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THE FOREIGN SERVICE
OF THE
the
UNITED STATES OF AMERICA
AMERICAN EMBASSY
Buenos Aires, Argentina
November 14, 1947
My dear Mr. President:
We have all been perfectly delighted having George Allen
with us here this week.
He has made his usual fine impression on the American bus-
iness men here, as well as the officials of the Argentine Govern-
ment and all others with whom he has come in contact.
I read in the papers this morning of your comments with
regard to a prospective loan to Argentina. I think this is
excellent, and everything you said about the goodness of the
risk is entirely correct, but it would seem to me sensible
also to use the prospect of this to get the Argentines to join
I.E.F.C. which the State Department is very anxious for them to
do, and also to put their financial and commercial business in
order with honest people running it, and also to adopt a program
such as outlined by the Harriman Committee and Averill's testimony
yesterday before the House Committee to the effect that they
should sell their agricultural products at World market prices
and should increase their production.
A loan before these things are done would serve no useful
purpose to us, but would be used to bolster their peso coverage
to enable them to complete the purchase of the railroads from
England.
All of these things we have been working on, and have been
making good progress. Also, as an offset to the things we are
asking the Argentines to do, the time might be propitious now to
take them into the Monetary Fund and the International Bank, and
this could be done very conveniently at the time of their receiv-
ing the loan. I am planning to write to John Snyder about this.
AND
The President,
The White House,
Washington, D. C.
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"ocrText": "THE FOREIGN SERVICE\nOF THE\nthe\nUNITED STATES OF AMERICA\nAMERICAN EMBASSY\nBuenos Aires, Argentina\nNovember 14, 1947\nMy dear Mr. President:\nWe have all been perfectly delighted having George Allen\nwith us here this week.\nHe has made his usual fine impression on the American bus-\niness men here, as well as the officials of the Argentine Govern-\nment and all others with whom he has come in contact.\nI read in the papers this morning of your comments with\nregard to a prospective loan to Argentina. I think this is\nexcellent, and everything you said about the goodness of the\nrisk is entirely correct, but it would seem to me sensible\nalso to use the prospect of this to get the Argentines to join\nI.E.F.C. which the State Department is very anxious for them to\ndo, and also to put their financial and commercial business in\norder with honest people running it, and also to adopt a program\nsuch as outlined by the Harriman Committee and Averill's testimony\nyesterday before the House Committee to the effect that they\nshould sell their agricultural products at World market prices\nand should increase their production.\nA loan before these things are done would serve no useful\npurpose to us, but would be used to bolster their peso coverage\nto enable them to complete the purchase of the railroads from\nEngland.\nAll of these things we have been working on, and have been\nmaking good progress. Also, as an offset to the things we are\nasking the Argentines to do, the time might be propitious now to\ntake them into the Monetary Fund and the International Bank, and\nthis could be done very conveniently at the time of their receiv-\ning the loan. I am planning to write to John Snyder about this.\nAND\nThe President,\nThe White House,\nWashington, D. C."
}