765.84/2177
Memorandum by the Under Secretary of State (Phillips)
I called upon Acting Secretary Coolidge, of the Treasury, and gave him the substance of the memorandum25 left with me by the Italian Ambassador yesterday on the subject of the circular to the important New York banks recently sent out by the Federal Reserve Bank in New York. Mr. Coolidge said that weekly reports are made in connection with all countries; these daily reports in regard to Italy were purely for information and were useful in following any possible attempt to ship arms and ammunition out of the country contrary to the provisions of the Act of Congress, in other words, to keep track of barred exports, which the Treasury felt it was their duty to do; the weekly reports had disclosed the fact that there were no credit or banking operations being considered in connection with Ethiopia; Ethiopia had no credit here and only a small account in one bank; therefore it had not been deemed necessary to require daily reports of Ethiopian operations. However, in view of the situation as represented by the Ambassador, the Treasury will hereafter ask that reports in connection with Italian operations be extended to include Ethiopia.
Oct. 17th I have conveyed the above information to the Ambassador orally. W. P.
- Not printed; see first paragraph of the memorandum by the Under Secretary of State, October 16, supra. ↩