868.51 War Credits/493½

The Minister in Greece (Skinner) to the Secretary of State

No. 512

Sir: With reference to the measure now before Congress, the effect of which will be to ratify the financial arrangement recently negotiated by representatives of the Greek and American Governments, I have the honor to enclose herewith a letter received today from Mr. Charles B. Eddy, Chairman of the Refugee Settlement Commission setting forth urgent reasons for the prompt passage of the measure now before Congress. I respectfully request that the letter from the Refugee Settlement Commission be communicated to the proper Committees of the House and Senate.

I have [etc.]

Robert P. Skinner
[Enclosure]

The Chairman of the Refugee Settlement Commission (Eddy) to the Minister in Greece (Skinner)

Dear Mr. Skinner: On my return from a two weeks’ trip in Mitylene I find upon enquiry that the American Congress has not yet ratified the agreement between the Hellenic Government and the United States for the funding of the debt of the former to the latter, [Page 9]and for the grant of a loan to Greece by the United States of a sum of $12,167,000 (approximately £2,500,000).

It may be of some interest to you to understand the present financial condition of our Commission. Assuming that the agreement for the advance by the United States to Greece is ratified by Congress, there will be available from the proceeds of this loan and from the proceeds of the loan floated by Greece in the London and New York markets, the sum of £3,000,000 for the continuation of the work of our Commission. To this should be added a further sum of £524,000 resulting from funds available from the last loan and from other sources; the total sum therefore which the Commission expects to have for the continuation of its work will be £3,524,000.

Upon the basis of these figures the Commission has already prepared a tentative budget. In view, however, of the fact that the agreement with the United States has not yet been ratified, the American credits are not yet available. There has already been placed to the credit of the Commission by the London and New York bankers a sum of £500,000, which with the further sum of £524,000 above referred to, say a total of £1,024,000, constitutes the only funds of the Commission available for immediate expenditure.

I hope that requisite action will be taken by our Congress to ratify the American agreement within the near future, for the reason that if the funds are not available within a period of two months a considerable part of our programme will have to be postponed till next year.

Yours faithfully,

Charles B. Eddy