File No. 841.51/64
The Acting Secretary of the Treasury ( Crosby) to the Secretary of State
Washington,
July 6, 1917.
Sir: I have the honor to advise you that to meet their urgent financial requirements, loans and credits have been made on the fifth and sixth instants to the British, French, Italian and Russian Governments in the following sums:
- To the British Government, a loan of $100,000,000;
- To the French Government, a credit of $100,000,000, on which an advance of $30,000,000 was made, it being tentatively arranged to advance the remaining $70,000,000 under the credit on Monday, July 9;
- To the Italian Government, a credit of $60,000,000, on which $20,000,000 was advanced, the balance of $40,000,000 being carried as a credit to cover contracts for war supplies ordered in June and deliverable at an early date, and
- To the Russian Government, a loan of $35,000,000, this being a first payment under the credit of $100,000,000 extended to that Government on May 16, 1917.
For your convenience, I am inserting the following tabulation of loans to date to foreign governments under the act of April 24, 1917:
| Country | Loans and credits agreed upon | Loans made | Balance under established credits |
| Great Britain | $685,000,000 | $685,000,000 | |
| France | 310,000,000 | 240,000,000 | $70,000,000 |
| Italy | 160,000,000 | 120,000,000 | 40,000,000 |
| Russia | 100,000,000 | 35,000,000 | 65,000,000 |
| Belgium | 45,000,000 | 15,000,000 | 30,000,000 |
| Serbia | 3,000,000 | 3,000,000 | |
| Totals | 1,303,000,000 | 1,095,000,000 | 208,000,000 |
Very sincerely yours,
Oscar T. Crosby