841.5151/455: Telegram
The Ambassador in the United Kingdom (Bingham) to the Secretary of State
[Received November 2—11:05 a.m.]
551. For Treasury from Butterworth.41 The Bank of England has set up a committee of five under the chairmanship of Lord Alness, the head of the Joint Exchequer Board, which will be able to negotiate “in case of need” on behalf of British holders of Chinese [Page 629] Government railway and other bonds. The amount of Chinese loans quoted in the Stock Exchange official list is over 31,000,000 pounds of which amount more than 8,000,000 pounds is either in default or in arrears for interest or sinking fund, or both.
Recent developments in China leading to a fall in the Shanghai dollar and a decline in the price of Chinese sterling securities have caused a renewal of criticism in the City and in the press of America’s silver policy, which is regarded here as being mainly responsible. [Butterworth.]
- William W. Butterworth, Third Secretary of Embassy in the United Kingdom.↩