The Minister in Poland (
the Secretary of State
[Received July 17.]
Sir: I have the honor to refer to the
Department’s cabled Instructions Nos. 94, of April 21 last,6 and 102, of April 30, and to my
cablegrams Nos. 84, of April 22,6 86, of April 23, and 103, of May 7, in connection
with the status of American banks in Poland, and to transmit herewith
for the Department’s information copy of a communication addressed to
the Ministry for Foreign Affairs on May 9, repeated in substance on June
13. The reply of the Polish Government under date of June 24, in copy
and translation, is also enclosed.
It will be observed that the Polish Government does not formally commit
itself on the principle of American participation in banking operations
of the character in question, but states merely that when the matter
arises it will be given consideration in the spirit of reciprocity.
Inasmuch as this communication is at variance with the informal
assurances previously received, I am again approaching the Foreign
Office in an endeavor to obtain a more satisfactory solution.
I have [etc.]
The American Legation
to the Polish Ministry for Foreign
F.O. No. 650
The American Legation has the honor to inform the Ministry for
Foreign Affairs that it has received from its Government an inquiry
as to whether American banks will be permitted regularly and
actually to join the syndicate of paying banks in Poland, if they
subject themselves to the regulations of March 23, 1920, or whether,
on the other hand, they will be obliged to liquidate completely.
The Legation understands informally that any American banks wishing
to join may do so under the same conditions as banks of [Page 697] other nationalities, but
in order that an appropriate reply may be made to the inquiry
mentioned it will be appreciated if the Ministry for Foreign Affairs
will be good enough to transmit an official assurance in this
The Polish Ministry for
Foreign Affairs to the American
In reply to the note verbale of the Legation of the United States
under date of June 13, 1921, No. 677,8
the Ministry for Foreign Affairs has the honor to communicate the
following, based on the information obtained:
The Syndicate of Polish banks in question (Syndykat Przekazowy Banków
Polskich, Spółka Akcyjna), conformably to its by-laws, enclosed, is
a joint stock company of which the Polish banks are until now
exclusively the stockholders.
The eventual question of the accession of foreign banks has not yet
been discussed, for until the present no foreign bank is operating
in Poland, with the exception of certain banks of the former
Austro-Hungarian Monarchy, which are obliged to liquidate their
affairs within a given time, or indeed may be “nostrifiées”
(assimilated by Polish interests.)
Concerning the American banks, the Ministry of Finance is unaware
that any American bank has solicited a concession in Poland.
In general, the question of permitting foreign joint-stock banks to
do business in Poland has not yet been regulated by judicial
decision; it is however certain that the future limitations on this
subject, depending upon the conventions to be concluded between
Poland and the respective States, will at all events be based upon
the principle of complete reciprocity.