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The Chargé in Ecuador (Shaw) to the Secretary of State

766. For Export-Import Bank from Applegate. Due to delays and lack of interest in certain government departments regarding plans for reorganization, approval of reforms of statutes and payment to corporation of 5 percent commission, interest and installment due on investment in Quevedo–Manta project, Mr. Shaw, Chargé d’Affaires Embassy arranged appointment for me with Minister Trujillo38 with whom I discussed the whole situation and he informed the President39 of the situation with the result of immediate action by [Page 1057] Minister of Economy. In session yesterday afternoon and this morning with Minister Economy [and] representative of Foreign Office reforms of statutes were approved and tentative plans for reorganization made by which Govt agreed to reimburse corporation for assets to be transferred, also to study means to furnish funds for Quevedo-Manta continued construction. … [Applegate.]

  1. José Vicente Trujillo, Minister of Foreign Affairs.
  2. José Maria Velasco Ibarra.