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At a meeting of the Executive Committee of the Federal Reserve Board helq ir the Cffice of the Governor on Wednesday, September 19, at 4 P. M. Present: Lir. Harding, presiding, LIr. Delano, Mr. Warburg, Mr. Willis, secretary. Applications for permission to export gold were acted upon as follows: 144. Haman° Shoten 40,000 gold coin, Honolulu to Japan. Declined. 145. E. Denike, Laredo, Texas, sundry shipments silver in bond. Approve. 146. Central Savings hank, Canadian currency to Sault Ste. 1;aris. Approved. 147. American Express Co., continuous shipments of Canadian currency and Canadian silver, New York to Lontreal. Approved. 146. Hanover National Bank of :ew York City, 410,017 New York to Toronto. Declined. 149. Royal Bank cf Canada, San Juan, P. R., to Santiago, D. R., 00,CC0 currency. Approved in any form except gold or gold certificates. 150. Chase National Bank, 4100,000 currency, flew York to Santiago, D. B., approved in any form except gold certificates. 151. Bank of Taiwan, 25,000 ounces gold, Seattle to Japan. Declined. 152. Anglo & London Paris National Bank, 41,250,000 gold coin, San Francisco to Sydney. Declined. 153. International Banking Corporation, 60,000 Panama nesos to Bombay, and 0,500 American currency, San Francisco to Japan. Approvea, latter for one shipment only. 153a Int-trnational Banking CorporaLion, 233 bars 3ilver to Shanghai. Approved. 154. Bank of California, 4325,000 gold, San Francisco to Calcutta. Declined. 155. First ec Old Detroit National Bank, 02,462.75, Detroit to Windsor. Approved. 156. Chartered Bank of India Australia & China, advised that no forward rulings can be Ilade, but that each case must be acted on on its merits. The Committee engaged in discussion of general rulings for Federal reserve bunks relating to the subject of gold shipments, ar4ci adopted the following: "The Board has already sent you a copy of the Procla:Lation of the Prosi6ent of the United States, dated September 7, 1917, and of the executive order accompanying it, bearing the same date, both relating to the control of exportation of coin, bullion and currency. "In asauming the duties assigned to it by the "order and proeLemation referred to, the Beard, with the approval of the secretary ef the Treasury, has ereparea the follcwing reeulaticns to eovorn its action and that of the Federal reeerve banks: "Individuals or corporations desiring to obtain licenses for the exportaticn of coin, bullion cr currency must make application on the revised form alreaey mailee you, and you will require applicants to use these blanks. it wili be the general policy of the Boare to authcrize expertation of gold, when such shipments are shown to be connected in a airect ana eefinite way .4ith corresponding transacticne in merchanaise to be importea into the United States, but only in those cases where the importation of such therchanaise is founa tc be compatible with the public intereet. In reaching its conclueicns, hoeever, the Board will consider all attending circumstances of each Shipmente of any coin which appeaT to case. be or are suspected of being for enemy account or for the benefit of the enemy, will not bH permittee. "You are uevisee that, until further notice, the Board has determineu to approve all application') for the exportation of Canadian notes ana silver coin, without limitaticn. The Treasury Department has instructed collectors of customs to pass such shipmente into Canada when approved by a F)deral reeerve bank. 'iou may issue a continuous permit for shipments of Canadian coin and currency, without requiring an application in each case, upon coneition that each transaction be reYou will, however, transportee to you promptly. mit Lo the Board weekly reports of all applications of every kina which you have passed upcn, sho .,t,ing the amount of each shipment. "Applications for the exportation of silver bullion or of eilver coin of foreign mintage may be parmittou uneer sieilar conditicns, but muet be Applications for the reportee in the same exportaticn of Federal reserve notes or of any form of United States currency cr coin, with the exception cf gold an Lola certificates, will in general be approve a by the Federal Reserve Board, hut each application must come before the Board for its deter- "minaticr before the shipment is made." "Instructione have been issued by the Treasury Department to Collectors of cuotme to permit travelers leaving the country to carry on their persons or in their bagt,,age, amounts and kinds of money as fellows: "a. United States notes, National bank notes, silver certifieates, and Federal reserve notes; not to exceed 5,C00 for each tic:wit. "b. American :diver eoin not to exceed :200 for each adult. "e. Gold coin not to exceed 000 for each zeuult. "Collectors of customs have been informea that, in coaling with travelers, they may act in aeecrdance with the inetructiene conveyed in this letter, without communicatinE with the Feaeral Feeerve Board or the Federal reserve bank cf their district. "The foregoing regulaticns are issued subject to change without notice, end with the understanding that applicaticns grantee are not to be taken as constituting a precedent." On motien, at b:30 P. the Committee aajcurne APPROVED: Chairman. Secretary.
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