File No. 817.51/273.

Brown Brothers and Company and J. and W. Seligman and Company to the Secretary of State.

Sir: We have the honor of handing you herewith, for your information, copy of a contract entered into on December 9th between the Republic of Nicaragua, the Ethelburga Syndicate, Limited, of London, and such holders of Nicaraguan Government bonds of the issue of 1909 as may hereafter assent thereto.

This contract was negotiated by us on behalf of Nicaragua in accordance with the terms of the agreement of September 1, 1911, between the Republic of Nicaragua and ourselves, copy of which accompanied our letter to you of November 2nd last. By its terms the contract of December 9th is subject to the approval of the Nicaraguan Executive, to whom we have submitted it.

Respectfully yours,

Brown Brothers and Company.
J. and W. Seligman and Company.