893.51/8–1846: Telegram
The Ambassador in China (Stuart) to the Secretary of State
1331. Following is text of self-explanatory letter to Embassy from Dr. Liu Chieh, Vice Minister for Foreign Affairs. Please transmit to Export-Import Bank and inform Treasury and Commerce:
“I have the honor to inform you that the Executive Yuan on behalf of the Government of the Republic of China, has approved the borrowing of $1,500,000 from the Export–Import Bank of Washington, D. C., for purchase and exportation to China of equipment, materials and supplies to be used in the coal mining industry of China, upon terms providing for payment of principal in 30 approximately equal semi-annual installments, beginning October 1, 1951, with interest at 3% per annum payable semi-annually. The Executive Yuan has authorized Dr. S. C. Wang, Chairman of the Chinese Supply Commission in Washington to execute on behalf of the Government a credit agreement containing such other terms and conditions as may be required by the Export–Import Bank, and to execute and sign promissory notes evidencing advances against such credit. The Executive Yuan has further authorized Dr. S. C. Wang, or such person or persons as he may designate in writing, to do any and all other facts in connection with effecting the loan and carrying out the agreement.
In consequence of the foregoing action by the Executive Yuan, the agreement and all acts performed pursuant thereto by the above designated representative will be valid and binding on the Government of the Republic of China.
It will be appreciated if you will be so good as to cause the foregoing information to be transmitted by telegraph to the appropriate authorities in Washington.”