893.51/7178
The Chinese Ambassador (Hu Shih) to the Secretary of State
Sir: I have the honor to inform you that the Chinese Government has authorized the conclusion of loans totalling U. S. $100,000,000, half of which would be made available to the Chinese Government by the United States Treasury for the purpose of stabilization of the Chinese currency, and the other half to the Central Bank of China by the Export-Import Bank and guaranteed by the Chinese Government. As part of the arrangements for the latter loan, the Chinese Government has further authorized the National Resources Commission to enter into sales contract with the Metals Reserve Company for the sale of tin, wolfram and antimony having an aggregate sales price of U. S. $60,000,000 and to assign the proceeds thereof to secure the repayment of the loan to the Export-Import Bank.
I am instructed to state that the following individuals, as representatives of the several parties to the proposed loan agreement and sales contract, have been invested with due authority to negotiate the terms and to execute any and all documents necessary or convenient in connection with or to effect the agreements and sales contract concerning [Page 594] the above-mentioned loan, namely, for the Republic of China, Dr. T. V. Soong, Member of the National Government; for the Central Bank of China, Dr. Kan Lee, Commercial Counsellor of the Chinese Embassy; and for the National Resources Commission, Mr. C. H. Wu, Secretary of the Foreign Trade Office of the National Resources Commission. All documents executed by them under this authority will be legally valid under the laws of the Republic of China.
I shall be grateful if you will be so good as to transmit the above information to the appropriate authorities, including the Treasury, the Export-Import Bank of Washington and the Metals Reserve Company.
Accept [etc.]