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(Eattafta
November 24th, 1939

The Hon* Marriner S« Eccles,
Chairman of the Board of Governors,
Federal Reserve System,
Washington*
Dear Sir,
I am enclosing herewith, for your information, copy of an Order in Council, passed November 22nd
and published in the Canada Gazette of that date, containing
further amendments to our Foreign Exchange Control Order of
September 15th last*




I am,
Dear Sir,
Yours faithfully,

Deputy Governor

EXTRA

THE CANADA GAZETTE
LA GAZETTE DU CANADA
OTTAWA, WEDNESDAY, NOVEMBER 22, 1939
ORDER IN COUNCIL
3. The following Sections are hereby added after
[3799]
AT THE GOVERNMENT HOUSE AT OTTAWA Section 19 of the said Order:
"Kinds of Foreign Currency Required for
Wednesday, the 22nd day of November, 1939.
Exports and other Transactions.
PRESENT:
HIS EXCELLENCY THE GOVERNOR
19A. The Board may from time to time
GENERAL IN COUNCIL:
prescribe the foreign currencies which may or
may not be received in connection with exports
"LTIS Excellency the Governor General in Council
or other transactions involving foreign exchange,
•*• •*• on the recommendation of the Minister of
with respect to particular transactions or kinds
Finance and under and by virtue of the provisions
of transactions, and in any such case it shall
of the War Measures Act, is pleased to amend the
be unlawful for any person, except as perForeign Exchange Control Order (P.C. 2716 dated
mitted by the Board, to engage in any such
September 15, 1939, as amended by P.C. 2852 dated
transaction for payment otherwise than in
September 25,1939), and it is hereby further amended
accordance with the ruling of the Board."
as follows:
"Prepayment of Freight on Exports.
1. Paragraph (k) of subsection (2) of Section 2
of the said Order is amended by adding thereto
19B. If freight is to be prepaid on any shipthe following:
ment of goods exported from Canada, the ex"Any person who was a resident on Septemporter of such goods must, unless the Board
ber 15th, 1939, or at any subsequent time shall
otherwise provides, pay or agree to pay the cost
thereafter be deemed to be a resident for the
of such freight to the transportation companypurposes of this Order unless the Board makes
concerned, and must charge the same to hia
a finding to the contrary."
customer as follows:
2. The following Section is hereby added after
Section 18 of the said Order:
"Change of Residence,
18A. Any non-resident becoming a resident
subsequent to September 15th, 1939,.shall forthwith declare to the Board, in such manner as
the Board may determine, all foreign exchange
and foreign securities which, or any right, title
or interest in or to which, is in the possession,
ownership or control of such person at the time
of becoming a resident, and in case of doubt
the Board may determine, for the purposes
of this Order, the time at which such person
became a resident."



(a) If the goods are being exported for payment in foreign exchange the exporter shall
charge his customer with the equivalent of the
cost of the freight either in the same foreign
currency as the goods were sold or in the foreign
currency, if any, in which the freight was paid.
(b) If the goods are being exported for payment in Canadian dollars under a permit from
the Board the exporter shall charge his customer
with the cost of such freight either in Canadian
dollars, in which case payment must be obtained
in the same manner as is required for payment for the goods, or in the equivalent amount
of foreign exchange."

—2—
4. The following Sections are hereby added after 1
Section 21 of the said Order:
"Export of Capital.
21 A. (1) Unless the Board otherwise provides,
no person shall make an export of capital from
Canada except as permitted by the Board.
(2) Without restricting the generality of the
expression "export of capital," each of the following shall be considered to be an export of
capital, if effected directly or indirectly by any
person:
(a) The making of any export shipment from
Canada of goods or other property having a
fair value in excess of $100 for which no payment is to be received, or at a price less than
the fair value thereof;
(b) The importation of any goods or other
property into Canada at a price in foreign
exchange greater than the fair value thereof,
or the payment to a non-resident for goods or
other property imported into Canada of an
amount in foreign exchange greater than the
fair value thereof;
(c) The sale of any goods or other property
for export, or the sale of any goods or other
property exported from Canada, in either case
on terms which provide for payment more than
six months after shipment from Canada, except
that where any goods are shipped on consignment within the usual course of the exporter's
business it shall be permissible to provide for
payment not more than six months after the
date of sale of such goods;
(d) Failure to take reasonable steps to collect any debt owing by a non-resident with
respect to goods or other property exported
or to be exported from Canada, or the granting of an unreasonable extension of time for
payment of any such debt;

foreign exchange, or any property situated
abroad, or any right, title, or interest in or
to any such foreign exchange, foreign securities,
debt or property, to which such resident is or
may be entitled.
(d) Paying or contracting to pay to a nonresident for any goods or other property situated
abroad or in Canada an amount in foreign
exchange which is greater than the fair value
thereof.
(e) Creating, acknowledging, paying or giving
security for a debt in foreign exchange to a
non-resident other than a debt for the fair
value of goods or other property transferred
or of services rendered by such non-resident,
or of goods or other property received by such
resident for such non-resident.
(4) Notwithstanding any other provisions of
this section, it shall not be considered to be
an export of capital, unless the Board otherwise provides, to export securities beneficially
owned by a non-resident or to transfer to
a non-resident securities or other property
beneficially owned by such non-resident.
(5) For the purposes of this section the
Board shall have full power to determine what
constitutes the fair value of any goods or other
property exported, transferred, received or
imported by a resident company or branch to
or from any non-resident parent, subsidiary,
affiliated or associated company or branch.
(6) A licence, permit or exemption granted
by or on behalf of the Board with relation
to any property, whether or not the value or
the purported value of such property is stated
therein, shall not be deemed to constitute any
acknowledgment by the Board or other evidence
of the fair value of such property nor to
authorize any action which would be in contravention of the foregoing provisions of this
section, unless the contrary is clearly apparent
from the terms of the licence, permit or
exemption or is expressly stated by the Board.
(7) The Board may, by regulation, further
define what shall or shall not constitute an
export of capital, provided that no such regulation shall be retroactive in effect.
(8) Nothing in this section shall be construed
so as to authorize any transaction which is
rendered unlawful under any other section of
this Order or which requires any licence, permit
or other authorization granted by or on behalf
of the Board."

