893.24/5–2947
The Director of the Office of Financial and Development Policy (Ness) to the Chairman of the Chinese Supply Commission (Wang)
My Dear Dr. Wang: I have your letter of May 29, 1947 asking for a postponement of the first interest payment due July 1, 1947 under the agreement of June 14, 1946.
It is my understanding that agreement has been reached between representatives of your Government and the U. S. Treasury representatives under which the Chinese Government has been billed on an estimated value of the supplies furnished and to be furnished under the agreement of June 14, 1946 in the amount of $51,750,000. I understand that interest and principal payable July 1, 1947 has been billed to your Government in the amount of $2,820,020,32.
The pipeline agreement has already settled a portion of the lend-lease aid furnished to China. It would not be our policy to consider alteration of the payment terms at this time.
Sincerely yours,