893.50/331: Telegram
The Chargé in China (Atcheson) to the Secretary of State
[Received September 6—9:41 a.m.]
1639. Department’s 1165, August 21, 4 p.m. Adler left for India before he had opportunity to make desired inquiries. From what we have been able to learn from several well-informed banking and other sources, approximately 50% of the purchases were by private individuals (we have heard of one individual $1,000,000 purchase) and very little purchase by Government banks because of their strict instruction not to purchase certificates for speculative purposes. Two reasons are given by our informants for the recent large sale: that it became known that the Government intended to stop sales and that it was rumored at that time that the Chinese-U. S. dollar rate was to be changed to 30 to 1.