Page:United States Statutes at Large Volume 49 Part 2.djvu/1832

 3838 RECIPROCAL TRADE-BRAZIL. Desejo accrescentar que 0 Banco do Brasil continuara, como ate agora, a pagar as obrigaQoes contrahidas em Junho de 1933 para a consolidaQao das dividas commerciaes em atrazo, existentes naquella data. Aproveito a opportunidade para reno val' a Yossa Exrcllcncia os protestos da minha mais alta congidera<juo. A Sua Exccllcncia 0 Senhor CORDELL HULL, Secretario de Estado dos Estados Um·dos da America. [ Tr<lld"tion] Os WALDO ARANHA No. 11 EMBASSY OF THE UNITED STATES OF BRAZIL, IVashinrton, February 2, 1935. ~IR. SECRETARY OF STATE: Animated with the purpose of making article VI of the trade agree- ment between Brazil and the United States of America, signed today, perfectly clear, my Government has authorized me to advise Your Excellency that, so long as thcre may be any need for it to maintain the present control over foreign exchange, it interprets the promise contained in the said article as follows: I. The Bank of Brazil will furnish sufficient exchange for the pay- ments, as they become due, for all future importations of American products into Brazil; moreover, the Bank of Brazil will provide sufficient foreign exchange for the gradual liquidation of the American commercial debts now in arrears, it being understood that the Bank of Brazil will establish a system of payment under which the amount of foreign exchange required for the purposes mentioned shall not be less than a percentage calculated in accordance with the share represented by American goods in total Brazilian imports during the past 10 years, but slightly increased in -lrder that the purposes con- templated by the new trade agreement may be accomplished; II. With respect to transfers of profits and dividends of American companies operating in Brazil, my Government cannt t, until the situation becomes nonnal, do more than promise that such companies will receive treatment never less favorable than that which is enjoyed or which may be enjoyed by any foreign companies established in the country; III. :My Government suggests the cooperation of the Bank of Brazil with the Federal Reserve Board of New York (or any other institution which the Government of the United States of America may indicate), in the sense of inaugurating a foreign exchange in- formation service, affording greater knowledge of the situation of each of the two countries with relation to the other and, in this wn)" intensifying the exchange of products bctween them; IV. If, as it hopes, the negotiations in progress for obtaining bank- ing credits should come to a happy conclusion, the Brazilian Govern- ment will reserve from the foreign exchange at its disposal that