PERU-RECIPROCAL TRADE-MAY 7, 1942 The conversations to which I have referred have resulted in a mutual understanding that the United States Tariff Commission will be requested to make an investigation regarding the import quotas now imposed on long-staple cotton under section 22 of the Agricultural Adjustment Act of 1933, as amended, with a view to consolidating the 49 stat. m. 7U. S.S. UL existing allocations by countries into a global quota equal to the sum of the present individual country quotas, thus allowing Peru and other countries to utilize fully the total amount permitted to be imported; that if such an investigation by the Tariff Commission results in a finding of fact and a recommendation to the President of the United States in the above sense, the President will then issue a proclamation giving effect to such recommendation; and the President of Peru will then be enabled to issue his proclamation of the trade agreement. I should appreciate receiving Your Excellency's confirmation of the understanding set forth above. Accept, Excellency, the assurances of my most distinguished consideration. DAVID DASSO Minister of Finance and Commerce of the Republic of Peru His Excellency CORDELL HULL, Secretary of State of the United States of America. 56 STAT.]
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