File No. 882.51/685.

Chargé Bundy to the Secretary of State.

No. 153.]

Sir: I have the honor to report for the information of the Department that the Customs Receivership met, as provided in the loan agreement, for its annual session at Monrovia, on December 6, 1915. * * * the British Receiver who was delayed because there were no steamers from his port of residence, at Bassa, to Monrovia. On December 9, however, he arrived and thereafter all members were present at each meeting.

I am informed by the General Receiver that * * * no new budget has been passed since the outbreak of war in Europe; the continuation of the old budget was resorted to last year as the best means to deal with the then existing situation; and, since there has not been any material change in conditions in the last year, the same expedient will doubtless be tried again.

The General Receiver also informs me that interest for the months of October and November has been paid and that there are sufficient funds in hand and in sight to warrant the statement that December interest will be promptly paid when it falls due. This will clear up all arrears of interest and enable the Republic to start the new year with a clean sheet.

The relation between the Receivership and the Government have been quite harmonious during the past year, and there are no questions on the horizon in that quarter at present of sufficient importance to arouse any concern.

After a series of meetings more or less perfunctory the Receivership adjourned December 16, 1915.

I have [etc.]

Richard C. Bundy.