561.311F1/128: Telegram
The Acting Secretary of State to the Chairman of the American Delegation to the Monetary and Economic Conference (Hull)
93. For Morgenthau from Wallace: The general outline of the plan proposed in your telegram 82 is satisfactory except that we must insist on unconditional agreement as to reduction in crop acreages planted in the fall of ’33 and spring of ’34. If we should leave the agreement as to this first year’s reduction conditional on securing adherence of the principal European importing countries and of Russia it seems to me that there would be no practical possibility of securing such adherence in time to put the reduction of acreage into effect this fall. Please advise whether you and Hull agree with this view of the general situation.
The general method outlined in arriving at your detailed figures seems satisfactory though we question a number of the specific figures as to comparability between acreages sown and acreages harvested, etc. Also the quotas to be followed under certain contingencies do not seem to be clearly indicated. Detailed suggestions and comments as to these points will be sent after further study.
The net result of your plan, namely, that our export quotas be 65,000,000 bushels for the 1933–34 season and 161,000,000 bushels for [Page 808] the 1934–35 season, is satisfactory. These figures do not differ significantly from my suggestion that our exports be limited to 75,000,000 bushels for the 1933–34 season and 150,000,000 bushels for the 1934–35 season which was sent you in my telegram number 81. [Wallace.]