893.51/3023: Telegram

The Acting Secretary of State to the Minister in China (Crane)

302. Following from American Group for your information:

“Final Consortium Agreement signed October 15. In order that public generally may gain clearer conception of Consortium’s ideas with respect to its relations to China we quote to you for repetition to Chinese Government the following expressions adopted for insertion in Consortium Agreement:

‘The said national groups are of the opinion that the interests of the Chinese people can in existing circumstances best be served by the cooperative action of the various banking groups representing the investment interests of their respective countries in procuring for the Chinese Government the capital necessary for a programme of economic reconstruction and improved communications. With these objects in view the respective national groups are prepared to participate on equal terms in such undertakings as may be calculated to assist China in the establishment of her great public utilities and to these ends to welcome the cooperation of Chinese capital.’

American Group also states that delegates are giving careful consideration to general loan situation.”