Provided, however, that this subsection shall
not apply with respect to the export or sale of
goods or other property, or the collection of any
debt resulting therefrom, by a non-resident who
has previously paid to a resident an amount
not less than the fair value thereof in foreign
exchange on if so permitted by the Board, in
Canadian dollars, nor with respect to the export
or sale of any goods or other property to the
government of the United Kingdom or of any
country in the British Empire or to any allied
government in the present war.
(3) Without restricting the generality of the
expression "export of capital" or the operation
"Export of Services
of subsection (2), each of the following shall be
considered to be an export of capital if effected
21B. (1) No person shall perform services in
directly or indirectly by any resident:
Canada for a non-resident, and no resident
(a) The transfer to a non-resident of any
shall perform services outside Canada for a
property situated abroad or any foreign securinon-resident, otherwise than for payment in
ties held in Canada or abroad or any claim
foreign exchange of not less than the fair value
upon a non-resident, having a fair value in
thereof, unless exempted by the Board.
excess of $100, except for payment of the fair
(2) Subsection (1) shall apply only with
value thereof in foreign exchange not more
respect to services designated by the Board,
than six months after the date of the transfer,
and in such circumstances as the Board may
or, if so authorized by the Board, for payment
prescribe."
of the fair value thereof in Canadian dollars
not more than six months after the date of
5. Section 39 of the said Order is amended by
the transfer.
adding thereto, as subsection (3), the following:
(&)• The acceptance of payment in Canadian
."(3) Where any person is charged with an
dollars in satisfaction of all or part of any
offence under the provisions of this Order it
debt owing in foreign exchange to such resident
shall not be necessary for the prosecuting
by a non-resident.
authority to establish that the person so charged
did not possess a licence or permit issued by or
(c) The waiver or relinquishment of, or the
on behalf of the Board or had not been exempted
 failure to -take reasonable steps to acquire
from the relative provisions of this Order, and
title to, any foreign exchange or foreign securihttp://fraser.stlouisfed.org/
if the person so charged pleads or alleges that
or any debt owing by a non-resident in
Federal Reserve Bank ofties,
St. Louis

he had any such licence or permit or had been
so exempted, the burden of proof thereof shall
be on the person so charged."

GOVERNMENT NOTICE
REGULATIONS OF THE FOREIGN

EXCHANGE CONTROL BOARD
6. Subsection (1) of Section 40 of the said Order
is amended by adding after the words "summary con- CERTIFIED extract from the Minutes of a Meeting of
the Foreign Exchange Control Board held at
viction" where they appear therein the words "or
Ottawa on the 22nd day of November, 1939.
on indictment."
N motion duly made and seconded the follow7. Section 45 of the said Order is amended by adding Regulations numbered 40 to 42 inclusive
ing thereto, as subsection (2), the following:
were
passed
and enacted:
"(2) Every person having power to administer
40. For the period from the coming into force of
oaths or receive affidavits or statutory declarations for any purpose shall have similar power this regulation up to and including the 31st day of
in any matter concerning this Order, and every December, 1939, no export licence will be required
• Inspector appointed by the Board and any other for the export of gifts in the form of goods or
person specifically designated by the Board or currency to a value not exceeding $25 for each such
by any member of the Board shall have power export.
41. No person shajl make any export to a country
to administer oaths and receive affidavits and
outside the British Empire for payment in sterling
statutory declarations."
or in the currency of any British Empire country
8. Section 46 of the said Order is amended by add- except by special permission of the Board.
ing thereto, as subsection (2), the following:
42. After the 30th day of November, 1939, section
"(2) Every provincial and municipal law en- 19 (2) of the Order shall apply with respect to
forcement officer, in addition to any other sales for export entered into prior to the date on
authority which he may possess for the enforce- which the Order came into force in the same manner
ment of the provisions of this Order, shall have and to the same extent as in the case of sales for
the same power and authority as is conferred export entered into subsequent to the date on which
upon certain officers and employees of the the Order came into force.
Dominion Government in subsection (1) of this
Certified to be a true copy.
section."
D. GORDON,
H. W. LOTHROP,
Asst. Clerk of the Privy Council.
Chairman (Alternate).

O

OTTAWA: Printed by Joseph Oscar Patenaude, I.S.O., Printer to the King's Most Excellent Majesty*




EXTRA

THE CANADA GAZETTE
LA GAZETTE DU CANADA
OTTAWA, FRIDAY, SEPTEMBER 15, 1939
PROCLAMATION
TWEEDSMUIR
[L.S.]
CANADA

Most Honourable Privy Council, Knight Grand
Cross of Our Most Distinguished Order of Saint
Michael and Saint George, Knight Grand Cross
of Our Royal Victorian Order, Member of Our
Order of the Companions of Honour, Governor
General and Commander-in-Chief of Our Dominion of Canada.

