832.5151/608a: Telegram
The Secretary of State to the Chargé in Brazil (Gordon)
81. Department’s 77, May 4, 3 p.m. and 78, May 4, 4 p.m. At meeting of American holders of deferred commercial credits in Brazil held by Foreign Trade Council this morning decision was reached that American creditors did not find satisfactory the method Department has discussed with Aranha and which Department understands you are discussing with the Brazilian Finance Minister, that is, of dealing with Class C credits by individual exchange of letters between the Banco do Brazil and the creditor. In view of this fact you are instructed not to press for this solution.
The Council apparently prefers to receive securities of the type that will be given to the British, but of course hopes for the chance to discuss with the Brazilian authorities the terms of such securities.