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890F.515/15: Telegram

The Appointed Minister Resident in Saudi Arabia ( Moose ) to the Secretary of State

55. Department’s 20 to Jidda, 735 to Cairo, June 3, 8 p.m. Despite decline of sovereign to $21, riyal continues to appreciate. George sovereign now brings only 40¾ riyals in Socal [local?] Bazaar. Today’s scarcity value of riyal is 51.53 cents. Its value one year ago was 26.93 cents.

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British authorities have agreed to supply additional 100,000 sovereigns to Saudi Government and anticipated early receipt of gold should make riyal go still higher.

Repeated to Cairo.

Moose