832.51 Sa 6/121
The Secretary of State to Speyer & Co.
Sirs: I beg to acknowledge the receipt of your letter of June 19, 1928, regarding your interest in a loan of about $25,000,000 to the State of Sao Paulo, Brazil.
[Page 1024]In reply to your request for an expression of this Department’s views, I beg to state that, in the light of the information before it, the Department of State offers no objection to this financing.
You of course appreciate that, as pointed out in the Department’s announcement of March 3, 1922,6 the Department of State does not pass upon the merits of foreign loans as business propositions nor assume any responsibility in connection with such transactions, also that no reference to the attitude of this Government should be made in any prospectus or otherwise.
The Department would be glad to learn in what manner the proposed public works and railroad construction will be carried out. In this connection, the Department hopes that American firms may be afforded the freest opportunity to compete for such work on equal terms, and assumes that the proposed contracts and the procedure in connection therewith will not in any way interfere with such free opportunity.
I am [etc.]
Assistant Secretary