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Committee, the Groups should accept what degree of power and measure of control could be obtained.
It was then unanimously decided that the above recommendation as adopted by the Conference should be taken as instructions to the representatives of the four Groups in Peking, and the Secretary was directed to so minute.
The representatives of the four Groups resident in Peking were thereupon instructed to communicate to the Imperial Chinese Government the findings of the Conference in the form of a letter as follows:
Your Highness,
Berlin, 23rd September 1911.
His Highness the Duke Tsai Tse, Minister of Finance,
Peking
We have the honour to inform you that a conference of our four Groups has been held in Berlin this day for the consideration of the Programme of Currency Reform handed to us by your Highness on the 15th of April last in accordance with the provisions of Article 8, Section 2, of the Imperial Chinese Government Currency Reform and Industrial Development Loan Agreement.
This Programme has been examined by a Committee of Currency experts appointed by the Banks and assisted by Dr. Chen Chin Tao the special representative delegated by the Imperial Chinese Government for that purpose. The result of this Committee's deliberations has been embodied in a report which approves the scheme as a whole but makes certain recommendations as to modifications in detail.
We have now the honour to hand to your Highness a copy of this report, and to inform you that it has been adopted by our Groups who in accordance with the provisions of Article 8, Section 2 of the Loan Agreement instruct us to state that they are prepared to issue the loan under the terms of the Loan Agreement on the understanding that under the provisions of Articles 14 and 15 of the Memorial regarding the regulations for the National Coinage it is the intention of the Imperial Chinese Government in this plan of Currency unification to avoid contraction of the circulating medium, and that in exchanging the new coins for silver and copper coins and sycee now in circulation, the time during which the exchange will be made at the market value and the number of exchange offices in the different localities, will be so arranged as to afford every holder of coins or of sycee reasonable opportunity of effecting such exchange.
In communicating to Your Highness its adoption of this Report the Conference of the Groups instructs us to express the earnest desire and confident hope that the Imperial Government will on its part adopt the recommendations of the Committee of Experts regarding the plan
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of Currency unification, together with the suggested forms of orders to be used for the withdrawal of the loan funds and the forms of quar- terly reports to be handed to the Banks under the terms of Article XI of the Loan Agreement.
At the same time we are instructed to call the attention of Your Highness to the fact that the forms of statements regarding expen- ditures for Currency Reform and for Manchurian Industry handed to 118 on the 15th April 1911 do not fully satisfy the Provisions of Article 8, Section 1, Paragraphs B. & C. of the Loan Agreement. We assume, however, that this matter having been laid before Your High- ness Statements fully conforming to the terms of the Loan Agreement will be duly prepared and handed to the Banks.
It is the understanding of the Banks, moreover, that, as provided in the Statement for Manchurian expenditure handed to us on the 15th April 1911, a sum not exceeding $ 20 000 000 Silver Currency, is to be devoted to Manchurian Industrial Development, and a sum of approximately $ 20 000 000 Silver Currency to the inauguration of Currency Reform in Manchuria.
We have the honour to be,
Your Highness' Obedient Servants.
Mr. Addis stated that in his opinion, and in the opinion of Mr. Urbig, it would be desirable, when the U. S. Government present Dr. Vissering as having been nominated as Financial Adviser with the concurrence of the four Powers, to accompany such presentation with a recommendation that in view of the importance of the office and of the necessity of satisfying the Bondholders, that the provisions of the Currency scheme were being carried out, that the Chinese Government will keep the Financial Adviser adequately informed of the progress of the scheme, also taking him into their confidence and consulting him from time to time on points of difficulty or principle which may arise, it being con- sidered that such action of the U. S. Government ensuring the valuable assistance of the Financial Adviser in the execution of the Currency Reform scheme would tend to establish the credit of the scheme in the markets.
The Conference having unanimously endorsed this suggestion of Messrs. Urbig and Addis, Mr. Davison, on behalf of the American Group, stated that he would be very glad indeed to make the suggestion to the U. S. State Dept., and he had no doubt they would accede to it.
Upon motion of Mr. Simon, seconded by Mr. Addis, the meeting then adjourned sine die.
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