The signing: ceremony was held in Mr. Morgenthau's office and. was exceedingly simple. Dr. Hu Shih Chinese Ambassador was the ranking Chinese present. but he did not sign because it was a financial matter between financial agencies of the respective governments, Dr, Hu, however, told the United Press that he was gratified over the event, but said that it was largely the result of Mr. Soong's efforts, Mr. Soong declined to make a {special statement. saying that the joint official statement by him and Mr. Morgenthau contained all' he wished 0 say.
response to questions he said that would remain in Washington for some time and conduct other Chinese Dusines, including purchases for the jovernment.
The British Embassy, which issued statement on the signing, said that the agreement "consistutes a further important step in the feld of monet '387 cooperation between the United Kingdom and China and symbolizes! the friendly relations of the two The rest of the British statement duplicated the joint Sino-American, statement reveating details of the fund und how it will be handled.
Mr, Morgenthau and Mr. Soong] issued a joint statement explaining both the "American and the British credit extensions, "Another ant step has been taken in the feld of monetary cooperation by the United States and China by signing fof the "stabilization fund," said. the statement, "This Cooperative agreement was entered between friendly—nations working together in many ways to preserve their basic freedoms. Apart from the obvious purpose of " the stabilization relationships between the currencies concerned, it will be an important factor in fostering the welfare of the participating coun-
"The Chinese also entered into an agreement with the British Treasury by which 5,000,000 were provided for currency stabilization, in addition to the existing Sino-British stabilization fund established in "These funds will be managed by 'a-ye-man board China is creating," the" statement continued. "The board will consist of three Chinese, one American, appointed by China on recommendation of the Secretary of the: Treasury, and one Briton, appointed on recommendation of the British "Treasury."
The British Embassy recalled that 2 £5,000000 fund was. established in 1939 and that last December the British decided to make an. additional 25,000,000 credit available, Negotiations which had been underway on technical phases resulted in Yesterday's signing, the Embassy Said, The Sino-American agreement was signed at 5 pm—United Press, Not Fair Weather Friends Washington, Apr, 27.
Mr, 'T, V. Soong, head of the Bank lof China," yesterday said that the Sino-British-American stabilization Joureements showed that the "two Jgreat western Democracies were not merely fair weather friends,"
Song's comment was made {ion agreements to bolster China's currency had been concluded be. tween. China and the United States Jand China and Britain,
Text read from the printed page and cleaned; old type leaves the occasional error.