The Secretary of State to the Minister in Liberia (Francis)
9. Inform Bussell as follows: With reference to your two cables to National City Bank17 Department after consulting De la Rue is of the opinion that Article IX, Paragraph 4 of Loan Agreement stipulates that auditors and supervisors are responsible to the Financial Advisor but primarily under the direction of the Secretary or the Treasury who must be governed by the methods of accounting, rules and regulations devised by the Financial Advisor, the authority for which is provided for in Article XII, Paragraph 1.
The Loan Agreement does not give the Financial Advisor any [Page 247] power over expenditures contemplated by the Government as long as these are within the sum appropriated in an existing budget.
- Not printed; copies were transmitted on Apr. 11, 1928, by the Bank to the Department (file No. 882.51/1997).↩