860D.51/2–1047
Memorandum of Conversation, by the Minister in Finland (Hamilton)1
Mr. Walter Gräsbeck,2 who returned to Helsinki February 3 from the United States, talked with me for an hour and a half this afternoon giving me an account of his discussions in Washington regarding the new Export-Import Bank credit to Finland. Mr. Gräsbeck said that he had maintained his headquarters in New York and had gone to Washington twice a week. In Washington he had first gotten in touch with State Department officers. He had had several conferences with them. He found these officers extremely well informed regarding conditions in Finland. They had asked for particulars regarding a good many points. Some of these he could furnish himself and others he asked Mr. Matti Virkkunen, head of the Commercial Section of the Finnish Foreign Office who had also gone to Washington on this mission, to assist. The State Department people considered the Finnish figure of $76,000,000 for an additional credit as much too high. Mr. Gräsbeck admitted that it was high. After discussions with the State Department people, Mr. Gräsbeck had then taken up his discussions with the Export–Import Bank. There he had also met a friendly and sympathetic response and there, as in the State Department, the people with whom he talked were well informed and asked searching questions.
Mr. Gräsbeck said that there were a good many difficulties in the way of Finland’s obtaining an additional credit. The general world political situation, the limited funds at the disposal of the Export-Import Bank, the desire to have private American bankers resume their prewar functions in the field of foreign trade financing, and a feeling that credits for a reconstruction [loan?] should be taken up with the International Bank, all these were important factors.
. . . . . . . . . . . . . .
Mr. Gräsbeck left the United States before the new Export–Import Bank credit agreement had been signed.3 He expected the agreement to be signed shortly.
. . . . . . . . . . . . . .
- Enclosed in despatch 1073, February 10, from Helsinki.↩
- Head of the Finnish Cellulose Union, and member of Finnish financial missions to the United States.↩
- The
Agreement between Finland and the Export–Import Bank of Washington
establishing a line of credit of $20,000,000 to finance the purchase
in the United States of materials, equipment and supplies required
for the rehabilitation of the lumber, pulp and paper industry of
Finland, and the Agreement establishing a line of credit of
$10,000,000 to finance the purchase in the United States of
foodstuffs for exportation to Finland were signed on February 19.
Copies of these agreements were sent to the Legation in Finland in
instruction 236 on March 5. (860D.51/3–547)
The Agreement between the Export–Import Bank of Washington and the Suomen Pankki-Finlands Bank establishing a line of credit of $2,000,000 to finance the exportation of United States cotton was signed on April 2. A copy of this agreement was sent to the Legation in Finland in instruction 256 on May 9. (860D.51/5–947)
↩