And finally: “In dismissing this loan of 1906, may I say that no one now contends that the Liberian Development Co. has, or has had, any money aside from that raised on the Government’s credit; to-day it is practically bankrupt. The relations between the Government and the Company have been severed, and under the agreement of 1908 with Messrs. Erlanger, London, the Liberian Government is responsible for the whole loan.” THE AMERICAN LOAN. Conditions became desperate; there were now two obligations to British creditors, each for a handsome sum, and both drawing interest; more than that, there had grown up a considerable domestic debt; real bankruptcy seemed to threaten the nation. As a result of the visit of the American Commission to Liberia in 1909, the United States used its good offices in favor of the Republic, and arrangements were perfected whereby certain banking institutions of the United States, Germany, France, and Great Britain furnished the Republic of Liberia with a loan of $1,700,000; this loan was to be used in the payment of its domestic and foreign debts. According to the official report of the Commission, the public debt of Liberia in 1909 amounted to the sum of $1,289,570.60. Mr. George W. Ellis has prepared an excellent paper regarding this loan, and from it we abbreviate our own statement. In order to secure the loan, the Liberian customs revenues are temporarily to be placed in charge of a customs receivership, with a general receiver appointed from the United States by the President, and holding office during his pleasure, and three receivers, one each from Great Britain, Germany, and France, appointed by, and holding office during the pleasure of, their respective governments. As further security for the loan, the revenues from exports and imports, duties on rubber, and all head moneys are pledged. Five per cent gold bonds in denominations of $1000, $500, and $100, for a period of forty years, interest and principal payable in New York, are to be issued by the Liberian Government. The Liberian revenues subject to the loan are transferred for its service and are termed “assigned revenues”; these assigned revenues are in charge of the receivership. The majority of the receivers have the power to suspend customs officials, make temporary appointments, make rules and regulations relative to the assigned revenues; they have a right to adequate patrol for land and sea, and in case such is not furnished, to supply it themselves. The general receiver has a salary of $5000, the others, $2500. A monthly report of accounts is to be rendered to the government. As a condition of the loan, the frontier police force is to be maintained; the President of the United States is to assign training officers, to be paid from the assigned revenues. The General Receiver is also the Financial Adviser of the Liberian Government; he is to systematize the finances of Liberia; and to approve statements before submission to the legislature.