GEORGE THE SIXTH, by the Grace of God of
Great Britain, Ireland and the British Domin- AT OUR GOVERNMENT HOUSE, in Our City of Ottawa,
ions beyond the Seas KING, Defender of the
this fifteenth day of September, in the year of
Faith, Emperor of India.
Our Lord one thousand nine hundred and thirtyTo ALL TO WHOM these Presents shall come or
nine and in the Third year of Our Reign.
whom the same may in anywise concern,
By Command,
GREETING :
E. H. COLEMAN,
Under-Secretary of State.
A PROCLAMATION
W.STUART EDWARDS,] VX7HEREAS in and
Deputy Minister of J>
by Section Six of
Justice, Canada
j an Act of the ParliaORDER IN COUNCIL
ment of Canada, assented to on the fifth day of July
in the year of Our Lord one thousand nine hundred [2716]
and thirty-five, and intituled " An Act respecting AT THE GOVERNMENT HOUSE AT OTTAWA
the establishment of an Exchange Fund/' being
Friday the 15th day of September, 1939.
Chapter Sixty of the Statutes of Canada 1935, it is
PRESENT :
provided that the said Section of the said Act shall
HIS EXCELLENCY THE GOVERNOR
come into force on a day to be fixed by proclamation of Our Governor in Council.
GENERAL IN COUNCIL
AND WHEREAS it is expedient that the said Section "LTIS Excellency the Governor General in Council,
of the said Act should come into force and have •*• •*• on the recommendation of the Minister of
effect upon, from and after the sixteenth day of Finance and under and by virtue of the provisions
. September in the year of Our Lord one thousand of the War Measures Act, Chapter 206 of the Revised
nine hundred and thirty-nine.
Statutes of Canada, 1927, is pleased to make the
Now KNOW YE that We by and with the advice Order and Regulations attached hereto under the
of Our Privy Council for Canada do by this Our title of The Foreign Exchange Control Order and
Proclamation declare and direct that the said Sec- they are hereby made and established accordingly.
H. W. LOTHROP,
tion of the said Act shall come into force and have
Assistant Clerk of the Privy Council.
effect upon, from and after the sixteenth day of September in the year of Our Lord one thousand nine
hundred and thirty-nine.
FOREIGN EXCHANGE CONTROL ORDER
AND REGULATIONS
OP ALL WHICH Our Loving Subjects and all others
whom these Presents may concern are hereby reORDER
quired to take notice and to govern themselves
1. These provisions may be cited as the Foreign
accordingly.
Exchange Control Order.
IN TESTIMONY WHEREOF We have caused these Our
2. In this Order, unless the context otherwise
Letters to be made Patent, and the Great Seal requires,
of Canada to be hereunto affixed. WITNESS:
(a) "Authorized dealer" means an authorized

Our Right Trusty and Well-beloved John,
dealer in foreign exchange appointed by or
http://fraser.stlouisfed.org/
under the authority of this Order, and when
Baron Tweedsmuir of Elsfield, a Member of Our
Federal Reserve Bank of St. Louis

•2 —
used with reference to any applicant or
declarant means the authorized dealer designated in his application or declaration and
being the authorized dealer or one of the
authorized dealers with whom such applicant
or declarant ordinarily does business;
(b) "Board" means the Foreign Exchange
Control Board established by this Order;
(c) " Canadian currency" includes bank notes,
postal notes, money orders, travellers' cheques,
letters of credit, bank drafts and other similar
instruments payable in Canadian dollars;
(d) " Canadian securities " means securities issued
by. any Canadian Government, municipal or
other authority or by any society, company
or corporation whose head office is in Canada,
excluding any securities which are payable, or
any dividends or interest on which are payable, or the principal amount of which is
expressed, otherwise than exclusively in Canadian dollars.
(e) " Foreign currency " means any currency other
than Canadian currency;
(/) "Foreign exchange" includes any foreign currency and any bank balance or other deposit,
bill of exchange, cheque, draft, letter of
credit or other similar credit instrument, or
to pay or promise to pay, which is payable
in any foreign currency whether absolutely or
conditionally or1 optionally or otherwise;
(g) " Foreign securities" means securities issued
by or on behalf of any government, municipal
or other authority outside Canada or by any
society, company or corporation whose head
office is outside Canada, and any securities
which are not payable, or any dividends or
interest on which are not payable, or the
principal amount of which is not expressed,
exclusively in Canadian dollars.
(/t) " Minister" means the Minister of Finance.
(i) " Non-resident" means any person other than
a resident and for the purposes of this Order
a branch or agency outside Canada of any
resident shall be deemed to be a non-resident
and a separate entity from such resident.
(;) " Person" includes persons and bodies of
persons, firms, corporations, associations,
municipal authorities and all other entities
of a kind or class known to the law in any
part of Canada, including both residents and
non-residents whether within Canada or outside Canada, and including His Majesty
whether in right of Canada or in right of any
Province or otherwise.
(fc). "Resident" means any person ordinarily resident in Canada, but excluding any branch or
agency outside Canada of any resident and
the Board shall have full power to determine
who is or shall be deemed to be a resident
for the purposes of this Order.
(0 "Securities" includes stock, shares, bonds,
debentures, debenture stock and other
obligations and rights, whether registered or
in bearer form, issued by or on behalf of
any government, municipal or other authority
society, company or corporation whether
within or without Canada and regardless of
the place of registration (if any) of such
securities or the situs of any certificates or
other instruments representing the same.

PART I
CONSTITUTION, MANAGEMENT AND POWERS
FOREIGN EXCHANGE CONTROL BOARD

OF

THE

4. (1) There shall be and is hereby established a
Board, under the name of the Foreign Exchange Control Board, which shall consist of five members holding office during pleasure of the Minister. The first
members of the Board shall be, Graham Ford
Towers, Governor of the Bank of Canada, William
lifford Clark, Deputy Minister of Finance, Hugh
Day Scully, Commissioner of Customs, Department of National Revenue, Leolyn Dana Wilgress,
Director of Commercial Intelligence Service, Department of Trade and Commerce, and Norman
Alexander Robertson, First Secretary, Department
of External Affairs. Each member may at any
time and from time to time appoint an alternate
to act in his place and stead. The Minister may
replace any member and fill any vacancy that may
arise.
(2) All letters and other mailable- matter
addressed tor or sent by the Board and passing
between anj office of the Board and any place in
Canada shall be free of Canada postage.
5. The Board shall have the powers,, rights,
privileges, duties and responsibilities in this Order
expressly or by implication contained.
6. (1) There shall be a Chairman and Deputy
Chairman of the Board to be selected by the
members of the Board from among their number.
(2) The Board shall hold meetings at such time
and place as the Chairman may decide, or as the
Minister may require.
(3) The Minutes of any meeting of the Board or
any certified copy thereof, or extract therefrom,
signed by the Chairman or Deputy Chairman, shall
be conclusive evidence of any transaction or decision
therein recorded.
7. Upon the request of the Board the Minister
may appoint advisors to assist the Board.
8. (1) The Bank of Canada is hereby appointed
technical advisor to the Board and an authorized
dealer under this Order, and by agreement with
the Board is authorized to act as Agent or banker
for the Board and to deal in foreign exchange and
otherwise assist or act on behalf of the Board.
(2) The Board may appoint agents for such
purposes as the Board may determine.
(3) Anything done on behalf of the Board by any
agent or servant of the Board within the scope
of his authority shall for the purpose of this Order
be of the same force and effect as if done by the
Board.
9. At the request of the Board the Governor in
Council may transfer any member of the Civil
Service Canada or any other servant of His Majesty
in right of Canada to assist or serve the Board as
the Board may determine, and any person so
transferred shall not thereby lose any of his rights '
or privileges.
10. The Board may incur and pay such salaries
and expenses as it may deem necessary in the
course of carrying out the provisions of this Order.
11. (1) Unless otherwise ordered by the Minister
in writing, the powers conferred on the Minister
in sections 6 & 7 of the Exchange Fund Act,
Chapter 60 of the Statutes of Canada, 1935, may
be exercised by the Board, subject, however, to any
instructions which the Minister may from time to
time give to the Board.
(2) Subject only to the provisions of Section 5
3. This Order shall come into force on the of the Exchange Fund Act, and unless otherwise
sixteenth day of September, one thousand nine ordered by the Minister in writing, all moneys in
hundred and thirty-nine.
the special account referred to in Section 4 of the



