58 STAT.] PANAMA-INTER -AMERICAN HIGHWAY-MAR . 23 , 1940 1599 Agreement between the United States of America andPanamarespect- March 23, 1940 ing the Inter-American Highway between Chorreraand Rio Hato. [E. A . S. 449] Effected by exchange of notes signed at Washington March 23, 1940. 'he Secretary of State to the PanamanianAmbassador DEPARTMENT OF STATE WASHINGTON March 23,1940 EXCELLENCY: I have the honor to invite Your Excellency's attention to the act approved July 20, 1939 (Public No. 200, 76th Congress, Chapter 335, 53 Stat. 1071. First Session) authorizing an appropriation of not to exceed $1,500,- 000 "to meet such expenses as the President (of the United States), in his discretion, may deem necessary to enable the United States to cooperate with the Republic of Panama in connection with the con- struction of a highway between Chorrera and Rio Hato in the Republic of Panama". The act provided that "the expenditure of such sum shall be subject to the receipt of assurances satisfactory to the Presi- dent (of the United States) from the Government of the Republic of Panama of its cooperation in such construction." In accordance with the provisions of the aforesaid act of Congress, conversations have been held with Your Excellency with a view to arriving at a mutually acceptable agreement as to the manner in which our two Governments may best cooperate in this work. As a result of these conversations, it is my understanding that agreelment Ihas been reached between our two Governments in the form set forth in the enclosed memorandum. Upon the receipt of a note from Your Excellency confirming my understanding that the Government of Panama is agreeable to the basis of cooperation set forth in the enclosed memorandum, the Gov- ernment of the United States is prepared to take the necessary steps to render effective its desire to assist in this enterprise. Accept, Excellency, the renewed assurances of my highest consid- eration. CoRDELL HULL Enclosure: Memorandum dated March 23, 1940. His Excellency Seiior Dr. Don JoRGE E. BoYD, Ambassador of Panama.