Papers Relating to the Foreign Relations of the United States, 1920, Volume I

893.51/3011

The American Group to the Under Secretary of State ( Davis )

New York , October 19, 1920 .
[Received October 21.]

Dear Sir: In accordance with your request we hand you herewith copies of the Consortium Agreement as finally signed, also printed copies of the Minutes of the Consortium conferences held last week, to all of which we call your personal attention.

1. As to the main agreement you will recall that this has already been approved by all four governments involved; in fact, it was approved by them in the Spring of 1919, and that the delay in final execution has been due to the filing of reservations by the Japanese which were only cleared up at the time of Mr. Lamont’s recent trip to the Far East. If you will refer to Item III of the minutes of the meeting of October 11th last, you will note an amendment to the main agreement so as to embody the final formula as to the governments’ support as adopted by the Department of State with the three Foreign Offices.

Under the same heading, the addition in language as to Chinese Government guarantee is simply to make clearer the clause touching upon that subject. The matter of the preamble we will touch upon in a separate letter.

2. In the minutes of the meeting of October 15th, Items XV, XVI, and XVII will all we believe have interest for the Department; and as to Item XVIII, the Chinese Eastern Railway, Mr. Lamont hastened to send you an early transcript of the resolution adopted on this matter so that you might be in prompt possession of the Consortium’s attitude, and realize that the next step if any is in the purview not of the Consortium but of the Department itself and of the British and French Governments, with whom on this point we presume the Department is in general correspondence.

You will note that Item XX of the minutes of October 15th contains the usual provision that all resolutions taken are subject to the approval of the Governments; therefore we shall be glad to receive in due course the formal approval of the Department upon our proceedings.

Yours very truly,

J. P. Morgan & Co.
For the American, Group

[Enclosure 1]

The China Consortium Agreement, October 15, 1920

An Agreement made the fifteenth day of October, 1920 between

The Hongkong and Shanghai Banking Corporation, having its office at 9 Gracechurch Street in the City of London (hereinafter called “the Hongkong Bank”) of the first part

The Banque de l’lndo Chine having its office at 15bis Rue Laffitte Paris (hereinafter called “the French Bank”) of the second part

The Yokohama Specie Bank Limited having its office at Yokohama in Japan (hereinafter called “the Japanese Bank”) of the third part and

Messrs. J. P. Morgan & Co., Messrs. Kuhn Loeb & Co. The National City Bank of New York, Chase National Bank, New York, The Guaranty Trust Company of New York, Messrs. Lee, Higginson & Co. of Boston and the Continental and Commercial Trust and Savings Bank of Chicago (hereinafter called “the American Managers”) acting as to the United Kingdom by Messrs. Morgan, Grenfell & Co., of 22 Old Broad Street in the City of London and as to France by Messrs. Morgan Harjes & Co. of Paris of the fourth part

Whereas the Hongkong Bank the French Bank the Japanese Bank and the American Managers are acting for the purposes of this Agreement as the representatives of the British French Japanese and American Groups respectively

And whereas the British French Japanese and American Groups were formed with the object of negotiating and carrying out Chinese loan business

And whereas their respective Governments have undertaken to give their complete support to their respective national groups the parties hereto in all operations undertaken pursuant to the agreement hereinafter contained and have further undertaken that in the event of competition in the obtaining of any specific loan contract the collective support of the diplomatic representatives in Peking of the four Governments will be assured to the parties hereto for the purpose of obtaining such contract

And whereas the said national groups are of the opinion that the interests of the Chinese people can in existing circumstances best be served by the co-operative action of the various banking groups representing the investment interests of their respective countries in procuring for the Chinese Government the capital necessary for a programme of economic reconstruction and improved communications

And whereas with these objects in view the respective national groups are prepared to participate on equal terms in such undertakings as may be calculated to assist China in the establishment of her great public utilities and to these ends to welcome the co-operation of Chinese capital

Now it is hereby agreed by and between the parties hereto as follows:—

1. Each Group reserves to itself the right of increasing or reducing the number of its own members but so that any member of a group dropping out shall remain bound by the restrictive provisions hereof and any member of a group coming in shall become subject to the restrictive provisions hereof and so that no group shall (without the consent of the others) be entitled to admit into its group a new member who is not of its nationality and domiciled in its market. The admission of any new group shall be determined by the parties hereto subject to the approval of their respective Governments.

