102.1/3–347: Telegram
The Consul General at Shanghai (Davis) to the Secretary of State
[Received March 4—10:44 a.m.]
522. For Treasury, State, Commerce from Casaday. Shanghai press Sunday and Monday announced acceptance by Generalissimo of [Page 1084] resignation of Tsu-yee Pei as Governor General of Central Bank. Resignation said to have been tendered last September. This morning’s China Press reported that Chang Kia-ngau, Assistant Governor General of Central Bank, is scheduled to assume the Governorship today. The same news article also contains the following statement:
“Meanwhile authoritative sources made public the fact that Chang will stabilize the currency and force down commodity prices and stabilize the erratic economy. They also scotched the rumor circulating in the economic circles that the National Government would reform its economic policy.
The central policy of a country will not be affected by a reshuffle in personnel, the same quarters pointed out. Furthermore, the emergency economic measures were approved by Generalissimo Chiang Kai-shek himself. Since the Generalissimo will temporarily act as President of the Executive Yuan98 he will not effect any change in policy but endorse its enforcement, the same circles point out.”
Chang Kai-ngau is reported to have recently arrived in Nanking from Changchun where he held post of Chairman of the Economic Affairs Commission of the President’s Northeast Headquarters.
Repeated Nanking 381. [Casaday.]
- Dr. Soong had resigned.↩