File No. 882.51/400.

The Secretary of State to the American Minister.

[Telegram.]

Your June 25. Receivership can not enter into full operation until terms of settlement are approved by bankers and the bonds definitely issued. It is recommended that the receivership be established in form on July 1. Receivership could be constituted and given all functions provided in the contract not inconsistent with the collection of revenue under the present Erlanger agreement, provided that on withdrawal of the collectors appointed under Erlanger agreement the customs receivership should enter into all of the functions provided by the contract.

Knox.