2. This Agreement relates to existing and future loan agreements which involve the issue for subscription by the public of loans to the Chinese Government or to Chinese Government Departments or to Provinces of China or to companies or corporations owned or controlled by or on behalf of the Chinese Government or any Chinese Provincial Government or to any party if the transaction in question is guaranteed by the Chinese Government or Chinese Provincial Government but does not relate to agreements for loans to be floated in China. Existing agreements relating to industrial undertakings upon which it can be shown that substantial progress has been made may be omitted from the scope of this Agreement.

3. The existing Agreements and any future loan agreements to which this Agreement relates and any business arising out of such agreements respectively shall be dealt with by the said groups in accordance with the provisions of this Agreement.

4. This Agreement is made on the principle of complete equality in every respect between the parties hereto and each of the parties hereto shall take an equal share in all operations and sign all contracts and shall bear an equal share of all charges in connection with any business (except stamp duties and any charges of and in connection with the realization by the parties hereto in their respective markets of their shares in the operations) and the parties hereto shall conclude all contracts with equal rights and obligations as between themselves and each party shall have the same rights privileges prerogatives advantages responsibilities and obligations of every sort and kind. Accordingly preliminary advances on account of or in connection with business to which this Agreement relates shall be borne by each of the parties hereto in equal shares and each of the parties hereto shall be entitled to participate equally in the existing Agreements and will offer to the other parties hereto an equal participation with itself in any future loan business falling within the scope of this Agreement. Should one or more of the parties hereto decline a participation in the existing Agreements or any of them or in any such future loan business as aforesaid the party or parties accepting a participation therein shall be free to undertake the same but shall issue on its or their markets only.

5. All contracts shall so far as possible be made so as not to impose joint liability on the parties hereto but each of the parties hereto shall severally liquidate its own engagements or liabilities. The parties hereto will so far as possible come to an understanding with regard to the realization of the operations but so that such realization in whatever manner this may take place shall be for the separate benefit of each of the parties hereto as regards their respective participations therein and so that each of the parties hereto shall be entitled to realize its participation in the operations only in its own market it being understood that the issues in the respective markets are to be made at substantial parity.

6. Any one or more of the parties hereto who shall have accepted its or their participation in any business hereunder shall be entitled by notice in writing to call upon the other or others of the parties hereto who propose to issue their own respective participations to issue for the account of the party or parties giving such notice or notices either all or one-half of the amount which may constitute the participation of the party or parties giving such notice or notices and the party or parties so called upon shall issue the said amount or amounts (hereinafter called “the Residuary Participation”) specified in such notice or notices upon and subject to the terms and conditions following, viz:—

(1) Such notice or notices must be received by the other or others of the parties hereto before the execution of the final Agreement for the issue of the loan or (in the case of an issue of a part only of the loan) of so much thereof as the parties hereto may from time to time agree to issue.

(2) The party or parties to whom such notice or notices shall have been given shall be entitled to decide among themselves and without reference to the party or parties giving such notice or notices as to which one or more of them shall issue the Residuary Participation but in default of any such decision they shall issue the same equally between them.

(3) In issuing the Residuary Participation no distinction shall be made between the Residuary Participation and the amount or amounts issued on its or their own account by the party or parties issuing the Residuary Participation which shall in all respects be subject to the conditions of the respective Syndicates which may be formed for the purpose of effecting the issue.

(4) Each of the parties issuing the Residuary Participation shall be entitled to decide for itself and without reference to the party or parties giving such notice or notices as to what expenses shall be incurred in relation to the issue of the total amount issued by such party.

(5) The party or parties issuing the Residuary Participation shall be entitled between them to charge the party or parties giving such notice or notices with a commission of not exceeding 1½ per cent, on the nominal amount of the Residuary Participation and also with a pro rata share of the total expenses which the issuing party or parties may in their sole discretion incur in relation to the whole issue and being in the proportion which the Residuary Participation bears to the total nominal amount of the issue.

(6) The party or parties issuing the Residuary Participation shall not by virtue of this Agreement incur any responsibility to subscribe for the Residuary Participation or to cause the same to be subscribed.

(7) Each party issuing the Residuary Participation shall apply all subscriptions received by it pro rata between the Residuary Participation issued by it and the amount issued by such party on its own account.

