The proposed cotton barter deal with Nazi Germany today stood on the verge of collapse as officials at the State Department revealed that Secretary Hull will make “no compromise” on the proposal, which is sponsored by George Peek, foreign trade adviser to President Roosevelt and head of the Export-Import Bank.
Mr. Hull’s disapproval of the plan whereby the Reich would obtain some 500,000 bales of cotton in exchange for shipments of Nazi products is based on his conclusion that the scheme runs counter to the present foreign trade policies of this country.
SENT BACK FOR REVISION
It was pointed out that the stand taken by Mr. Hull has been approved by the Cabinet and any other proposals to stimulate foreign trade are subsidiary and must be considered in the light of already approved policies.
President Roosevelt has turned down the Peek proposal and referred it back to Mr. Peek for revision along lines which would meet the Secretary of State’s objections.
The barter plan was sent to the
JTA has documented Jewish history in real-time for over a century. Keep our journalism strong by joining us in supporting independent, award-winning reporting.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
