Office of the Historian

893.51/6761

Memorandum by the Acting Secretary of State73

[Washington,] December 20, 1938.

I have spoken with Mr. Wayne Taylor74 regarding the discussions which the Treasury Department has had with Mr. Bewley concerning [Page 591] the British currency loan to China. Mr. Taylor tells me that he has indicated to Mr. Bewley that the opinion of the Treasury Department is that in view of the recent commercial credit of the Export-Import Bank involving the tung oil transaction, this government is not disposed for the time being to consider any further steps of the kind suggested by the British Government.

I consequently suggest that there is no need to reply in writing to the British aide-mémoire75 left with me and that you may inform Mr. Mallet orally that the views of the Department of State coincide with the views expressed by the Treasury Department to Mr. Bewley.

  1. Addressed to the Adviser on Political Relations and to the Chief of the Division of Far Eastern Affairs.↩
  2. Fiscal Assistant Secretary, Treasury Department.↩
  3. Dated December 7, p. 581.↩