Foreign Relations of the United States, Diplomatic Papers, 1933, General, Volume I

550.S1/479: Telegram

The Consul at Cherbourg (Mooers) to the Secretary of State

Cherbourg, January 20, 1933—4 p.m.
[Received January 20—2:45 p.m.]

From Day and Williams. “Approve Geneva Consulate No. 11, January 20, noon, with the following clarification of paragraphs (b) and (c).

(b) Some increase in world prices highly desirable. Possible methods to be explored include continuation and development of easy money policy and regulation of exports and production of certain primary commodities including wheat.

(c) Abolition of exchange controls through stabilization of government budgets and internal economic system, an essential condition of world recovery. Report recognizes need of satisfactory solution of international private debt situation especially short term debts of certain countries. A few members suggested governmental aid to facilitate capital exports by such devices as Francqui⁹ plan for international credit institute and a monetary normalization fund but such measures not favored by majority. Day and Williams.[”]

Repeated to Geneva.

Mooers

9. Emile Francqui, Belgian representative on the Preparatory Commission of Experts.