File No. 893.51/774.
The Acting Secretary of State to the Ambassador of Great Britain.
Washington, February 27, 1912.
Excellency: In reply to your note of the 24th instant, on the subject of loans to China, I have the honor to state that on the 24th instant the American legation in Peking was instructed in the following general sense:
Until a composite provisional government for entire China shall have been firmly established the Department considers any loans to China inopportune unless indorsed by the de facto authorities of both North and South China. This applies to all loans, whether made by the quadripartite group or individual Americans to national or provincial authorities or to private parties. The Department favors the broadest possible internationalization of all future national and provincial loans and believes that full participation should be offered to Russia and Japan. As to the proposed loan to the Nanking Provisional Government, the Department has informed the American group that if the loan is made to the joint Provisional Government or indorsed by the Nanking and Peking authorities this Government would approve, provided the other Governments and groups agreed and full participation were offered to Japan and Russia.
I am happy to state that from the above it will appear that this Government is in entire accord with His British Majesty’s Government upon the question.
Accept, etc.,