Office of the Historian

893.51/6421

The President of the Export-Import Bank (Pierson) to the Chief of the Division of Far Eastern Affairs (Hornbeck)

Washington, August 2, 1937.

In my conference this morning with Secretary Hull it was decided that I should tell Dr. Wang that the Export-Import Bank is favorably [Page 617] disposed to the granting of commercial credits along the lines suggested in the Ambassador’s letter93 but that we hesitate at this time to make a formal commitment which might soon prove meaningless. Furthermore, that we might undertake to examine an initial transaction with the idea of going through with it if conditions begin to look better.

In the meantime the Secretary suggests—wisely, I think—that we send a cable to Bingham in London inquiring regarding the alleged British arrangement.94

I have drafted a very brief cable which is attached.93 Will you be good enough to see that this goes forward either in its present form or as you may care to modify it.

Warren Lee Pierson
  1. Not printed.↩
  2. See telegram No. 535, August 12, 4 p.m., p. 619, for reply from the Ambassador in the United Kingdom.↩
  3. Not printed.↩