The Chinese Legation to the Department of State
PARAPHRASE OF TELEGRAM DATED NOVEMBER 21. 1921, FROM MINISTRY OF FOREIGN AFFAIRS AND MINISTRY OF FINANCE AT PEKING
With reference to the loans secured by the wine and tobacco sales taxes the Ministry of Finance has agreed to the terms of the Chicago Bank except the provision relating to the disposition of the Hukuang Bonds. This is a matter that cannot be immediately adjusted. There is no question that the Chinese Government recognized the validity of the Hukuang Bonds. The coupons will be paid as soon as the account against Germany can be settled. If the stipulation relating to the Hukuang Bonds be taken out and made the subject of a separate agreement, the other articles of the agreement may be signed without delay.