File No. 841.51/50
The Secretary of the Treasury ( McAdoo) to the Secretary of State
My Dear Mr. Secretary: In order that you may be fully informed of all negotiations between myself and the representatives of foreign governments in meeting the financial needs of their governments, as authorized under the terms of the act of April 24, 1917, I am sending you this communication to advise you with reference to loans to the British Government.
The following logins have now been made:
| April 25, 1917 | $200,000,000 |
| May 5, 1917 | 25,000,000 |
| May 7, 1917 | 25,000,000 |
In each instance I received from the British Ambassador a certificate of indebtedness of his Government in the amount stated above, signed by him under proper authority, and I in turn handed to the Ambassador a Treasury warrant for a similar sum.
The Ambassador has indicated to me that further advances to the British Government during the present month are desired in the sums of $75,000,000 on the 15th instant, and $75,000,000 on the 25th instant. He has also informed me that the requirements of his Government in this country for the next six months are estimated [Page 528] to amount to $1,500,000,000. This estimate is based on the assumption that it does not include any advances that may be made to other Allied Governments or commitments on their behalf for munitions for which the British Government is now responsible to the extent of $190,000,000.
I am giving the matter of further loans my consideration, and will keep you fully advised in the premises.
Sincerely yours,