Messrs. Shearman & Sterling to the Secretary of State

Sir: Referring to your letter of March 3, 1927, addressed to ourselves as attorneys for the Finance Corporation of America and for The National City Bank of New York, as Fiscal Agent, with respect to the new Loan Agreement, dated as of September 1, 1926, made between the said parties and the Republic of Liberia, we are advised, by a letter, dated July 1, 1927, a duplicate of which we enclose, that the said Bank, acting as Fiscal Agent under the old loan agreement of July, 1912, duly called for redemption on July 1, 1927, all the outstanding bonds of the 1912 loan, and has paid and is paying off the same as and when presented.

In view of this, we assume that the Department is prepared to recognize the new Loan Agreement of September 1, 1926, as in full force and effect, and to recommend to the President that he take the action required of him with respect to the recommendation and designation of fiscal and other officers.

If we are correct in this assumption, we shall be much obliged if you will so inform us for the information of our clients.

Yours very truly,

Shearman & Sterling

The Vice President of The National City Bank of New York (Hoffman) to the Finance Corporation of America

Dear Sirs: Answering your inquiries, you are advised that we have received, as Fiscal Agents of the Loan under the Fiscal Agency Agreement between the Republic of Liberia and The National City Bank of New York, dated July 1st, 1912, sufficient funds to redeem all the bonds of this issue now outstanding in the hands of the public; viz. a principal face amount of $1,146,700., together with interest to July 1st, 1927, the redemption date.

You are further advised that, as provided in Article Fifth of the Fiscal Agency Agreement, the required redemption notice has been published in two daily newspapers of general circulation in the State of New York for not less than twice a week for six successive weeks; also, as further required in the Fiscal Agency Agreement, the same redemption notice has been published once a week for six successive weeks in London, England; Hamburg, Germany; Paris, France; Brussels, Belgium; Geneva, Switzerland; Antwerp, Belgium; and Amsterdam, Holland.

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We enclose herewith, in duplicate, a copy of the notice31 as it appeared in the New York Times and the New York Sun.

Beginning today all bonds of the said Loan are being paid off, principal and interest, as and when presented, by ourselves and our correspondents named in the redemption notice.

Very truly yours,

W. W. H[offman]
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