[Enclosure]
The Chairman of the Refugee Settlement
Commission (Eddy) to the Minister in
Greece (Skinner)
Dear Mr. Skinner: On my return from a two
weeks’ trip in Mitylene I find upon enquiry that the American
Congress has not yet ratified the agreement between the Hellenic
Government and the United States for the funding of the debt of the
former to the latter,
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and for
the grant of a loan to Greece by the United States of a sum of
$12,167,000 (approximately £2,500,000).
It may be of some interest to you to understand the present financial
condition of our Commission. Assuming that the agreement for the
advance by the United States to Greece is ratified by Congress,
there will be available from the proceeds of this loan and from the
proceeds of the loan floated by Greece in the London and New York
markets, the sum of £3,000,000 for the continuation of the work of
our Commission. To this should be added a further sum of £524,000
resulting from funds available from the last loan and from other
sources; the total sum therefore which the Commission expects to
have for the continuation of its work will be £3,524,000.
Upon the basis of these figures the Commission has already prepared a
tentative budget. In view, however, of the fact that the agreement
with the United States has not yet been ratified, the American
credits are not yet available. There has already been placed to the
credit of the Commission by the London and New York bankers a sum of
£500,000, which with the further sum of £524,000 above referred to,
say a total of £1,024,000, constitutes the only funds of the
Commission available for immediate expenditure.
I hope that requisite action will be taken by our Congress to ratify
the American agreement within the near future, for the reason that
if the funds are not available within a period of two months a
considerable part of our programme will have to be postponed till
next year.
Yours faithfully,
