832.51/1042: Telegram
The Chargé in Brazil (Gordon) to the Secretary of State
[Received 11:47 a.m.]
96. Department’s 53, April 12, 8 p.m. Is it intended to indicate how many millions are estimated to be covered by closed exchange contracts?
This query is prompted by reports in this morning’s local press that Aranha estimates the total of our frozen credits at only $10,000,000 [Page 358] and that an agreement to liquidate these frozen credits (presumably on this basis) can be closed immediately. Even assuming that this estimate excludes the category of frozen credits covered by closed exchange contracts it seems too low by at least $2,000,000—though this in turn is only my own estimate based on my best information and I cannot, of course, support it by concrete figures. I might mention, however, that the estimate of the National City Bank is even higher than mine and nearer $14,000,000.