893.51/3891: Telegram
The Minister in China ( Schurman ) to the Secretary of State
[Received 8:45 p.m.]
301. Your 164, July 5, 6 p.m. Tyndall Wei and Loos Williams67 report that a Mr. Seth representing the C. B. Crisp interests of London has carried on negotiations with Tung K’ang for a loan to cover Pacific Development, Chicago Bank, Marconi and Vickers loans, all in default, on the security of the increased customs revenue from the 2½ percent surtax and the revenue from wine and tobacco. Wei reports that the negotiations have been dropped as Tung does not want to deal with the financial situation in a fragmentary fashion as he favors general funding loan amounting to some four hundred million Mexican dollars. See my 299, July 10, 7 p.m.66
[Page 805]Crisp represents a group of bankers in London who are independent of and opposed to the consortium group. He is chairman of the board of directors of the British Bank for Foreign Trade London. See MacMurray, page 967 note.68