The American Group to the Secretary of State

Sir: We enclose, for the information and files of the Department, printed text of Minutes of the Meeting of the Consortium Council held in London on July 14th. …


J. P. Morgan & Co.
For the American Group

Minutes of a Meeting of the Consortium Council Held July 14, 1924, in the Office of the Hongkong & Shanghai Banking Corporation, London

Consortium Agreement. It was resolved [It was agreed to recommend]80 that the Consortium Agreement of October 15, 1920, remain in force on and after October 15, 1925, subject to the right of any party thereto on or after October 15, 1924, to give twelve months’ previous notice in writing addressed to the other parties thereto withdrawing from such Agreement, and on the expiration of such notice such party shall forthwith be released from all obligations incurred by him by reason or arising out of such Agreement, and shall cease to participate in any future rights, privileges and obligations thereunder.

. . . . . . . . . . . . . .

Railway Development. At the invitation of the Council Major W. S. Nathan, C. M. G., and Mr. S. F. Mayers attended in person in support of their Joint Memorandum containing proposals for greater elasticity in the working of Railway loans.

It was decided to leave the Memorandum for further consideration in order to enable the writers to discuss further the proposed resolutions [Page 551] therein contained with the object of meeting the views of the Delegates.

. . . . . . . . . . . . . .

Chinese Group. Referring to the original declaration of the Consortium, made upon its meeting at New York, October 15, 1920, expressing its desire to receive co-operation from a Chinese Banking Group, it is the sense of the Council that the Peking Representatives of the Consortium be requested to consider again measures for undertaking at some appropriate moment conversations with Chinese Bankers in order to discuss possible means looking to the formation of a Representative Chinese Banking Group organised to co-operate with the Consortium.

The meeting then adjourned.

  • C. S. Addis
  • R. Th. de la Chaume
  • Thomas W. Lamont
  • K. Yano
  1. Corrected on the basis of a letter, dated Aug. 7, 1924, from the American group (file no. 893.51/4674).