561.311F1/185: Telegram
The Acting Secretary of State to the Ambassador in Great Britain (Bingham)
219. For Murphy from Wallace. The agreement for importing countries quoted in your telegram of August 20 is satisfactory, if other exporters will accept it.
We will accept agreement of four exporting countries if it includes:
- (1)
- Agreement for 2 crop years 1933–34 and 1934–35;
- (2)
- Specifies export quotas for each country in percent of total world takings; giving us 8½ percent of total exports this season, and 20 percent of total exports next season. If in terms of actual bushels, we should have 60,000,000 quota for 1933–34;
- (3)
- Commits other exporters to reduce acreage for next year, or else to denature and remove from wheat supply the excess produced above domestic requirements and export quota;
- (4)
- Provides definite penalties in case of non-performance of agreement.
We would be willing to reduce our claim for 20 percent of total exports as soon as other exporting countries adopted acreage control legislation parallel to our farm relief act.
There does not seem to be any way by which we could directly finance carrying the Russian surplus. Do you have any suggestions?
Domestic disappearance of United States wheat is estimated to total about 600,000,000 bushels this crop year. [Wallace.]