The Ambassador in Turkey ( Wilson ) to the Secretary of State
[Received 6:20 p.m.]
704. Embtel 621, June 1.40 I conveyed yesterday to Secretary General, Foreign Office, substance Deptel 472, June 21, as reply to request he made of me June 1. He will inform Prime Minister and Minister of Finance. He said Govt will of course be greatly disappointed, but will seek what comfort it can from probability airport credit will not be included in 25 million credit and that ships can be obtained from Maritime Commission on credit for 75 percent purchase price.
Erkin asked my confidential opinion whether failure obtain more satisfactory results due to faulty presentation. I said confident this was not case and in my judgment factors involved in Bank’s decision are (1) Bank’s limited lending power, (2) urgent need credits war ravaged countries for recovery purposes, (3) Turkey’s relatively favorable economic and foreign exchange position, (4) establishment international banks whose function to consider development loans.