(8) Each of the parties issuing the Residuary Participation will apply for and use its best endeavors to obtain a quotation on its market for the total amount issued by it.

(9) No issue of the Residuary Participation or any part thereof shall be made by the party or parties giving such notice or notices unless mutually agreed by the parties hereto.

7. No participation shall be given by any one of the parties hereto outside its own market. Any participation given in its own market by any one of the parties hereto shall be for its own account only or in the event of the issue including any of the Residuary Participation for the accounts pro rata of the issuing Bank and the party or parties giving such notice or notices as aforesaid and in giving any such participation the party giving the same shall use its best endeavors to secure that no part of such participation shall be transferred to parties outside the market of the party giving the same. Any other participation shall be given only with the consent of all parties hereto and shall be borne in equal shares by the parties hereto.

8. This Agreement shall remain in force for the period of five years from the date hereof provided nevertheless that a majority of the parties hereto may by twelve months’ previous notice in writing addressed to the other parties hereto determine this Agreement at any time.

In Witness whereof the duly authorized representatives of the respective parties hereto have set their hands the day and year first above written.

For the Hongkong and Shanghai Banking Corporation
On behalf of the British Croup:

C. S. Addis

For the Banque de l’Indo Chine
On behalf of the French Group:

Th. de la Chaume

For the Yokohama Specie Bank, Ltd.
On behalf of the Japanese Group:

K. Takeuchi

For and on behalf of the American Group:
J. P. Morgan & Co.
Kuhn, Loeb & Co.
The National City Bank of New York
By

J. A. Stillman

President
The Guaranty Trust Company of New York
By

J. R. Swan

Vice President
Continental and Commercial Trust and Savings Bank, Chicago
By

John Jay Abbott

Vice President
Chase National Bank, New York City
By

A. H. Wiggin

Chairman
Lee, Higginson & Co.

[Enclosure 2]

Minutes of Consortium Conferences Held in New York, October 11–15, 1920

Minutes of a Meeting held in the Executive Committee Room of the New York Chamber of Commerce on October 11, 1920.

• Present.
  • Sir Charles Addis
  • Mr. S. F. Mayers
    Representing the British Group
  • Monsieur R. Thion de la Chaume
  • Monsieur Georges Picot
    Representing the French Group
  • Mr. Kimpei Takeuchi
  • Mr. Reitaro Ichinomiya
    Representing the Japanese Group
  • Mr. Thomas W. Lamont
  • Mr. Mortimer L. Setoff
  • Mr. Charles H. Sabin
  • Mr. Albert H. Wiggin
  • Mr. Frederic W. Allen
  • Mr. John Jay Abbott
    Representing the American Group
• In attendance.
  • Mr. R. C. Witt
  • Monsieur Henri Mazot
  • Mr. C. F. Whigham
  • Mr. J. Ridgely Carter
  • Mr. Burnett Walker
  • Mr. F. W. Stevens
  • Mr. Jeremiah Smith, Jr.
  • Mr. A. M. Anderson
  • Mr. Robert I. Barr
  • Mr. L. L. Strauss.

I. Chairman

Upon the proposal of Sir Charles Addis it was unanimously agreed that Mr. Thomas W. Lamont take the Chair.

II. Secretary

Mr. W. E. Leveson and Mr. J. Ross Tilford were appointed Joint Secretaries to the Meeting.

III. Minutes of the Paris Meetings

The minutes of the Paris meetings of May 11 and 12, 1919, were confirmed, subject to the following three amendments:—

1. Government Support. The words in the introductory paragraph “and are entitled to the exclusive diplomatic support of their respective Governments” were deleted and the following substituted:—

“And whereas their respective Governments have undertaken to give their complete support to their respective national groups the parties hereto in all operations undertaken pursuant to the agreement hereinafter contained and have further undertaken that in the event of competition in the obtaining of any specific loan contract the collective support of the diplomatic representatives in Peking of the four Governments will be assured to the parties hereto for the purpose of obtaining such contract” …¹⁷

2. Chinese Government Guarantee. The words “or to companies having Chinese Government or Chinese Provincial Government guarantees” were deleted and the following substituted:—

“or to companies or corporations owned or controlled by or on behalf of the Chinese Government or any Chinese Provincial Government or to any party if the transaction in question is guaranteed by the Chinese Government or Chinese Provincial Government.”

