Joint Statement with S. F. de Assis Brasil of Brazil.

As a result of the conversations in which we have exchanged in the fullest and most cordial manner the views entertained by our respective Governments, we are gratified to find there is entire identity of purpose between them respecting solutions of the economic and financial problems which confront the world. These conversations have been characterized throughout by the most frank spirit of friendship which has always existed between our two countries. We recognize fully the imperative need for removing the existing barriers to commerce between Nations and both countries will lend their best efforts to that end at the approaching Conference.

We have found ourselves in complete agreement as to the fundamental importance of a tariff truce as a first step toward ultimate reduction of tariff barriers and a general revival of international trade. We have also recognized the paramount need for stabilization of currencies as a basis for such revival.

In touching on the problems of trade between our two countries there was a completely friendly and cordial interchange of views regarding the conditions of international payments. In this connection the Brazilian Delegation took the opportunity spontaneously to declare "that the Brazilian Government assures and will always assure all American interests completely fair treatment in connection with the service of loans and the disposition of exchange under the exchange control. It will in no way discriminate between different Nations."

It is gratifying to us to look forward to the opportunity which the delegations representing our respective countries will have of cooperating fully with the other Nations of the world at London toward the realization of the purpose of the Conference.