The American Group to the Secretary of State

Sir: Referring to our letter to you of Jan. 17th, in which were set forth seriatim replies to the points raised in the Peking telegram of Jan. 9th with reference to the scope, etc., of the new Consortium, we would be very glad to have you insert at the end of our letter of the 17th the paragraph given below, and transmit our reply, as thus amended, by pouch (or mail, if more convenient), rather than by cable, as at first suggested42:—

Of course, nobody can write a detailed program and charter for the Consortium. We shall, I hope, adhere to our purpose of developing things basically in China in the knowledge that private enterprise may enjoy wider opportunity and greater stability. The policy as to particular questions and concrete enterprises will have to be determined as those questions present themselves.


J. P. Morgan & Co.
For the American Group
  1. The reply of the American group as amended was transmitted to the Minister in China in despatch no. 130, Feb. 11, 1921 (file no. 893.51/3202).