The Alternate Chairman of the International Committee of Bankers on Mexico (T. W. Lamont) to the Secretary of State

My Dear Mr. Secretary: This is to confirm a telegram which I sent you on December 2nd, as follows:

“For your confidential information, we learn from Committee of Oil Executives that on December 1st they notified Minister of Finance de la Huerta at Mexico City that they would be unable to carry out bond purchase clause of their agreement and that therefore they would be prepared to pay on December 25th in cash accrued taxes due at that time to Mexican Government.

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“Since my return from Mexico City I have maintained contact with Minister de la Huerta and we have now developed situation to point where International Committee of Bankers on Mexico has suggested to De la Huerta the advisability of his carrying out the suggestion he himself made of proceeding to New York for further conferences on the matter of arranging to meet his government’s external indebtedness.”

I may say further that the Oil Executives have suggested to the Minister of Finance a further extension of their agreement for ninety days or six months, in order to afford adequate time and opportunity for the settlement of all outstanding matters.

I am [etc.]

T. W. Lamont