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receive poorer treatment than investors of other
 
countries, and would be called upon to protest any such
 
discrimination. The spectacle of having not only to
 
accept losses but to perceive payments to investors of
 
other nationalities at their expense would arouse
 
immediate resentment among the numerous American investors.
 
 
As regards further statements of Foreign Office
 
transmitted in your 112, if the German Government wishes
 
to put forward proposals for an agreed on reduction of
 
interest on its external indebtedness, this Government 
 
is convinced that the Council of Foreign Bondholders, 
 
which has been representing the American holders of
 
German securities, would give consideration to such 
 
proposals.