893.515/968: Telegram

The Consul General at Shanghai (Davis) to the Secretary of State

11. Reliably informed Sir Frederick Leith-Ross4 has advised the Chinese Government to abandon present standard of 880 for silver coinage in favor of alloy used in Great Britain understood to be 500 silver, 400 nickel, 50 copper and 50 zinc. He has telegraphed London inquiring whether blanks for one dollar and 50 cent pieces can be supplied promptly and dies have been or are about to be ordered from Philadelphia. Purpose is to have coins that will not meet melting point unless world price of silver reaches approximately 1.29 United States currency.

Davis
  1. Chief Economic Adviser to the British Government, assigned temporarily as financial adviser to the British Embassy in China.