said Act. and investments of such moneys, shal
be at the disposal of the Board and may be used
or dealt with by the Board as the Board may deem
necessary or as the Minister may direct for the
purposes of the Exchange Fund Act or of this
Order, including the payment of any expenses or
losses of the Board and the acquisition or disposition of foreign exchange, and all receipts or profits
of the Board shall- be placed in the said special
account; all trans-actions affecting the said special
account by or on behalf of the Board under this
Order shall be and be deemed to be duly authorized
under the Exchange Fund Act.
12. The provisions of The Consolidated Revenue
and Audit Act, 1931, shall not apply to operations
or transactions of the Board. An annual audit of
the operations and transactions of the Board shall
be made by the Auditor General in such manner
as he thinks proper and he shall certify to the
House of Commons that in his opinion, having
regard to such examination, the transactions of the
Board have or have not been in accordance with
the provisions of this Order and that the records of
the Board do or do not show truly and clearly such
transactions. The annual audit to be made by the
Auditor General under this section shall take the
place of the annual audit specified in Section 9
of the Exchange Fund Act.
PART II
CONTROL

OP FOREIGN EXCHANGE AND
AND RELATED MATTERS

FOREIGN

TRADE

Foreign Exchange
13. No person shall purchase, borrow or othenvise
acquire, or sell, lend or otherwise dispose of, deal
in, or deal with any foreign exchange, whether
absolutely or conditionally or by way of arbitrage
or otherwise, as principal or agent or otherwise
howsoever, except as may be permitted by or under
the authority of this Order.
14. (1) All foreign exchange which, or any right,
title or interest in or to which, is in the possession,
ownership or control of any resident of Canada at
the time of coming into force of this Order shall,
unless the Board otherwise provides, be forthwith
declared to the Board, in such manner as the Board
may determine and shall not be used or dealt with
except as permitted by the Board.
(2) The Board may at any time require all or
any of such foreign exchange, or the right, title or
interest of such resident therein, to be sold or
assigned to the Board or to an authorized dealer at
rates prescribed by the Board.
15. Any person who, at any time after the coming
into force of this Order, acquires possession, ownership or control of any foreign exchange, or of any
right, title, or interest in or to any foreign exchange,
shall, unless the Board otherwise provides, forthwith declare the same to the Board in such manner
as the Board may determine, and offer the same
for sale or assignment to an authorized dealer at
rates prescribed by the Board; provided, however,
that this section shall not apply with respect to any
foreign exchange purchased by such person from an
authorized dealer pursuant to this Order and
required for the purposes for which it was so purchased, nor with respect to any foreign exchange
brought into Canada by a non-resident unless such
non-resident desires to sell the same.
Transfer of Canadian Currency to Non-Residents
16. No Canadian currency or any right, title or
interest therein or thereto shall be paid or transferred by any resident of Canada to any non-resident, or transferred from the account of a resident

to or to the account of a non-resident, except under
http://fraser.stlouisfed.org/
licence or permit granted by the Board; provided
Federal Reserve Bank of St. Louis

that the Board may exempt any such transfer from
the provisions of this section.
Foreign Securities
17. All foreign securities which, or any right, title
or interest in or to which, are in the possession,
ownership or control of a resident of Canada at the
time this Order comes into force, shall, unless the
Board otherwise provides, be forthwith declared to
the Board in such manner as the Board may determine; such foreign securities may be bought and
sold within Canada, but shall not be exported or
imported except as permitted by the Board.
18. (1) The Board may by regulation and by public notice require that any foreign securities described
therein shall be transferred to His Majesty in right
of Canada, at the price (to be paid by the Board)
specified in -such regulation, being a price which in
the opinion of the Board is not less than the value
thereof at the date of such regulation and public
notice thereof.
(2) On the making of any such regulation and
public notice thereof, the securities therein specified
and all right, title or interest in or to such securities
capable of being affected by such regulation and
notice shall forthwith vest in His Majesty in right of
Canada free from any charge or encumbrance, and
the Board shall have all necessary powers as agent
of His Majesty to sell, transfer and otherwise deal
with such securities as it may think fit.
(3) Any person affected by any such regulation
and notice, whether as owner, trustee, beneficiary
or otherwise, and any person who is responsible for
keeping any register or book in which any such
securities are registered or inscribed, shall do all such
things as are necessary or as the Board may direct
for the purpose of ensuring that such securities shall
be delivered to the Board and in the case of any
registered or inscribed security registered or inscribed
in the name of His Majesty in right of Canada or
such person as the Board may direct.
(4) Such regulation or notice shall not apply to
any securities with respect to which satisfactory
evidence is presented to the Board that at all times
since the date on which this Order comes into force,
all the persons interested in such security, other
than persons interested therein merely as trustees
or merely by virtue of any mortgage, pledge or
charge created before the said date, but including
any persons beneficially interested therein under a
trust, were not resident in Canada.
(5) The Board may exempt any securities or the
holders thereof from any provision of this section.
Ex-ports

19. (1) No person shall export any goods, currency,
securities, foreign exchange or other property from
Canada except under and in accordance with the
terms of a licence granted by the Board; provided
that this subsection shall not apply to any property
which has been accepted for export by any transportation agency prior to the date on which this Order
comes into force.
(2) No person shall accept payment in Canadian
dollars for any property exported or to be exported
by him, except under and in accordance with the
terms of a permit granted by the Board authorizing
the acceptance of payment in such manner; except
that, unless the Board otherwise provides, this subsection shall not apply with respect to any sale for
export entered into prior to the date on which this
Order comes into force and calling for payment of
,he purchase price or other consideration in Canadian
dollars.
(3) This section shall not apply in any case in
which the Board grants exemption by regulation or
otherwise.

