860c.5151/71: Telegram

The Ambassador in Poland ( Cudahy ) to the Secretary of State

33. Exchange restrictions in form of control transactions in gold and foreign currencies instituted today. Detailed regulations regarding foreign exchange operations will be forwarded by mail.1 Briefly, Bank of Poland and “foreign affairs currency banks” to be designated by the Minister of Finance will have under direction of a foreign currencies committee a monopoly on transactions in Poland in foreign exchange. All sales and purchases of foreign exchange must be made through this monopoly at official rate established by Bank of Poland. Permits necessary for following: purchase, export, or transfer abroad of foreign currencies; placing of funds at the disposal of foreigners; transactions in gold or the import or export thereof; and extension of credits or guarantees to foreigners for the payment of obligations.

Mail communication of the Polish Ministry of Finance today assured Consulate General that service on Polish obligations held by American investors would be continued in New York as heretofore and that funds for Dillon, Read2 installment due June 1st have already been transferred.

  1. Not printed. For a translation of President Moscicki’s decree of April 26, 1936, see Foreign Bondholders Protective Council, Inc., Annual Report, 1936 (New York, 1937), p. 693.
  2. Dillon, Read & Co., investment bankers, New York, N. Y.