Messersmith, G.S., Buenos Aires. To William L. Clayton.
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University of Delaware Library, Museums and Press
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Telegram from Department expresses concern over clause in British-Argentine agreement which permits Argentina to utilize accumulated sterling balances to offset balance of payment deficits and possible conflict with Anglo-American financial agreement; no one in Embassy discussed such clause with either British or Argentines; had no knowledge of the clause until it appeared in the agreement; would be unfortunate if there is clash between this agreement and arrangements British made with U.S.; British were in difficult position and in order to reach agreement may have made a concession in the matter of sterling balances.