3. Preamble. The following addition to the recitals to the agreement was adopted:—

“And whereas the said national groups are of the opinion that the interests of the Chinese people can in existing circumstances best be served by the co-operative action of the various banking groups representing the investment interests of their respective countries in procuring for the Chinese Government the capital necessary for a programme of economic reconstruction and improved communications

“And whereas with these objects in view the respective national groups are prepared to participate on equal terms in such undertakings as may be calculated to assist China in the establishment of her great public utilities and to these ends to welcome the co-operation of Chinese capital” …¹⁷

IV. Consortium Agreement

It was resolved to print the Agreement as initialled in May, 1919, with the foregoing three amendments in readiness for signature on Wednesday, October 13.

V. Belgian Group

With reference to the application of a Belgian Group for inclusion in the Consortium it was resolved to welcome such inclusion subject to the approval of the respective Governments of the parties to the Consortium.

It was further resolved that the share offered to the Belgian Group be one-ninth, the shares of each of the existing groups being in such event two-ninths.

VI. Italian Group

With reference to the Italian application for inclusion in the Consortium, having regard to existing circumstances, it was resolved to postpone the matter for further consideration.

VII. Chinese Group

It was resolved to welcome the co-operation of a Chinese Group forming a representative national unit and prepared to undertake the obligations involved, and that the Peking Representatives of the Consortium be instructed to convey the terms of this resolution to the Ministries of Finance and Communications.

VIII. Conditions of Pooling

It was resolved that loan agreements when pooled shall be deemed to be assigned to the Consortium during the life of the Consortium, after which, should no action have been taken under them or in connection with them, they shall revert to the original concessionaires.

For and on behalf of the British Group

C. S. Addis

For and on behalf of the French Group

Th. de la Chaume

For and on behalf of the Japanese Group

K. Takeuchi

For and on behalf of the American Group

Thomas W. Lamont

Minutes of an adjourned Meeting held in the Executive Committee Room of the New York Chamber of Commerce on October 13, 1920.

• Present.
  • Sir Charles Addis
  • Mr. S. F. Mayers
    Representing the British Group
  • Monsieur R. Thion de la Chaume
  • Monsieur Georges Picot
    Representing the French Group
  • Mr. Kimpei Takeuchi
  • Mr. Reitaro Ichinomiya
    Representing the Japanese Group
  • Mr. Thomas W. Lamont
  • Mr. Mortimer L. Schiff
  • Mr. Charles E. Mitchell
  • Mr. Albert H. Wiggin
  • Mr. Frederic W. Allen
  • Mr. John Jay Abbott
  • Mr. Burnett Walker
    Representing the American Group

In attendance.

Mr. R. C. Witt	Mr. F. W. Stevens
Monsieur Henri Mazot	Mr. Jeremiah Smith, Jr.
Mr. C. F. Whigham	Mr. Robert I. Barr
Mr. J. Ridgely Carter	Mr. L. L. Strauss

The minutes of the meeting of October 11 were read, confirmed and signed.

IX. Currency Reform

It was resolved that the Peking Representatives be instructed to apply for a renewal of the Currency Loan Agreement for a further six months from October 14, 1920.

It was further resolved that the Groups ask their respective Governments to enquire of the Chinese Government as to the present situation of the Currency Reform question, particularly with reference to the proposed establishment of a Mint at Shanghai.

X. Existing Agreements and Options

The following Agreements and Options were offered for pooling by the Groups concerned:—

• By the British, French and American Groups
  • Hukuang Railways Loan, 1911, second series and further loan.
• By the British, French and Japanese Groups
  • Reorganization Loan, 1913, further loan.
• By the British and French Groups
  • Currency Reform and Industrial Development Loan, 1911.
• By the British Group
  • Pukou-Sinyang Railway Loan, 1913.
  • Nanking-Hunan Railway Loan, 1914.
• By the Japanese Group
  • Jehol-Taonan Railway Preliminary Agreement.
  • Tsinan-Shunteh, Kaomi-Hsuchou Railway Preliminary Agreement.
• By the American Group

Chinchowfu-Aigun Railroad, 1910.
Hengchowfu-Nanning Railway	}	1916
Fengcheng-Ninghsia Railway
Ninghsia-Lanchowfu Railway
Chungchow-Lu Kwei Railway
Hangchow-Wenchow Railway
Grand Canal Improvement Contract, 1917.
Continental and Commercial Trust & Savings Bank Loan, 1919.
Pacific Development Corporation Loan, 1919.

