839.51/2830
The Dominican Minister ( Morales ) to the Secretary of State
Mr. Secretary of State: The Government of the Dominican Republic in the exercise of the recent powers granted by Congress has decided to float a ten million dollar ($10,000,000) loan; the issue of the bonds will be for forty years bearing interest at the rate of no more than five and one half per cent, redeemable at 101 and the amortization to begin in 1930 at the rate of one million ten thousand pesos a year so as to end in the early part of the year 1940.
The allotment made by Congress for the investment of the funds brought by this loan is as follows:
First.—Improvement in the ports of Santo Domingo, San Pedro de Macorís, and Puerto Plata; Second.—completion of the highways in accordance with the plan mapped out by the Department of Public Works; Third.—the aqueduct for the city of Santo Domingo; Fourth.—colonization and irrigation of the lands in the arid regions of the Republic; Fifth.—the construction of 10 school houses in various cities of the country; Sixth.—contribution to the installation of a banking institution for small farmers.
In accordance with Article 3 of the Convention signed at Washington on December 27, 1924, by the representatives of the Government of the United States and of the Dominican Government,1 I hereby apply for the approval of the Government of the United States for the flotation of the said loan.
I avail myself [etc.]
- For the text of the convention, see Foreign Relations, 1924, vol. i, p. 662.↩