File No. 865.51/27
The Secretary of the Treasury ( McAdoo) to the Secretary of State
My Dear Mr. Secretary: Carrying out my purpose to keep you fully informed of all negotiations concerning loans to the Allied Governments, I have the honor to inform you that on May 3, 1917, [Page 529] a loan of $25,000,000 was made to the Royal Italian Government. I received from the Italian Ambassador a certificate of indebtedness of his Government in the sum of $100,000,000, signed by him under proper authority, and I in turn handed to the Ambassador a Treasury warrant for $25,000,000 as a first payment, it being stipulated in the certificate of indebtedness that this latter sum would be paid immediately, the remaining $75,000,000 being advanced to his Government at a date or dates in the present month to be mutually agreed upon by the Ambassador and myself.
As further advances are made available to the Royal Italian Government under this arrangement, I will advise you.
Sincerely yours,