File No. 841.51/41
The Ambassador in Great Britain ( Page) to the Secretary of State
[Received 5.30 p.m.]
5817. My 5794, March 5, 1 p.m. The Governor of the Bank of England called on me yesterday and confirmed every important statement made in my foregoing telegram. He enlarged on the difficulty of shipping gold because of submarine danger and is embarrassed to know how to pay for supplies from United States already ordered. He asked me if it would now be possible for reserve banks in view of submarine danger to take short time credits. He outlined a plan for the reserve banks to rediscount ninety-day bills guaranteed by the Bank of England and asked me to inquire if this could be done. Please instruct me what answer to give.