The High Commissioner is authorised to inform the United Kingdom Government officially that the Saorstát Government are prepared to enter into an arrangement for the exchange of a £1 to £1 basis of British coal against Saorstát cattle.

It is to be suggested to the United Kingdom Government that the 20% of fat cattle above the figure now permissible should be increased, and that in addition the United Kingdom Government should increase the quantity of store cattle above the figure now allowed.

Further, the date on which these increases in cattle imports begin should be advanced to the earliest possible date in 1935.

The Saorstát Government would make arrangements for imports of United Kingdom coal equivalent in value to the value of the increased cattle imports. The coal referred to in this paragraph would be in addition to the coal imported from the United Kingdom in 1934, and the purchases would begin forthwith and would be completed by December 1935.

[handwritten] Approved by the President, Ministers for Agriculture and Industry and Commerce and handed to the High Commissioner by me.