890F.51/4–1546: Telegram

The Acting Secretary of State to the Chargé in Saudi Arabia (Sands)

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106. From the Secretary of the Treasury. Legtel 102, Apr 15, 1946.14 1. Please advise the Saudi Arabian Minister of Finance that the Treasury is not in a position to enter into commitments involving the future sale of gold. The Treasury’s current selling price for gold is 35 dollars per fine ounce plus one-quarter of one percent plus usual Mint charges. Saudi Government requests for the purchase of gold should be directed through the Legation to the Secretary of the Treasury at the time each purchase is desired as heretofore.

2. The Mint anticipates that its facilities will be available to meet such minting requirements as the Saudi Government may have during [Page 743]1946. Upon being advised of details of the Saudi program, the Mint can furnish estimates of the cost of minting. The silver would have to be provided by the Saudi Government.15

Acheson
  1. Not printed; it transmitted the Minister of Finance’s inquiries as to whether the United States would be willing to sell up to $2,000,000 of gold to Saudi Arabia during 1946 and would mint silver for his country (890F.51/4–1546).
  2. On October 3, 1946, the Saudi Arabian Minister sent two notes to the Acting Secretary of State requesting the minting of $1,000,000 worth of fine gold discs and of more than 50,000,000 riyal and girsh coins (890F.515/10–346). In reply, on November 5, the Acting Secretary stated that the manufacture of the discs and coins was under way and delivery might be anticipated within 2 weeks (890F.515/10–2946).