The Assistant Secretary of State (Dearing) to President King

My Dear Mr. President: The copy of the pro forma Budget transmitted as an enclosure of the letter dated November 4, 1921,12 addressed to me at your direction by Mr. Dennis, Secretary of the Commission, has been received.

The understanding that the current administrative expenses of the Liberian Government shall not in any year during the operation of the loan exceed $270,000 per annum is hereby confirmed.

Before enactment this Budget and those to be prepared annually hereafter, in keeping with the provisions of the loan plan, will have to receive within the limit of the aforesaid $270,000 agreed upon, the formal approval of the Financial Commissioner as to its items. Any Budget so approved is not subject to change. However, the Department is of the opinion that the Budget of the first year would, in all probability, be approved by the Financial Commissioner since it has the sanction of the Department.

I am [etc.]

F. M. Dearing
  1. Not printed.