893.24/8–2245
Memorandum by the Administrator of the Foreign Economic Administration (Crowley) to the President of the Chinese Executive Yuan (Soong)
[Washington,] August 22, 1945.
This is to confirm our conference this morning regarding the discontinuance of Lend-Lease to your country. We will agree to the following:
- 1)
- You will take all inventories that have been marked and set aside for China, including stockpiles in India-Burma marked for that purpose, also such supplies and materials as may be in the process of delivery or in inventory in this country for delivery.
- 2)
- You will immediately review the items in process of procurement and manufacture and determine which of these items you wish us to complete.
- 3)
- For the items included under 1) and 2) above we will agree to accept your obligation at a rate of interest of 2⅜%, running over a period of thirty years, to be amortized in equal annual payments over the life of the obligation. You will pay us the cost of the articles plus transportation and packing.