—4—
20. (1) The Board may provide for different kinds
of export licences and permits for use in such circumstances as the Board may determine.
(2) Unless the Board otherwise provides every
application for an export licence or permit shall
designate the applicant's authorized dealer.
(3) The Board may impose conditions on any export licence or permit and may revoke or amend
any such licence or permit at any time.
(4) Unless the Board otherwise provides a licence
or permit to export shall not authorize or be deemed
to authorize any exportation or the doing of any
act by the holder thereof which would not have
been lawful if this Order had not been made.
21. It shall be a condition of every licence to export whether or not expressly contained therein,
that the proceeds in foreign exchange, if any, of the
sale of all property exported or to be exported
thereunder shall be declared and offered for sale
as provided in section 15 hereof.
Imports
22. (1) No person shall import any goods, currency, securities or other property into Canada except under and in accordance with the terms of a
licence granted by the Board; provided that this
subsection shall not apply to any property which has
been shipped to Canada from the country of export
prior to the date on which this Order comes into
force.
(2) No person shall make payment in Canadian
dollars for any property imported or to be imported
by him, except under and in accordance with the
terms of a permit granted by the Board authorizing
the making of payment in such manner, except that,
unless the Board otherwise provides, this subsection
shall not apply with respect to any purchase for
import entered into prior to the date on which this
Order comes into force, and calling for payment of
the purchase price or other consideration in Canadian dollars.
(3) This section shall not apply in any case in
which the Board grants exemption by regulation or
otherwise.
23. (1) The Board may provide for different kinds
of import licences and permits for use in such circumstances as the Board may determine.
(2) Unless the Board otherwise provides, every
application for an import licence or permit shall
designate the applicant's authorized dealer.
(3) The Board may impose conditions on any
import licence or 'permit and may revoke or amend
any such licence, or permit at any time prior to
actual shipment of the relative goods or other property to Canada from the country of export.
(4) Unless the Board otherwise provides, a licence
or permit to import shall not authorize or be deemed
to authorize any importation or the doing of any
act by the holder thereof which would have been
lawful if this Order had not been made.

fix the rate of exchange subject to the provisions
of this Order.
(2) The fixing of a rate of exchange shall, unless
the Board otherwise provides, constitute & permit
to the applicant to buy from or sell to the authorized dealer as the case may be, the relative foreign
exchange for the purposes stated therein.
26. The authorized dealer may submit any applicaion to the Board, and shall submit to the Board
any application the approval of which is not within
his authority. The ,Board may approve or reject
in whole or in part any application made to the
Board or made to an authorized dealer and submitted by such authorized dealer to the Board. In
approving an application to buy or sell foreign exchange the Board may fix the rate of exchange
therefor.
27. The fixing of a rate of exchange for the sale
to or purchase from an authorized dealer of any
foreign exchange shall constitute an undertaking by
the authorized dealer to buy and by the applicant
to sell, or an undertaking by the authorized dealer
to sell and by the applicant to buy, as the case may
be, the amount of foreign exchange specified at
the rate so fixed and at such time as may be agreed,
unless an extension of time be granted by the Board.
28. (1) No authorized dealer shall have power to
fix a rate of exchange for foreign exchange required
by an applicant for any purpose, unless the application is in the opinion of such authorized dealer for
normal requirements as hereinafter defined.
(2) Normal requirements, for the purposes of this
section, shall mean with relation to any application.
(a) Foreign exchange for payment for goods imported or to be imported into Canada within
the usual scope of the applicant's business.
(b) Foreign exchange for payment for services of
a normal nature such as insurance premiums
and claims, agents' commissions, salaries,
freights, dues, patent rights, royalties and
other payments of a like character.
(c) Foreign exchange for reasonable travelling
expenses or personal expenses.
29. Any person other than an authorized dealer
desiring to purchase or sell foreign exchange in a
currency for which no rate of exchange has been
prescribed by the Board, may do so by arrangement
with an authorized dealer upon making application
as hereinbefore provided to purchase or sell such
amount of foreign exchange in a currency for which
a rate of exchange has been prescribed by the Board
as the parties may agree to be the equivalent of
the amount of foreign exchange first mentioned,
subject always to the regulations and instructions
of the Board; in any such case the authorized
dealer shall make available to or accept from the
applicant the foreign exchange first mentioned, and
shall account to the Board for the said equivalent
amount of foreign exchange secondly mentioned.

Rates of Exchange
24. (1) The Board shall from time to time communicate to authorized dealers rates of exchange at
which foreign exchange in such currencies as the
Board may designate may be purchased or sold
pursuant to tins Order.
(2) Wherever any authorized dealer has power to
fix a rate of exchange for any transaction, the rate
to be fixed shall, unless the Board otherwise provides, be such rate then prevailing as has been
prescribed by the Board for the relative transaction
or kind of transaction.
Applications to Buy or Sell Foreign Exchange
25.
(1) Every person other than an authorized

dealer desiring to buy or sell foreign exchange shall
http://fraser.stlouisfed.org/
make application to an authorized dealer, who may

30. Unless the Board otherwise provides, every
person desiring to obtain foreign exchange to be
used for the payment of interest on any loan, or for
repayment or amortization of any loan or any part
thereof, or for the redemption of any securities
or for the payment of dividends, or for any purpose incidental to any of the foregoing, shall apply
therefor at least thirty days prior to the date on
which such foreign exchange is required, and every
such application shall be submitted to the Board
by the authorized dealer.

