811.20 Defense (M)/1935: Telegram
The Minister in Egypt (Kirk) to the Secretary of State
[Received May 9—1:55 p.m.]
434. Following for Feis: In continuation of my 379, May 1, 5 p.m., please see my telegram 390, May 2, 5 p.m. It seems that in view of this exchange difficulty it is highly important that a system be adopted whereby some regularity may be observed in the sailings of American vessels to Red Sea ports thus enabling American exporters readily to accept letters of credit payable against ocean bill of lading, since Egyptian Government firmly refuses permission to local banks to open letters of credit in New York payable on any other basis due to its fear of a possible flight of capital should this restriction regarding letters of credit be relaxed.