893.515/972: Telegram
The Consul General at Shanghai ( Davis ) to the Secretary of State
[Received January 11—9:55 a.m.]
24. All foreign banks in Shanghai except Japanese have now made arrangements to surrender silver to Central Bank either in accordance with the terms mentioned in my 751, December 11, 5 p.m.5 or on basis of mutual deposits with Central Bank and foreign bank concerned in place of deposit of securities equal to two-thirds of face value of silver surrendered, the foreign bank’s deposit with the Central Bank to bear 6% interest while the Central Bank’s deposit with foreign bank will draw 1%. Understand slightly under 26,000,000 silver dollars surrendered while Japanese banks still hold about 14,000,000.
Repeated to Peiping. Mail to Nanking.
- Not printed.↩