Memorandum from the Russian Embassy.

Information has reached the imperial ministry of foreign affairs to the effect that the contract for the construction of the Chinchow-Aigun Railroad has already been ratified by the Prince Regent of China and that the conditions of the loan will probably be signed about the 10th of February.

The Imperial Government consider that, having invited Russia to take part in the above-mentioned enterprise and having received their consent to examine the question upon receipt of further supplementary information which was promised them by Mr. Ambassador Rockhill, the United States Government thereby engaged not to take any steps in regard to the Chinchow-Aigun Railroad loan without consulting the Imperial Government and without taking into consideration such counter proposals as they might wish to make in regard to their possible participation in the financing of that enterprise.

The Imperial Government consider themselves entitled to expect that the final conclusion of the Chinchow-Aigun Railroad loan will not take place before they have had an opportunity to express their views in regard to that project.

The Russian ambassador is instructed to express himself in the above sense to the honorable the Secretary of State, and to report by cable.