There in proper context, I could post more since I belong to Gospelink, here's the same information from another LDS leader
"Let us consider the great mercy of God for a moment. a Chinese, born in China with a dark skin, and with all the handicaps of that race seems to have little opportunity. but think of the mercy of god to Chinese people who are willing to accept the gospel. In spite of whatever they might have done in the pre-existence to justify being born over there as Chinamen, if they now, in this life, accept the gospel and live it the rest of their lives they can have the Priesthood, go to the temple and receive endowments and sealings, and that means they can have exaltation. Isn't the mercy of God marvelous?
Think of the Negro, cursed as to the priesthood... This Negro, who in the pre-existence lived the type of life which justified the Lord in sending him to the earth in the lineage of Cain with a black skin, and possibly being born in darkest Africa--if that Negro is willing when he hears the gospel to accept it, he may have many of the blessings of the gospel. In spite of all he did in the pre-existent life, the Lord is willing, if the Negro accepts the gospel with real, sincerer faith, and is really converted, to give him the blessing of baptism and the gift of the Holy Ghost. If that Negro is faithful all his days, he can and will enter the celestial kingdom. He will go there as a servant, but he will get celestial glory. (Race Problems--As They Affect The Church, An address by Mark E. Petersen at the Convention of Teachers of Religion on the College level; Brigham Young University, Provo, Utah, August 27, 1954.)