893.51/11–2946: Telegram
The Acting Secretary of State to the Ambassador in China (Stuart)
1098. Because of economic and financial considerations affecting prospects for repayment, Eximbank not disposed feel opening new [Page 1027] credit to China for Hankow-Canton-Kowloon railroad and Yellow River Bridge projects “would be in the best interests of China or of the United States and Export–Import Bank”. This view not expressive formal action by Bank’s directors, but is quoted from letter78 to Clayton from Gaston, Acting Chairman Bank’s Board, in reply to former’s letter Oct. 2979 transmitting with Dept’s agreement General Marshall’s recommendations regarding these projects. Embtel 1548 Sept. 27. Texts both letters being forwarded80 by Army courier to General Marshall. His and Embassy’s comments on economic and financial considerations cited by Bank as well as political considerations involved would be appreciated.