Papers Relating to the Foreign Relations of the United States, 1920, Volume III

812.51/619

The Alternate Chairman of the International Committee of Bankers on Mexico (Lamont) to the Under Secretary of State (Davis)

New York, September 28, 1920.
[Received September 29.]

Dear Mr. Davis: Simply as a memorandum to you, I call your attention to this letter-head, indicating the make-up of the International Committee of Bankers on Mexico.⁵³ This gives the American, French and British Groups. Since these were organized we have, with the approval of the Department of State, added a representative of the Dutch and Swiss interests. You will remember that this Committee was organized with the approval of the Department and the idea of it was that it would be an omnibus committee not for the purpose of attending to every investment interest in Mexico but rather to act as a steering committee. You will recall that the Department laid down the rule that its policy in the working of the committee must prevail.

It is manifest that if the general situation of Mexico with reference to her outside creditors is to be discussed, then this Committee is the proper medium for such discussion. When it comes to the question of any particular interest, like the railroads, oil or what-not, then the idea was that special committees could be made up from the outside with, however, a member of the International Committee of Bankers on Mexico on each such committee to act as a binder.

So many suggestions are now being made to send missions to Mexico that it seems to us that if any one is to be sent, this International Committee should preeminently be represented. The Carranza Government, bad as it was, announced its satisfaction, you may remember, with the appointment of this Committee.

In this connection you may be interested in reading the enclosed confidential copy of minutes of a meeting of the British Group recently held.⁵⁴

Sincerely yours,

T. W. Lamont

[Enclosure]

Statement as to the Organization and Composition of the International Committee of Bankers on Mexico

The International Committee of Bankers on Mexico, composed of ten American, five French and five British bankers, was constituted in February (1919) for the purpose of protecting the holders of securities of the Mexican Republic, and of the various railway systems of Mexico, and, generally, of such other enterprises as have their field of action in Mexico. The Committee will be prepared to take such further steps as may seem wise in order to afford counsel and aid to investors who hold interests in Mexico.

American Group

Member	Representing	Alternate
J. P. Morgan, (Chairman)	J. P. Morgan & Co.	T. W. Lamont, Chairman Foreign Committee, Investment Bankers Ass’n of America.
John J. Mitchell	Pres., Ill. Trust & Svgs. Bank	E. D. Hulbert
Walter T. Rosen	Ladenburg, Thalmann & Co.	Benj. S. Guinness
Charles H. Sabin	Pres., Guaranty Trust Co.	Francis H. Sisson
Mortimer L. Schiff	Kuhn, Loeb & Co.	Jerome J. Hanauer
James A. Stillman	Pres., National City Bank	John H. Fulton
Geo. W. Davison	Pres., Central Union Trust	J. Y. G. Walker
Albert H. Wiggin	Chairman of Bd, Chase Natl.	Ed. R. Tinker
Robert Winsor	Kidder, Peabody & Co., Boston	Frank W. Remick
Edward F. Swinney	1st Natl. Bk., Kansas City, Mo.	H. T. Abernathy

sub committees

Public Debt	Railways	Industries
J. P. Morgan	Albert H. Wiggin	Charles H. Sabin
Robert Winsor	Mortimer L. Schiff	Geo. W. Davison
James A. Stillman	Walter T. Rosen	John J. Mitchell

British Group

Laurence Currie	Messrs. Glyn, Mills, Currie & Co.
Sir Clarendon Hyde	Messrs. S. Pearson & Son, Ltd.
E. R. Peacock	Chairman, Bondholders Committee of the Mexican Tramways and the Mex. Light & Power Group of Companies
Vivian H. Smith	Messrs. Morgan, Grenfell & Co.
Vincent W. Yorke	Chairman, Mexican Railway Co., Ltd.
C. E. ter Meulen*	Messrs. Hope & Co., Amsterdam, Holland.

French Group

William d’Eichthal	Mirabaud & Co.
George Heine	Director, Banque de l’Union Parisienne.
Andre Honnorat	Member of the Commission for the Protection of French Holders of Mexican Securities.
Jacques Kulp	Auditor, Banque de Paris et des Pays-Bas.
Joseph Simon	Inspector of Finance, General delegate of the Commission for Protection of French Holders of Mexican Securities.

53. For make-up of committee, see enclosure, infra.
54. Not printed.
55. Mr. C. E. ter Meulen of Messrs. Hope & Co., Amsterdam, attends the meetings of the British Group, representing Dutch interests in Mexico. [Footnote in the original.]