811.51693/1–2846: Telegram

The Consul General at Shanghai (Josselyn) to the Secretary of State

117. Saw Minister of Finance55 January 26 at his request. He stated he had learned there was some feeling on the part of the American bankers in Shanghai over the fact that the Bank of China is accorded a special position in exchange operations. He said the Government did not wish to give the Bank of China a monopoly and that it would be prepared to consider according like facilities to the American banks but that the latter had made no move to register with the Chinese Government. Have informed managers of National City and Chase Banks of foregoing conversation. (Sent to Chungking as Shanghai serial 53, January 28, 11 a.m., repeated to Department as 117).

Minister of Finance also stated in confidence that a rate of exchange would be set soon.

  1. O. K. Yui.