manner in such a way as to avoid the definite disadvantages which are inherent in the present development corporation set-up as far as United States responsibility is concerned.

Mr. Rockefeller, however, does not wish to see liquidation of these corporations until a constructive proposal has been agreed to involving the sound use of the Export-Import Bank’s credits and designed to achieve the principal objectives for which these credits were established.

John C. McClintock
  1. Addressed to Mr. Henry Dearborn of the Division of North and West Coast Affairs; Mr. Louis Joseph Halle, Country Specialist; Mr. Vernon E. Bundy, Chief, Division of Commercial Policy, and to Mr. Wright.