882.51/1051
The National City Bank to the Secretary of State
[Received January 23.]
Sir: We acknowledge receipt of your letter of January 21st4 referring to a conversation which recently we had with Mr. Scully of the Division of Western European Affairs, relative to the National City Bank of New York acting as Fiscal Agent in the United States for the Republic of Liberia, and requesting us now to advise you whether it is agreeable to us to act in such capacity and on what terms such representation will be assumed.
In reply we would say that it will give us pleasure to undertake the duties of Fiscal Agent in the United States for the Republic of Liberia. It is our understanding that in such capacity we will have deposited with us funds which the United States contemplates advancing to the Republic of Liberia under the arrangement of September 1918, and that from time to time we shall make, for the Liberian Government, disbursements therefrom. On the balance maintained with us under this arrangement we will allow interest at the rate of 2½ per cent per annum. We understood from Mr. Scully that all disbursements would only be made with the approval of some official of the State or Treasury Department acting for the United States. On this point we would like to be clearly advised.
You are aware, we assume, that the National City Bank of New York was constituted as Fiscal Agent for the Republic of Liberia in 1912 in connection with the Loan Agreement of that period and since that time has attended to the receipt and disbursement of funds for account of coupon and Sinking Fund payments on the bonds issued under the Loan Agreement of 1912. For this service we have made a charge of one half of one per cent on the amounts received less commissions paid to foreign bankers for paying coupons at their respective points, and we assume that this arrangement will continue until the said funds are retired.
We wish to express, Mr. Secretary, our appreciation of your letter of the 21st inst. and await your further instructions in the matter.
Respectfully,
By
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