Memorandum by Mr. Henry Dearborn of the Division of North and West Coast Affairs32
The Ecuadoran Development Corporation and the Defense Supplies Corporation
The Ecuadoran Development Corporation has been the agent of the Defense Supplies Corporation in the latter’s cinchona program in Ecuador. The final settlement of accounts between the EDC and DSC, which has been pending for several weeks, appears to have been postponed indefinitely. Several weeks ago an agreement was almost reached, but recent developments prevented its final acceptance.
- Minister of Economy Laso explained to our Commercial Attaché in Quito33 that he had no power to approve or disapprove DSC’s proposals and that they would have to be referred to the Board of Directors of the EDC.
- There have been so many resignations from the Board of Directors of the Development Corporation that a quorum cannot be mustered. Minister Laso says “There is no telling whether there will be another meeting of the Board”.