The following reservations were noted:—

The American Group stated that the negotiations for pooling the 1916 Railway Agreements and the Grand Canal improvement Contract were still incomplete but that of their successful issue there was little doubt.

The Japanese Group stated that technical difficulties still required arrangement in regard to the Shantung Railways.

The British Group reserved the rights of the concessionaires under Article 22 of the Pukou-Sinyang Railway Loan to the commutation of net profits.

XI. Land Tax

Referring to the minutes of the Inter-Group Conference of January 30, 1917, on the subject of Land Tax, it was resolved that the Consortium note this source of security for consideration later should occasion arise.

XII. Silver Loan

It was resolved that the Consortium instruct its Banking representatives to report as to the prospects of issuing a Chinese Silver Loan in China to be treated, notwithstanding Article 2 of the draft agreement approved in Paris on May 12, 1919, as within the scope of the Consortium agreement.

For and on behalf of the British Group.

C. S. Addis

For and on behalf of the French Group.

Th. de la Chaume

For and on behalf of the Japanese Group.

K. Takeuchi

For and on behalf of the American Group.

Thomas W. Lamont

Minutes of an adjourned Meeting held in the Executive Committee Room of the New York Chamber of Commerce on October 15, 1920.

• Present.
  • Sir Charles Addis
  • Mr. S. F. Mayers
    Representing the British Group
  • Monsieur R. Thion de la Chaume
  • Monsieur Georges Picot
    Representing the French Group
  • Mr. Kimpei Takeuchi
  • Mr. Reitaro Ichinomiya
    Representing the Japanese Group
  • Mr. Thomas W. Lamont
  • Mr. Mortimer L. Schiff
  • Mr. Charles E. Mitchell
  • Mr. Joseph R. Swan
  • Mr. Robert I. Barr
  • Mr. Frederic W. Allen
  • Mr. John Jay Abbott
    Representing the American Group.
• In attendance.
  • Mr. R. C. Witt
  • Monsieur Henri Mazot
  • Mr. C. F. Whigham
  • Mr. J. Ridgely Carter
  • Mr. Jeremiah Smith, Jr.
  • Mr. F. W. Stevens
  • Mr. A. M. Anderson
  • Mr. Burnett Walker
  • Mr. L. L. Strauss

The minutes of the meeting of October 13 were read, confirmed and signed.

XIII. Conditions of Pooling

Resolved that in tabling and offering for pooling the agreements or options of which they have furnished particulars, the Groups do so on the understanding that the other parties will also offer for pooling their contribution in the form of agreements or options, and until such contribution is forthcoming the Consortium shall have power to determine at a meeting of the Consortium whether such Group shall be entitled to share in any benefits arising out of the agreements or options pooled by the other Groups.

XIV. Consortium Agreement

The Agreement submitted on October 11 was signed by the delegates.

XV. Pacific Development Corporation Loan

The Sub-Committee upon the subject of the Pacific Development Corporation loan and contract reported unanimously that in their judgment the Wine and Tobacco Revenue is capable, under effective foreign supervision, of furnishing a satisfactory security for a substantial loan. The Sub-Committee offered for consideration by the Consortium the following resolutions:

“Resolved that the American Group be requested, if it deems well, to take over for its own account, for the ultimate benefit of the Consortium, the $5,500,000 loan heretofore made by the Pacific Development Corporation, and with such loan to take over all such rights and privileges with reference to the Wine and Tobacco Revenue as may properly be assigned with it:

“Resolved further, that it is the sense of the Consortium that the Pacific Development Corporation contract in its present form does not furnish a practicable working basis for further loans; that an entirely fresh contract should be negotiated by the Representatives in Peking; and that the Chinese Government should be notified of these views of the Consortium.”

The foregoing Resolutions were adopted.

XVI. Hukuang Railways Loan, 1911, German Issue

It was resolved without questioning that the course hitherto pursued by the Chinese Government has been followed in good faith, that it is now manifest that the successful notation of further Chinese loans in foreign markets, which are necessary if the work of the Consortium for the benefit of China is to be carried out, imperatively requires a public announcement by the Chinese Government with reference to the German issue of bonds forming part of the Hukuang Loan, to the general effect that after consideration of all the facts and the unprecedented conditions involved, and resolving all doubts in favour of the holders of such bonds, the Chinese Government has determined to recognize the entire issue without distinction.

