The Secretary of State to the British Ambassador (Geddes)

Excellency: I have the honor to acknowledge the receipt of your note No. 195, dated March 16, 1922, in which my attention is drawn to certain provisions in the agreement regarding the proposed loan by the Government of the United States to the Government of Liberia which relate to the redemption of the outstanding bonds of the 5% Sinking Fund Gold Loan of 1912.

It is believed that the interests of the bond holders of the 1912 loan are fully protected by the provisions of the new loan plan and it is the desire and intention of this Government that they shall suffer no inconvenience on account of the coming into operation of the provisions of the new plan. It is also considered proper that appropriate steps be taken, pursuant to the provisions of the loan plan, to facilitate the redemption of the bonds of the 1912 loan as soon as the [Page 616] necessary arrangements can be made after the new plan becomes operative.

Accept [etc.]

Charles E. Hughes