868.51 Public Works/37: Telegram

The Secretary of State to the Ambassador in Great Britain ( Houghton )

[Paraphrase]

51. Reference Sir Ronald Lindsay’s arguments (see your 53, March 13, 11 a.m.), he should be informed orally by you that they have validity apparently only if the British Government intends to adopt henceforth a policy of refusing its consent to the placing of any [Page 93] further loans under the International Financial Commission. He should be the first to understand the situation which would unfortunately arise if one attitude is taken in regard to the Seligman loan and quite a different one respecting some loan in future of another nationality.

It should be pointed out by you to Sir Ronald Lindsay that the principle of extending the International Financial Commission’s control has been established not only in regard to the loans mentioned by him but also recently in the case of the Ulen water loan of 1925.13

Kellogg