811.516 Export-Import Bank/8–1248: Telegram

The Ambassador in China (Stuart) to the Secretary of State

1491. Embassy received late August 11, third person note from Foreign Office dated August 8, informing Embassy of dispatch of Foreign Office cable to Chinese Ambassador in Washington re extension $33,000,000 Eximbank cotton credit. Verbatim text Foreign Office cable follows which Foreign Office requests Department transmit immediately to Eximbank.

“The Executive Yuan authorizes Dr. Wellington Koo, Chinese Ambassador to the United States, to assent on behalf of the Government of the Republic of China to an extension of payment of principal and interest on the drafts drawn on and accepted by the Bank of China under line of credit of $33,000,000 established by the Export and Import Bank in favor of the Bank of China on March 14, 1946 to finance the export of cotton to China and unconditionally guaranteed by the Government of the Republic of China. Such extension of payment may be agreed to by the New York branch of the Bank of China. Ambassador Koo is further authorized and directed to execute guaranty in the name of and on behalf of the Government of the Republic of China on such obligation as may be given to evidence the extended maturities of principal and interest of the cotton drafts.”