893.4061 Motion Pictures/351: Telegram
The Ambassador in China (Gauss) to the Secretary of State
[Received 1:20 p.m.]
507. In reply to representations reported by my despatch 1982, January 3, Minister of Finance by letter March 4 stated Stabilization Board when operating from Hong Kong approved monthly remittance spread over 8 American film companies of $18,333 but during period from December 1941 to November 1943 inclusive the total average amount approved for the 8 companies was over $25,800, an increase of 45 percent since the Pacific war. (Reference your 355, March 18, 6 p.m.) He asserted American motion picture companies now occupy a favorable position in regard to exchange facilities but he is prepared to accommodate them to extent of sanctioning monthly quota of $25,000 for remittance abroad, apportionment to be left to discretion of the 8 companies concerned. This amount is in fact below the remittances the companies had been making during late months and is therefore a worsening rather than an improvement in the situation. I am assembling data from companies concerned for purpose of making further representations.
With suspension of Stabilization Board and transfer of its functions to Foreign Exchange Commission, the companies were not able for several months to make their November and December remittances, but all companies have now been able to remit for that period on usual 50 percent basis. I shall give all possible assistance in this [Page 1037] matter but Minister of Finance apparently has no intention of taking liberal attitude.