893.51/7469: Telegram

The Chinese Minister of Finance (Kung) to the Secretary of State 35

I am happy to inform you that I have authorized the Universal Trading Corporation to hand over the last instalment necessary for the complete repayment of the Wood Oil Loan of February 8, 1939.36 While the terms of the Agreement do not require full liquidation of obligation until January 1, 1944, sufficient funds have accumulated to make it possible at this time.

May I say that the Universal Trading Corporation’s action is an indication of China’s determination to maintain its traditional policy of faithful fulfillment of all its obligations. I shall also like to take this opportunity of expressing our deep appreciation for United States financial assistance to China37 which has been all the more welcome because of its timeliness.

H. H. Kung
  1. Handed to the Acting Secretary of State by the Chinese Ambassador on March 24.
  2. See Generalissimo Chiang’s message of March 25, 1939, to President Roosevelt, Foreign Relations, 1939, vol. iii, p. 659.
  3. A joint statement was issued at Washington on March 21 when agreement was signed; see bracketed note, p. 490.