[Messersmith, G.S.], [Washington]. To Walford Selby, Lisbon., 1938 November 12

Truce of Munich a poor one; German objectives unchanged; Germany needs greater economic freedom and would like to negotiate with U.S. and Britain to gain it; but on her own terms; no use negotiating when there is no chance of success; [Cordell] Hull made speech at National Foreign Trade Council Meeting replying to those who felt change in economic policy necessary as result of Munich Agreement; hoped to go to Europe next summer, but can make no plans; reorganization [of State Dept.] only partially complete; will go, with wife, soon for a week in New York and attend theatre; prospects good for Anglo-American and Canadian-American trade agreements.