Federal Reserve Bank of St. Louis

Applications for Permission to Transfer Canadian
Currency from a Resident to a Non-Resident
31. (1) Unless the Board otherwise provides, every
resident other than an authorized dealer desiring to
pay or transfer any Canadian currency to or to the

R

account of a non-resident shall make application to
an authorized dealer.
(2) Unless the Board otherwise provides, the
authorized dealer shall have the same authority
with respect to such <an application as though it
were an application to purchase foreign exchange,
and shall submit to the Board any application the
-approval of which is not within his authority.
(3) Every such application when approved by or
on behalf of the Board shall constitute a permit for
the purposes stated therein.
Authorized Dealers
32. (1) Every bank incorporated under the Bank
Act shall be an authorized dealer in Canada, and
every Canadian branch of such a bank shall have
the powers and duties of an authorized dealer pursuant to this Order.
(2) The Board may appoint other authorized
dealers and may revoke any such appointment.
(3) Notwithstanding any other provisions of this
Order, authorized dealers may engage in any transactions in or affecting securities, Canadian currency
or foreign exchange which the Board may from time
to time permit; the authority of authorized dealers
shall at all times be subject to regulations and
instructions of the Board, and any authority of
authorized dealers under this Order may be limited,
modified or expanded by the Board at any time and
from time to time.
33. (1) Where any rate of exchange is fixed for
any transaction in foreign exchange pursuant to
this Order, the authorized dealer designated in the
application, declaration or other instrument in which
such rate of exchange is fixed shall, except as otherwise provided in section 29 hereof, buy or sell the
relative foreign exchange from or to the person
applying in that regard, and shall account to the
Board for the same amount of foreign exchange at
the same rate of exchange as that applicable to the
transaction between the authorized dealer and the
applicant.
(2) Settlements between the Board and the
authorized dealer shall be made at such times and
in such manner as the Board may prescribe.
(3) The Board shall pay such costs and remuneration in connection with the functions and services
of authorized dealers pursuant to this Order as the
Board may prescribe.
General
34. (1) The Board may make regulations, not
repugnant to this Order, for any of the following
purposes:—(a) Prescribing the forms to be used, and the
circumstances of their use, for the purposes
of this Order.
(b) Prescribing the procedure to be followed by
applicants, authorized dealers and other persons in connection with any matter arising
under or in pursuance of this Order.
(c) Generally, with respect to any matter arising
in the course of, or connected with, or ancillary to, the Board's operations, or making
such other provision as may foe deemed necessary for the efficient administration of this
Order and for carrying out its provisions
according to their true intent and meaning
and for the better attainment of its objects
and may amend or repeal any such regulation.
(2) The regulations annexed to this Order shall
be the first regulations of the Board, effective on
the date this Order comes into force. Any subsequent regulation, amendment or repeal shall come
into force upon publication in the Canada Gazette.
(3) Regulations made by or under the authority

of this Order shall have the same force and effect
http://fraser.stlouisfed.org/
as if the same were expressly set forth herein.
Federal Reserve Bank of St. Louis

^ (4) Unless the context otherwise requires, expressions used in any regulation of the Board shall have
the same meaning as similar expressions in this
Order.
35. General or specific instructions issued by the
Board to any person acting as agent of or otherwise
under the authority of the Board shall, with respect
to such person, have the same force and effect as if
contained in regulations made and published as
provided in the preceding section.
36. Every Collector of Customs and Excise and
every Postmaster shall if so required
by the Board
act as agent for the Board wTith relation to the
issuing of export and import licences, and shall have
such authority in that behalf as the Board may
prescribe by regulation.
'
37. (1) If any authorized dealer or other person
fails or neglects or refuses to approve an application
under this Order, the approval of which was within
his authority, the application may be submitted by
the applicant direct to the Board, and the Board
may deal with such application in such manner as it
may deem proper under the provisions of this
Order.
(2) If any person is dissatisfied with any ruling,
regulation or decision of the Board he may, if the
Board so permits, appeal in writing to the Minister,
who shall have power to decide the question at issue
with or without further hearing the appellant, and
may if he sees fit exempt the appellant wholly or
partly from any regulation of the Board.
38. (1) All transactions in foreign exchange permitted hereunder by any person with an authorized
dealer, shall foe and be deemed to be entered into
with the authorized dealer and not with the Board,
and the Board shall not incur any obligation to any
such person.
(2) The foregoing subsection shall prevail notwithstanding that an authorized dealer in approving
any application or fixing any rate of exchange is
described as acting on behalf of the Board, or is
acting under any instructions or regulations of the
Board, and notwithstanding any approval of an
application of any kind by the Board itself under
section 26 hereof or otherwise.
PART III
EXFOHCEMEXT PROVISIONS

39. (1) Every person shall be guilty of an offence
who,
(a) in any application or declaration under this
Order makes any statement which to his knowledge is false or misleading or which he had
not reasonable grounds for believing to be
true, or,
(b) deceives or misleads or attempts to deceive
or mislead the Board or an authorized dealer
or a Collector of Customs and Excise or any
other person concerned in the administration
of the provisions of this Order; or,
(c) being the holder of a licence or permit commits or attempts to commit a breach of any
of the general or special conditions of such
licence or permit or fails to comply with any
of such conditions; or,
(d) violates or attempts to violate any other
provision of this Order or any regulation of
the Board; or,
(e) aids or abets the commission of any offence
under the provisions of this Order.
(2) It shall be an offence for any transportation
agency or employee thereof to transport or assist in
transporting from Canada any property unless no
licence is required for the export of the same or the
requisite licence has been obtained, or to remove
any imported goods or other property from any

