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The Chinese Ambassador (C. T. Wang) to the President of the Export-Import Bank (Pierson)95
We appreciate the willingness of the American Government to extend every possible assistance to China for her program of construction with a view of building up her economic structure. Such constructive work is bound to increase the earning capacity of the Chinese people, which in turn means a larger volume of trade between the two countries.
[Page 618]So during Dr. H. H. Kung’s visit to this country last month, we discussed with you and Mr. Jones the possibility of extending commercial credits to our Government up to U.S.$50,000,000. We have your assurance that you are disposed to accede to this request of our Government.
However, according to your memorandum of August 2, you expressed a hesitancy on your part due to present political situation in the Far East and ask me to furnish you with some suggestion which will prove helpful. I am therefore submitting to you with a revised list97 for your consideration. You will understand that this falls far short of our needs, but I thought a smaller amount of materials to be ordered would make it easier for you to arrange for such required credits. I need not add that in doing so, America will make an excellent gesture of true friendship and will show her faith in a united and prosperous China.