- 3 -                            
 In case both North and South America agree to accept your ideas, there
might be a world conference -and Germany might assent to representation
if the Fuhrer listens to the officials indicated above and actually
fears, as the intelligent people do, that he might not           win a
war before 1938. Certainly the debt situation is bad. A half or
two-thirds crop next year would be a most serious matter.
There have been five or six good crop yields and these never rise above
80% of the needs of the country. With a debt about equal the total
yearly income, with new unemployment when arming begins to decline and
a single
bad crop, the economic situation might give a chance for a real
international agreement, might.
 
 
Sincerely yours,
(signature)
 
 
Enclosure.
(15) Schacht