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United States Department of State / Foreign relations of the United States diplomatic papers, 1937. The British Commonwealth, Europe, Near East and Africa

Greece,   pp. 406-434 PDF (11.0 MB)

Page 406

 The American Minister in Greece (MacVeagh) to the Greek Minister
                  for Foreign Affair (Metaxas)'
                                            ATHENS, June 11, 1937.
   ExCELuZWCY: On numerous occasions I have had the honor of dis-
 -cussing with Your Excellency the value to Greece of her American
 contacts, and particularly of her American trade contacts, with their
 possibilities of expansion and their lack of -any embarrassing political
 background. If Your Excellency has a moment to consider a few
 more -remarks of -mine on this subject, I should like to make them here.
 They express feelings which lie- very close to my heart, and are
 timely, as Your Excellency will -not fail to perceive.
   I am informed that the Government at Washington is now very
 carefully studying the question of trade relations between the United
 -States- and Greece. What is the -picture which it has before it?
 What does this study reveal?
 It reveals, I am sorry to say, that out of the deficit which the United
 States showed last year in its total balance of payments with the
 world, over fifteen percent was accounted for by Greece alone. It
 shows that whereas the United States adheres to the most-favored-
 nation principle in its treatment of imports from Greece, her exports
 to this country- are hampered and restricted by import quotas and
 licenses operating in opposition to this principle. It shows that dol-
 lars flow in millions unimpeded into this country to be spent in almost
 any other way than in the purchase-of American goods. It shows that
 the balance of trade is against the United States and that there is
 nothing on the Greek side to offset the enormous "invisible" items
 Greek revenue from America-14 million dollars (1,540,000,000 drach-
 mas) in immigrant remittances alone last year, another million two
 hundred thousand dollars -(132,000,000 drachmas) in Veterans' pay-
 ments, not to mention tourist expenditures and lavish gifts for archae-
 ological, medical, educational, and philanthropic purposes. Indeed,
 'Copy transmitted to the Department by the Minister in Greece in his letter
of June 9; received July 6.

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