The Secretary of State to the Ambassador in China (Gauss)
29. Your 548, December 30, 6 p.m.54 Some weeks prior to the receipt of your telegram under reference I spoke to other officials here in regard to the advisability of this Government’s extending a large loan to China. After receipt of your telegram I spoke again about the matter. I also recommended to the Secretary of the Treasury that a loan, substantial in amount, be made.
A few days ago the President took the matter up with the Secretary of the Treasury and I understand that the Secretary of the Treasury has been giving the matter most active consideration and that the Secretary of the Treasury has communicated to T. V. Soong the outline of a specific proposal which Soong is referring to his Government.