893.51/7685: Telegram

The Chargé in China ( Vincent ) to the Secretary of State

465. To the Treasury from Adler. TF–103. Reference your 300, March 5.

Board has given careful consideration to your scheme and a scheme submitted by Dr. Kung at about the same time. Main difference between Kung and Treasury scheme is that in former (subject to your approval) applications for unfreezing United States dollar proceeds of savings certificates would be forwarded to Treasury through Board. Board decided that Treasury scheme the more feasible in practice. Board has informed Dr. Kung of its decision and is awaiting his reply before asking me to inform you accordingly.
I understand that Dr. Kung has also expressed a preference for Treasury scheme but Board has not yet heard officially from him. [Adler.]