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2
would also be prepared, if desired, to carry the American share of the advance for a period not exceeding three months.
The participation of the British group would be conditional upon the sanction of His Majesty's Treasury having first been obtained for the immediate advance, for the Supplementary Chinese Reorganisation Loan, and for permission to issue and deal in the relative Chinese Treasury bills and loan bonds.
The meeting then adjourned.
C. S. AUDIS, Chairman.
[This Document is the Property of His Britannic Majesty's Government.]
CHINESE LOANS AND CONCESSIONS.
CONFIDENTIAL.
[237294]
No. 1.
181
[December 15.]
SECTION 1.
Treasury to Foreign Office.—(Received December 15.)
My Lord,
Treasury Chambers, December 14, 1917. THE Lords Commissioners of His Majesty's Treasury have had under consideration your letter of the 8th instant, wi h enclosures, relative to the projected issue to the Chinese Government of a Se ond Reorganisation Luan.
While realising the political issues involved in this question, my Lords cannot view with favour the participation of British banks, either on their own or American account, at a time when the Eastern exchanges are so unfavourable to this country. They do not understand why it should not be possible to arrange within the time available, for the participation of American banks on their own account, and I am to suggest that representations should be made to Mr. Page in this sense. Should nominal participation on the part of the British group be desired by the United States Government for political reasons, I am to suggest that Mr. Page should be informed that, if it can be arranged that the funds required are advanced for a period at least covering the period of the war to that group by the American banks, the consent of the British bunks to participate on such terms could doubtless be obtained.
[2753 p- -1]
I am, &c.
JOHN BRADBURY.