File No. 893.51/1006.
The Chinese Minister to the Secretary of State.
Washington, July 15, 1912.
My Dear Mr. Secretary: Under instructions from my Government I have the honor to transmit for your information the following statement relative to the loan negotiations between my Government and the international syndicate:
[The statement begins with a reference to the delays caused by the international syndicate, and concludes as follows.]
Since the establishment of the present Government its financial needs have been so pressing that its stability was endangered by the delay on the part of the syndicate. Now that the syndicate has failed to conform to the arrangement agreed upon on March 9 covering certain advances for June and July, this Government is unable to wait any longer. There has been vigorous opposition by the people to the terms of the syndicate, whose chief object is to place itself in the position of financial agent for the Government, thus securing complete control of the nation’s finances. In view of the earnest desire of this Government to invite foreign capital for the development of natural resources, it would be mutually advantageous for the foreign Governments to withhold their support from this syndicate in its attempt to establish a financial monopoly.
Accept [etc.]