893.51/2171a: Telegram
The Acting Secretary of State to the Minister in China (Reinsch)
In connection with the currency loan option which expires April 14th93 the question arises whether it might not be for the best interest of the new consortium to have it lapse. Its expiration would leave China free to make a new contract with the new four Power [Page 507] Group without complications with those powers of the old group not now participating, as for instance Russia, and would leave the new group free to consider on their merits the applications of other nations for membership when such nations are in a position to participate actively and without reference to prior optional rights, et cetera. Please discuss immediately with Abbott94 but not with any of your colleagues. You may then informally and confidentially discuss with the appropriate official the advantages that would accrue to China if the option were allowed to expire and later a new option given to the new consortium. If you are approached to join your colleagues in request for renewal you will please carefully evade any commitment and express the hope that the new consortium will be formed in time to take up the business.
- See ibid., 1918, p. 161.↩
- John Jay Abbott, representative of American banking group.↩