893.5151/11–248: Telegram
The Consul General at Shanghai (Cabot) to the Secretary of State
[Received November 2—12:18 a.m.]
2287. For State and Treasury. In absence of immediate contrary instructions, Embassy and Treasury Attaché in extremis will construe Deptel 1459 of October 15 to Nanking, repeated Shanghai 1776, as authority to make own local arrangements for acquiring gold yuan. Cabinet crisis, with both Prime Minister and Finance Minister having handed in resignations, has resulted in situation in which Chinese are unwilling [or] unable to honor conversion agreement reported in Embtel 2025 of October 28, repeated Shanghai 1002. Governor Central Bank maintaining agreement requires ratification by Executive Yuan whereas Acting Finance Minister Hsu maintains agreement should not be referred to Executive Yuan since matter falls entirely within competence of Central Bank.
Sent Dept 2287, repeated Nanking 1731.