Page:United States Statutes at Large Volume 49 Part 2.djvu/1833

 RECIPROCAL TRADE-BRAZIL. necessary to meet the payment, to the holders of bonds of loans negotiated in the United States of America, of the sums fixed by the plan of February 5, 1934, for payment of debts. I wish to add that the Bank of Brazil will continue to meet, as hitherto, the obligations assumed in June 1933 for the refunding of the deferred commercial debts in arrears existing at that time.. I avail myself of this opportunity to renew to Your Excellen~y the assurances of my highest consideration. OSWALDO ARANHA His Excellency 1fr. CORDELL HULL, Secretary oj State oj the United States oj America. The Secretary oj State (Hull) to the Brazilian Ambassador (Aranha) DEPARTMENT OF STATE, 'Washington, February 2, 1935. EXCELLENCY: I have the honor to acknowledge the receipt of Your Excellency's note of this date. My Government welcomes the declaration of the Government of Brazil contained in Your Excellency's note under acknowledgment in connection with the arrangements for the development of trade between the United States and Brazil embodied in the new Commer- cial Agreement between the two countries and has taken note of the determination of the Government of Brazil to resolve in so satisfactory and orderly a manner matters involving foreign exchange between the two countries. The security in exchange matters these assurances will give to trade between the two countries should greatly assist in the development of that trade. They appear to this Government to be both reasonable and moderate and in no way to obstruct such plans or efforts as the Brazilian Government may wish to carry forward in furthering a liberal exchange policy. Your Excellency will, of course, appreciate that the proffer by Your Excellency'S Government of these assurances as contained in Your Excellency's note above referred to is not construed by this Govern- ment as modifying or affecting in any way the rights of American holders of Brazilian bonds issued in the United States. I avail myself of this opportunity to renew to Your Excellency the assurances of my highest consideration. His Excellency Mr. OswALDO ARANHA, Ambassador of Brazil. [No. 82] CORDELL HULL 3839