(Zhis Doonment is the Property of Frie
[B]
AFFAIRS OF CHINA.
CONFIDENTIAL.
[26999]
No. 1.
227
24603
IRES
R27 I Res 27 JU!
[July 10.]
SECTION 2.
Mr. Phillips to Sir F. Campbell.(Received July 10.)
Dear Sir Francis,
THE Ambassador, who is just leaving for the country, asks me to let you know
American Embassy, London, July 1, 1911. that the opinions which he expressed to you on the 29tli altimo in regard to the meaning of article 16 of the Chinese currency loan have now received the entire approval of the Secretary of State. Mr. Knox fails to see how article 16, providing for the continuation or completion of specific enterprises initiated under the loan contract, can be construed as creating a monopoly, to which in principle the Govern- ment of the United States, equally with that of France, is opposed. Similar provisions are contained in articles 15 and 19 of the Hukuang loan agreement, and in southern loan contracts with China.
Sincerely yours,
WILLIAM PHILLIPS,
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