Ethiopia and the Horn, 1930-1936

The fall in world prices for Ethiopia's exports, the extravagance of the coronation, and the high salaries promised to foreign advisers threw the government into a dire crisis. Haile Sellasie had, before his accession, decided to buy out the Bank of Abyssinia, but late in 1930, bankers in New York and London refused short term loans for this purpose. Instead, the money was raised by selling off government stocks of trade-goods and cartridges from state arsenals. Meanwhile, the Emperor had recruited a financial adviser in the United States, Everett Colson, who remained until 1935.  

THE CAMBRIDGE HISTORY OF AFRICA, Vol. 7 (1986) By J.D. FAGE et al.