819.51/298suppl.: Telegram

The Secretary of State to the Minister in Panama ( Price )

No. 46. Department informed that Cabinet vote decided transfer to National Bank of Government funds deposited with International Banking Corporation. Please refer to instruction Number 794 of March 29, 1921, and inform President that in the interests of Panaman finances this transfer should not take place until the reorganization of the National Bank is effected. Department considers that such a reorganization cannot be assured by June 30th and will be pleased to learn that the Panaman Government has decided to postpone this transfer until at least another fiscal year has elapsed.

Hughes