The Acting Secretary of State to the Embassy in China
149. For Adler from Treasury. For your confidential information for use in discussions with General Marshall there is quoted below an extract from draft minutes of NAC meeting of Jan 15, 1946 on subject of conditions for financial assistance to China. These minutes have not been officially approved and must be regarded as being in draft form.
“Secretary Vinson believed that the conditions stated were necessary. For example, he pointed to a requirement that the Chinese Government should take satisfactory action in the form of ‘steps towards’ the stabilization of their currency. If anything, this did not go far enough. Before agreeing to a major credit, he would require very specific evidence that the ‘steps towards’ currency stabilization were real ones and that the problem was going to be solved. If this und other conditions were not met, he thought that a loan of the public’s money would be wasted.”