THE SECRETARY OF STATE                   
 
                     December 14, 1934                      
 
 
Personal and Confidential
 
 
My dear Mr. President:
 
 
With reference to the proposed German cotton
deal, which is in the natume of a bartering transaction,
it is the function of the State Department to concern                                              
itself only in so far as the proposed transaction
affects the general trade agreements program which we                                              
have undertaken, our commercial policy, and our general
foreign relations. The Department only offers such
comment and information, as may be in the main supplemental 
to that already possessed by goverrment officials
dealing immediately with this proposal, and such as
may be deemed of value to the President and other
governmental agencies concerned in making a final
decision.
 
 
Naturally, the State. Department must deal with                                            
broad policies and broad trade methods rather than                                                
with individual projects or individual barter transactions
 
 
or
 
 
The President
 
The White House