868.151/21

The Secretary of State to the Greek Minister ( Simopoulos )

Sir: I have the honor to acknowledge the receipt of your note of April 15, 1925, in which you state that a contract has been concluded by the Hellenic Government with Ulen and Company, an American organization, for the construction of a waterworks system for the cities of Athens and The Piraeus. You indicate that for the purpose of executing this contract Ulen and Company must float for the Greek Government a loan of $10,000,000. In this connection you refer to Article 4 of the financial agreement signed at Paris in February 1918 between the Governments of the United States, Great Britain, and France, and the Hellenic Government, and you therefore request that the assent of the United States Government be given for the pledging by Greece of the security offered for the service of the loan of $10,000,000 to be floated by Ulen and Company.

In reply, I wish to state that this Government, in view of the purposes the proposed loan is intended to serve, will offer no objection to the pledging of the specific securities mentioned in your note of April 15 which the Greek Government desires to offer for the service of the loan in question.

It should also be understood that the present consent by the Government of the United States is given with full reservation of all questions with respect to the agreement of February 1918.

Accept [etc.]

Frank B. Kellogg