The Director of the Economic Survey of Panama (Owens) to the Secretary of State

My Dear Secretary Lansing: I have the honor to submit to you herewith for your information and for the information of the Department, a copy of the preliminary report17 that I submitted to [Page 691] Hon. Belisario Porras, President of the Republic of Panama following the economic survey that I directed at his call and under law 42 of the Republic.

Based on the report, President Porras has issued to me credentials for certain services on behalf of the Republic of Panama which include the following plans.

The negotiations for a loan for the Republic.
The study of America and other foreign countries as a field for Panamanian bonds of the proposed agricultural bank.
Negotiations with the War Department as to the building of military roads in the Republic of Panama by the United States Government.
The negotiations with corporations in the United States and elsewhere for the construction of highways in the Republic of Panama and also for the land survey of the Republic.
Negotiations with the United States and private interests for the purchase of ships for coastwise domestic commerce of the Republic.
The organization of a Pan-American College of Commerce at Panama City, to be a training camp for the foreign field of business, with the Director General of the Pan American Union, the Dean of the Latin-American Diplomatic Corps and the undersigned as the organization committee.

I have the honor to report to you that I have submitted to the advisory council composed of Hon. W. P. G. Harding, Governor of the Federal Reserve Board, Senator Duncan U. Fletcher, Senator from Florida, and member of the International High Commission, Commissioner George W. Norris, of the Federal Farm Loan Board, and Hon. John Barrett, Director General, Pan American Union, the law as to the proposed farm loan bank for the Republic of Panama and have received the unanimous approval of the Council as to the law submitted.

On all, or any part of the foregoing, I shall be pleased to confer with you at any time, or with any official of the Department of State you will designate.

I beg to assure you, Mr. Secretary, that I shall report to you promptly the progress of my work on behalf of the Republic of Panama.

With high esteem [etc.]

Clarence J. Owens
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