We have considered your telegram 25th May  containing text of letter received from the Japanese Consul-General  on the question of the iron ore embargo. We think that reply should not go into detailed explanation but should be limited to essential points. We suggest reply in the following terms:-
(1) This decision has been taken solely on the grounds of our national requirements and it is not to be regarded as being discriminatory against any country.
(2) That the Government of any country must accept the responsibility of deciding what its own national requirements are and that this fact is universally recognised internationally.
(3) To the extent that any individual Japanese interests are affected by the decision an offer of compensation has been made and is repeated.