893.51/8–3045
Memorandum by Mr. John D. Sumner of the Office of Financial and Development Policy to Mr. Willard L. Thorp, Deputy to the Assistant Secretary of State (Clayton)
Aside from statements which have appeared in the press, the economic offices of the Department appear to have little information as to what may have been proposed by Dr. Soong to Mr. Crowley or to the Secretary of State, regarding the financial needs of China, or to what the reaction of Mr. Crowley or the Secretary may have been.
I have checked two contacts in FEA who told me that they doubt whether anybody in FEA knows except Mr. Crowley. On a purely gossip basis, one of my informants said that he had heard that Mr. Crowley had indicated to Dr. Soong that it might be possible to make 500 million dollars available to China through the Export-Import Bank.
I then talked with the head of China work in the economic wing of Treasury and was told that they have no information. The belief was also expressed that Dr. Soong did not discuss this matter with Secretary Vinson.
Financial assistance to China involves a number of highly important questions which would seem to require careful consideration within the economic offices of the Department, as well as elsewhere in the Government. I very much hope, therefore, that it may be possible to discover what transpired between Dr. Soong and Mr. Crowley and perhaps also with the Secretary.