811.516 Export-Import Bank/8–1847: Telegram
The Consul at Shanghai (Meyer) to the Secretary of State
[Received 4:54 a.m.]
1991. Our opinion substantiated by leading importers no additional imported cotton required balance this calendar year. Third quarter raw cotton quota recently announced US 20 million dollars will cover over-all requirements up to July 31, 1948, assuming domestic cotton arrivals even somewhat less than estimated by Chinese cotton authorities. Possibility small amount (50 thousand bales) may have to be ordered during first quarter 1948 for some mills whose stocks may not be balanced.
Because of constantly fluctuating conditions in China affecting agricultural production, transportation, coal and power, cotton requirements last part 1948 difficult to estimate accurately. However, based on present indications and trends, figure of some 580,000 bales appears to be reasonable for imports August, September, October 1948 to carry mill production over gap until 1948–1949 domestic crop begins to arrive market in volume. ReDeptel 1354, August 12.24 Preliminary copy of balance sheet substantiating these estimates has been given Wedemeyer Mission, E. D. White, Agriculture25 and Reed Dunn, [Page 1179] Cotton Council of America. We are now checking certain items which may need slight revisions. Will radio unclassified copy of balance sheet for ExImBank and depart [Dept.] Further comments will follow.26
Repeated Nanking 1439.