422.11G93/1083: Telegram
The Minister in Ecuador ( Hartman ) to the Acting Secretary of State
[Received March 19—2:22 p.m.]
14. Department’s number 9, March 10, 6 p.m., received yesterday. See my number 12, March 14, 11 a.m.18
Daily deposits have been resumed since March 6th in accordance with Executive decrees of March 8th and 10th upon following basis: twenty two percent of import duties received by Treasury of the Province of Guayas and eighteen and ninety two hundredths per cent of import duties received by Treasurers of Provinces of Pichincha, Azuay, El Oro, Manabi and Esmeraldas has been ordered deposited Commercial and Agricultural Bank of Guayaquil for the service of the railway bonds.
The Government claims in the decrees that these percentages are, quoting, equivalent to the forty three and seven [omission?] per cent and the forty five per cent additional duties [required for the service of?] the bonds of the Guayaquil and Quito Railway and which were being collected by virtue of laws in force on the date on which the adjustment contract was made between the Government and the said railway.
Note received yesterday from the Minister for Foreign Affairs informs me that since these deposits are now being made the Minister of Hacienda has suspended negotiations which had been initiated to procure an additional loan of 3,000 pounds to remit to London. See my number 11, March 6, 3 p.m.
Commercial and Agricultural [Bank] of Guayaquil reports daily deposits being made since March 6 aggregating 12, 128 [19,128]19 sucres to and including March 16. Full report by mail.