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December 2, 1935

An hour and a half with Foley (New York manager of the Philippine National Bank) over the Manila RR. bond purchase –his ideas and mine are very similar but he looks on it chiefly from the point of view of a banker, while I can, perhaps, see better the government policies involved. He predicts a change in the management of Philippine National Bank here and says Miguel Cuaderno, and perhaps Corpus, must go.

Foley advocates the issue of 5 million pesos of Philippine Commonwealth 5% bonds, to establish the government’s credit; says the whole issue can be supported by the Philippine National Bank in New York. Would like to go home via Europe and feel out the situation in Switzerland, France and England on this bond issue, and says also that while in London he can drop a few hints to Scott and Priestley that they should make a better offer on Manila RR. bonds.

One hour with A. Roces, Sr. in Vanguardia offices; he seemed glad to have me act as intermediary between him and Quezon. Appeared surprised when I showed him the two offending articles; said he had not seen them, and would correct the misstatement; he is about to become “dictator” of all his editorial policies –re-news his intention “without reservation” to support Quezon. Dis-approved of Quezon’s visit to the bandit country but had not commented on it. He was very cordial and friendly, and expressed pleasure at my appointment as adviser –but said it should not have been confined to communications, but have been general. Said he would make an appointment for me to talk with Manuel Roxas tomorrow.