—6—
Customs port for delivery within Canada unless no
licence is required for the import of the same or
the requisite licence has been obtained.
40. (1) Every person guilty of an offence under
this Order shall be liable on summary conviction to
a fine not exceeding Two Thousand Dollars or to
imprisonment for not more than one year, or to
both fine and imprisonment.
(2) In addition to any other penalty, if any
person, contrary to the provisions of this Order,
exports or attempts to export from Canada any
goods or other property, or imports or attempts to
import into Canada any goods or other property, or
buys or sells or otherwise deals with or attempts
to buy or sell or otherwise deal with any foreign
exchange or foreign securities, or fails to declare
any foreign exchange or foreign securities, such
goods or other property may be seized and detained
and shall be liable to forfeiture, at the instance of
the Minister of Justice, upon proceedings in the
Exchequer Court of Canada or in any superior court.
41. No Collector of Customs and Excise shall
permit the export or import of any goods or other
property through any port over which he has
authority, unless he or an officer acting for him is
satisfied that no licence is required for such export
or import,, or that the appropriate licence has been
obtained.
42. If the requisite import licence be not obtained
and produced to the Collector of Customs and
Excise within thirty days after the arrival in Canada
of any property for the importation of which a
licence is required, and which has been held at a
Customs port pending the production of such licence,
the Collector of Customs and Excise may cause such
property to be destroyed, or to be sold by public
auction to the highest bidder and the proceeds
thereof, in case of sale, shall be applied to the
payment of duties and charges, and the surplus, if
any, after discharging the vessel's lien or other
charges for transportation shall be deposited to the
credit of the Receiver General of Canada.
43. Any person who on any occasion is about to
leave Canada (which person is hereafter in this
section referred to as "the traveller") shall, if required by any Customs officer or other person thereunto authorized, declare whether he has with him
any goods, currency, securities, foreign exchange or
other property, and shall produce any such property
which he has with him; and the officer or other
authorized person, and any person acting under his
directions, may search the traveller and examine or
search any article which the traveller has with him,
and shall seize any such property which the traveller
has with him, unless the export of the same is permitted by or under the authority of this Order.
44. (1) The Board and each member of the Board
may require any person to furnish such information as the Board or such member of the Board
may deem necessary, and shall have power to
summon any person to give information under
oath or otherwise, and to produce books and
documents, at such time and place and in such
manner as the Board or member of the Board may
require.
(2) Every member of the Board shall have power
to administer oaths and receive affidavits and
statutory declarations.
45. The Board may appoint Inspectors to assist
in the enforcement of the provisions of this Order,
who shall have power to obtain from any person
such information under oath or otherwise, and
whether orally or in writing or by inspection of
documents or other evidence, as the Board may
deem necessary.
46. At the request of the Board or any Inspector

appointed by the Board or of any duly authorized
http://fraser.stlouisfed.org/
representative
Federal Reserve Bank
of St. Louisof the Board, officers and employees

of the Post Office, the Department of National
Revenue, the Department of Mines and Resources,
the Royal Canadian Mounted Police and the Department of Justice shall take such action by way
of detention or search of persons or property, or
disclosure of information in their possession, as the
Board, its Inspector or authorized representative
may deem necessary for preventing violation? of
the provisions of this Order or ascertaining whether
any violation has taken place, or is likely to take
place, or for ensuring the arrest and conviction of
any person who may have violated or be violating
any provision of this Order, or for obtaining evidence
of or relating to any past, present or future violation
or suspected or attempted violation; and all such
officers and employees shall have full authority
to take any such action upon such request.
47. In case of any conflict between this Order
and any law in force in any part of Canada, the
provisions of this Order shall prevail.

REGULATIONS OF THE FOREIGN
EXCHANGE CONTROL BOARD
1. The following exemptions are hereby made
from the respective provisions of the Order:—
(a) No export licence or import licence will be
required for the export or import of goods
which are entitled to entry under items 706
and 707 of the Customs Tariff, or for the
export or import of travellers' samples.
(b) No import licence will be required for the
importation of goods in any manner to a
value not exceeding One Hundred Dollars
by any person in any calendar month.
(c) No export licence will be required in the
case of goods taken out of Canada by and
with a non-resident to a value not exceeding One Hundred Dollars; provided that
this exemption shall not apply to any person
more than once in any calendar month.
(d) Personal effects belonging to and required
for the use of any person entering or leaving
Canada may be brought into or taken out of
Canada by and with such person without
licence.
(e) No export licence will be required in the case
of gifts to a value not exceeding Twentyfive Dollars sent from Canada by mail or
parcel post by any person in any calendar
month.
(/) Foreign exchange or foreign securities having
a value not exceeding in either case the
equivalent in Canadian currency of One
Thousand Dollars and being in the possession,
ownership or control of any resident of
Canada at the time of the coming into force
of the Order need not be declared under
section 14 or section 17 of the Order, unless
in the case of foreign exchange such resident
desires to sell the same, but such foreign
exchange or foreign securities may not be
used or dealt with otherwise than as permitted
under the Order or Regulations.
(g) Any person may bring with him on entering
Canada or take with him on leaving Canada,
for any purpose^ Canadian currency and
foreign exchange amounting in all to not
more than One Hundred Dollars or the
equivalent thereof, without licence or permit,
provided that this exemption shall not apply
to any person more than once in any calendar
month.
(h) In addition to any exemption that may
be available under paragraph (p), any nonresident leaving Canada may, without licence
or permit, take with him Canadian currency
or foreign exchange not exceeding in either
case the amount of Canadian currency or

