MOST IMMEDIATE Your M. 174.  For our guidance we would appreciate advice as to your policy on import and export transactions to be permitted with respect to- (a) immediate difficulties arising out of transactions commenced before freezing order ;
(b) future transactions.
It is clear that United States Government contemplate continuance of some measure of trade on individual transaction basis of consideration.
We are not sure to what extent the policy you have set out in your telegrams 418 and 419 (1940) subsequently amended, Z.311 and Z.312