882.51/1949
Messrs. Shearman &
Sterling to the Secretary of
State
New
York, July 5,
1927.
[Received July 7.]
Sir: Referring to your letter of March 3, 1927,
addressed to ourselves as attorneys for the Finance Corporation of
America and for The National City Bank of New York, as Fiscal Agent,
with respect to the new Loan Agreement, dated as of September 1, 1926,
made between the said parties and the Republic of Liberia, we are
advised, by a letter, dated July 1, 1927, a duplicate of which we
enclose, that the said Bank, acting as Fiscal Agent under the old loan
agreement of July, 1912, duly called for redemption on July 1, 1927, all
the outstanding bonds of the 1912 loan, and has paid and is paying off
the same as and when presented.
In view of this, we assume that the Department is prepared to recognize
the new Loan Agreement of September 1, 1926, as in full force and
effect, and to recommend to the President that he take the action
required of him with respect to the recommendation and designation of
fiscal and other officers.
If we are correct in this assumption, we shall be much obliged if you
will so inform us for the information of our clients.
Yours very truly,
[Enclosure]
The Vice President of The National City Bank of
New York (Hoffman) to the Finance Corporation of America
Dear Sirs: Answering your inquiries, you
are advised that we have received, as Fiscal Agents of the Loan
under the Fiscal Agency Agreement between the Republic of Liberia
and The National City Bank of New York, dated July 1st, 1912,
sufficient funds to redeem all the bonds of this issue now
outstanding in the hands of the public; viz. a principal face amount
of $1,146,700., together with interest to July 1st, 1927, the
redemption date.
You are further advised that, as provided in Article Fifth of the
Fiscal Agency Agreement, the required redemption notice has been
published in two daily newspapers of general circulation in the
State of New York for not less than twice a week for six successive
weeks; also, as further required in the Fiscal Agency Agreement, the
same redemption notice has been published once a week for six
successive weeks in London, England; Hamburg, Germany; Paris,
France; Brussels, Belgium; Geneva, Switzerland; Antwerp, Belgium;
and Amsterdam, Holland.
[Page 151]
We enclose herewith, in duplicate, a copy of the notice31 as it appeared in the New York Times and the New
York Sun.
Beginning today all bonds of the said Loan are being paid off,
principal and interest, as and when presented, by ourselves and our
correspondents named in the redemption notice.
Very truly yours,
