893.51/3091: Telegram

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

419. Bennett81 advises he and French bank have been approached by the Chinese Government to loan one million each as advance on additional customs surplus famine relief authorized by Department’s telegram 271, October 8, 5 p.m. Chinese Government needs this money immediately for famine purposes. Loan does not appear to be within the scope of the consortium. Bennett has received authorization from New York to make loan and has asked Legation’s views. Legation is indicating its approval. Security seems ample and loan would enhance prestige of bank and create favorable impression towards America in China. Negotiations will be concluded in the absence of contrary instructions.

  1. C. R. Bennett, manager, International Banking Corp., Peking; representative of the American group.