decided, therefore, is how the interest charges on the necessary loans could be met. The revenues of the Chinese Republic are already too heavily burdened with the interest charges on existing Government loans to warrant further charges, and hence it would seem necessary for the present to limit the projects for development to those which seem sufficiently remunerative to attract private capital. The government of the United States has consistently endeavored to manifest its disinterested friendship for the people of China and will undoubtedly coöperate in every proper way in proposals to advance their best interests.
Please accept my thanks for your kindness in submitting your proposals.
Respectfully,
(Signed)
William C. Redfield,
Secretary.
