| Description | Agreement proposed July 1940. Special problems of United Kingdom (UK) purchases of Venezuelan oil and Trinidad's purchases of Venezuelan cocoa. New Central Bank established in Venezuela, Sep 1940. Visit by Watson, Bank of England, to Caracas, Dec 1940. Account opened at Bank for Central Bank of Venezuela, 7 Feb 1941. Failure of negotiations for Payments Agreement. Instead (from 20 May 1940) Venezuelan accounts to be re-designated Central American Accounts. Future payments to the sterling area from 'Central American Countries' to be made in sterling from these accounts or in dollars. |