Subsequently, however, some difficulty in the readjustment of business details in the matter arose, which delayed the final settlement. The motives of the American Government in claiming a participation in the enterprise were stated as follows by President Taft in his Message to Congress, December 6, 1909: "By the treaty of 1903 China has undertaken the abolition of likin with a moderate and proportionate raising of the customs tariff along with currency reform. These reforms being of manifest advantage to foreign commerce as well as to the interests of China, this government is endeavoring to facilitate these measures with the needful acquiescence of the treaty Powers. When it appeared that Chinese likin revenues were to be hypothecated to foreign bankers in connection with a great railway project, it was obvious that the governments whose nationals held this loan would have a certain direct interest in the question of the carrying out by China of the reforms in question. Because this railroad loan represented a practical and real application of the open-door policy through coöperation with China by interested Powers, as well as because of its relations to the reforms referred to above, the Administration deemed American participation to be of great national interest. Happily, when it was as a matter of broad policy urgent that this opportunity should not be lost, the indispensable instrumentality presented itself when a group of American bankers, of international reputation and great resources, agreed at once to share in the loan upon precisely such terms as this government should approve. The chief of those terms was that American railway material should be upon an exact equality with that of the other nationals joining in the loan in the placing of orders for this whole railroad system. After months of negotiation the equal participation of Americans seems at last assured. It is gratifying that Americans will thus take their share in this extension of these great highways of trade, and to believe that such activities will give a real impetus to our commerce, and will prove a practical corollary to our historic policy in the Far East." CHINA: A. D. 1905 (August). New agreement respecting China between Great Britain and Japan. See (in this Volume) JAPAN: A. D. 1905 (AUGUST). CHINA: A. D. 1905 (December). Treaty with Japan relative to Manchuria.