Page:United States Statutes at Large Volume 57 Part 2.djvu/681

 57 STAT.] BRAZIL-MOBILIZATION OF RESOURCES-MAR. 3,1942 Commerce that he is agreeable to the opening of a line of credit of up to $100,000,000 for the purpose of financing dollar expenditures in connection with specific projects to be undertaken by the Brazilian Government through the agency of the proposed new organization. It is contemplated that such projects shall be undertaken after agree- ment between the Brazilian Government, acting through the new organization, and the Government of the United States, acting through the Department of Commerce, and that appropriate United States technical and expert assistance shall be made available as necessary and desirable. The Secretary of Commerce will consider and act upon such projects within the period in which the Export-Import Bank of Washington is in a position to provide these credits, and to the extent that its funds may be available for this purpose. Details of the arrangements may be worked out between representatives of the Government of Brazil and the Secretary of Commerce. It is of course understood that although the United States is de- sirous of cooperating to the fullest extent in the general development of the Brazilian economy, the carrying out of specific projects which require important amounts of machinery, equipment or other materials produced in the United States must be conditioned upon careful in- vestigation and determination that the particular project will con- tribute in an important manner to the progress of our war effort and to the security of the Hemisphere, and has accordingly been granted the appropriate priority ratings. I believe that the cooperative program which the Governments of Brazil and the United States of America are undertaking will con- stitute a further great step forward in mutually beneficial economic relationships between our two countries and in the mobilization of the economic resources of the Western Hemisphere. Accept, Excellency, the assurances of my most distinguished consideration. SUMNEI WELLES Acting Secretary of State. His Excellency Dr. ARTHUR DE SOUZA COSTA, Minister of Finance of Brazil. 81077°-44-PT. -- 413 1317

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