XVII. Railway Policy of the Consortium

It was resolved that the following memorandum for the guidance of the Representatives in Peking upon the subject of the Railway Policy of the Consortium presented by the Sub-committee appointed to consider the question be adopted:—

memorandum

The early resumption of railway construction in China is of first importance, and completion of the Hankow-Canton section of the Hukuang Railways should be the first aim.

Provided that the Chinese Government will accept conditions satisfactory to the Consortium in regard to the supervision of construction expenditure and of operation, to be embodied in a new loan agreement, the Consortium will be prepared to undertake the issue of gold bonds, if market conditions permit, and to authorize their representative banks in China to issue in China, on behalf of the Chinese Government, silver bonds, of sufficient amount to meet the necessary expenditure for eighteen months’ requirements, which are tentatively estimated at silver dollars 20 million (say G$15 million). Of this amount the Consortium will be prepared, by the issue of gold bonds, to furnish two-thirds, if the balance can be furnished by the issue of silver bonds in China.

On this basis, and without precluding some increase in the amount named in case it is shown to be insufficient, the new agreement should form a foundation for the various modifications which are requisite in giving effect to other railway loan agreements pooled by the groups constituting the Consortium.

It should be explained to the Ministry of Communications, after study of the question and at the discretion of the Peking representatives, that the desire of the Consortium is to place its services at the disposal of the Chinese Government as an instrument to furnish capital and other means for railway construction, and that it cannot convince foreign markets of the desirability of Chinese investments unless it can satisfy them completely that the investments offered are duly safeguarded.

The Consortium is fully prepared to leave to the judgment and responsibility of the Peking representatives the actual definition of the safeguards required. It should, however, be borne in mind that the ultimate unification of the Chinese Government railways is an object to be kept in view and that the Consortium has recognized in principle the desirability of treating the problem of construction as an undivided whole and not section ally. Further it is the desire of the Consortium to receive from their Peking representatives suggestions on the question of improving the existing system of purchasing materials, and on the subject of purchase by open tender, as well as information upon the action already taken by the Chinese Government regarding the standardization of railway equipment.

In order to carry out the wish of the Consortium to be of continuous practical assistance to the Chinese Government, the Consortium would view with favor the admission of its representatives in Peking to the counsels of the Ministry of Communications by means of the formation by the Ministry of a standing committee of which the Peking representatives would form part and which would be charged with supervising the construction and operation of Chinese Government railways financed by the Consortium.

XVIII. Chinese Eastern Railway

It was resolved that the Consortium will, if desired by their respective Governments, and if market conditions permit, consider an application for a loan to meet the financial requirements of the Chinese Eastern Railway, estimated at $10,000,000 gold, provided satisfactory conditions can be arranged as to security, as to the payment of the debts due from the Allied and Associated Powers, as to the Allied and Associated Powers undertaking that there shall be no military interference with the traffic of the Railway, and as to the position of the representatives of the Consortium Powers on the technical board (or other administrative body) being regularized and stabilized.

The Japanese representatives stated that they were not in a position to express their views on this question, for the reason that the Japanese Group were not authorized by their Government to take up the matter, pending negotiations between the Governments concerned, and further that the Japanese Group considered the matter as technically lying outside the scope of the Consortium Agreement.

XIX. Central Agency and Clearing House

It was resolved that, in lieu of the provisions of the Minutes of July 7, 1913, and of the arrangement of October 2, 1913, each of the Groups shall pay to the Hongkong & Shanghai Banking Corporation an inclusive annual fee of £750, payable half yearly, to defray the cost of the special work entailed in acting as Central Agency to the Consortium and including its services for acting as Clearing House.

XX. Approval of Governments

It was agreed that all resolutions taken by the delegates as recorded in the Minutes of the Consortium are subject to the approval of the Governments of the respective groups.

For and on behalf of the British Group.

C. S. Addis

For and on behalf of the French Group.

Th. de la Chaume

For and on behalf of the Japanese Group.

K. Takeuchi

For and on behalf of the American Group.

Thomas W. Lamont

17. Omission indicated in the file copy of minutes.
17. Omission indicated in the file copy of minutes.