— 7foreign exchange, respectively, brought into
which he has authority, subject to the inCanada by him when entering Canada; and
structions of the Board.
if a licence to import the same, in Form P,
(c) The Collector of Customs and Excise having
was obtained at the time of entry, such
authority over the port through which any
licence shall be conclusive evidence of the
exportation is made under authority of a
amount so brought in.
General Licence shall receive the declaration
(i) Any person may purchase from an authorized
of exports required under the Regulations.
dealer at the appropriate rate prescribed by
3. Any applicant may authorize an agent or
the Board, foreign exchange to a value not attorney to sign applications under the Order and
exceeding One Hundred Dollars in any Regulations on his behalf, and where a power of
calendar month, without any permit and attorney has been or is hereafter lodged with a
without using any form herein prescribed; Collector of Customs and Excise by any person
provided that the foregoing provisions of this authorizing a customs broker named therein to act
paragraph shall apply only with respect to as the agent or attorney of such person in connecforeign exchange in the form of cash, cheques, tion with matters which include the exportation or
postal notes, money orders and other items importation of goods, such power of attorney shall
of a similar nature payable at sight or on be deemed to include authority to the customs
demand; and similarly any resident may broker therein named to act as agent and attorney
pay or transfer Canadian currency to or to of the said person in making application for export
the account of non-resident to an aggregate and import licences and related matters and to give
amount not exceeding One Hundred Dollars any undertakings required in connection therewith,
in any calendar month without a permit and unless the said person gives written notice to the
without using any form herein prescribed.
contrary to the Collector of Customs and Excise.
(j) Any person may sell to an authorized dealer
4. (a) Every application for a licence or a permit,
at the appropriate rate prescribed by the
and every declaration of foreign exchange or
Board, foreign exchange not arising out of
securities or of exports, shall be made in the
the proceeds of exports, to a value not exceedappropriate form referred to below, which may
ing Five Hundred Dollars, without any permit
be obtained as indicated in section 5 of these
and without using any form herein prescribed;
Regulations.
provided that this paragraph shall apply only
(b) In any case where no appropriate applicawith respect to foreign exchange in the form of
tion form has been prescribed, the applicant
cash, cheques, bond coupons and dividend
may apply in writing to the Board, giving full
warrants, postal notes, money orders and other
particulars.
items of a similar nature payable at sight
(c) Instructions printed on the forms shall have
or on demand.
the same force and effect as if expressly set
(k) Unless a Collector of Customs and Excise
forth in the Regulations.
otherwise requires, a vessel or vehicle may
(d) An application which has been duly approved
operate internationally without obtaining an
and signed by or on behalf of the Board
import or export licence when entering or
shall constitute a licence or a permit for the
leaving Canada; but an import or export
purposes stated therein, subject to any conlicence, as the case may require, will always
ditions or limitations contained therein, and
> be necessary in respect of the last importasubject always to the provisions of the Order
tion into or exportation from Canada of any
and of Regulations of the Board.
such vessel or vehicle which changes its
(e) When a rate of exchange has been fixed in
ownership or ceases to operate internationally.
connection with any proposed transaction in
( 0 A resident of Canada may pay or transfer
foreign exchange, the form upon which such
in Canadian currency to a resident of Newrate is noted, when signed by the person
foundland (whether in Canada or Newfoundauthorized to fix the rate, shall constitute
land) without a permit in Form G; and a
a permit to the applicant to proceed with and
resident of Canada may, without obtaining a
complete the relative foreign exchange transpermit in Form D, export to Newfoundland
action subject as aforesaid.
property for which no payment in foreign
5. (a) The forms and their uses are as follows:—
exchange is to be received, and may accept
Form A: Application for General Licence to
payment in Canadian dollars for such export.
im) Any resident who is a merchant, hotelkeeper Export Goods.
This must be submitted direct to the Board and
or otherwise customarily engaged in any business serving tourists may accept from any will be issued only to exporters making regular
tourist an amount of foreign currency not in shipments whose business is of such a nature that
excess of the equivalent of five hundred Cana- it would be difficult to complete the details required
dian dollars in payment for purchases or by a Particular Licence before the goods are ready
services rendered or to be changed into Cana- for export. The licence relates only to export of
dian currency at a rate to be authoried by goods.
In respect of each exportation under authority of
the Board, provided that the foreign currency
so obtained shall be sold to an authorized a General Licence, a Declaration on Form B must
dealer within ten days of the date it is be made by the exporter and submitted to the
acquired. No person shall have in his posses- Collector of Customs and Excise not later than
sion more than the equivalent of one thou- six days after the date of the Customs clearance
sand Canadian dollars in foreign currency of the vessel, if the exportation was by water or
obtained in this way unless he holds a special by air, or of the Customs report outwards of the
permit from the Board authorizing him to vehicle if the exportation was by land. If no
foreign exchange is to be obtained by the exporter
do so.
for the exportation. Form D must be completed
2. (a) Every Collector of Customs and Excise and approved in advance of the exportation, as
shall act as agent of and on behalf of the referred to below.
Board in connection with the issuing of
Form B: Application for Particular Licence to
licences to export and import and accepting
Export Goods, or Declaration of Goods exported
declarations of exports.
authority of General Licence. The Par<b) A Collector of Customs and Excise may, on under

ticular
may, subject to instructions of the
behalf of the Board, licence the exportation Board, Licence
http://fraser.stlouisfed.org/
be issued by a Collector of Customs ar' 3
or importation of goods through the port over
Federal Reserve Bank of St. Louis

—8—
Excise for the exportation of goods. The same form
may also be used for the purposes of the Declaration required where goods are exported under the
authority of a General Licence.
Form C: Declaration of Foreign Exchange Offered
for Sale. This form is to be used when any person
declares and offers foreign exchange for sale.
Form D: Application for Permit to Export
Goods in connection with which no Foreign Exchange
is to become available. This form must be used
and approval obtained (whether or not the exporter
is the holder of a General Licence) in advance of
the exportation of any goods for which payment in
foreign exchange has not been and will not be
received. If approval is so obtained, the exporter
may proceed to obtain the requisite Particular
Licence to export or make the requisite Declaration
of Exports under authority of a General Licence,
as the case may be.
Form E: Application for Licence to Import.
This form is to be used for every importation by
a resident unless exempted by the terms of the
Order or these regulations; and for every importation by a non-resident, unless so exempted, except
in the case of a non-resident bringing with him
into Canada Canadian currency and/or foreign
exchange, in which case Form P shall be used with
respect to such Canadian currency and/or foreign
exchange.
A Licence in Form E may, subject to instructions of the Board, be issued by a Collector of
Customs and Excise.
Form F: Application for Foreign Exchange.
This form is to be used by every person requiring
foreign exchange for any purpose other than for
travel purposes.
Form G: Application to Transfer Canadian dollars
to Account of Non-resident. This form is to be
used and approval obtained in advance by every
resident of Canada desiring to pay or transfer
Canadian dollars to or to the account of a nonresident, whether in payment for imports or for
any other purpose.
Form H: Application for Foreign Exchange for
Travel Purposes and/or for Permission to Export
Foreign Exchange and/or Canadian Currency for
Travel Purposes. This form must be used and
approval obtained (except for amounts exempted
under the Regulations of the Board) by every person
desiring to obtain foreign exchange for purposes
of travel and/or to take Canadian currency or
foreign exchange out of Canada for travel purposes.
One copy will be returned to the applicant and
must be shown on demand to any Collector of
Customs and Excise or other authorized person.
Form K: Application for Licence to Export Property other than Goods. This form must be used
in respect of each export from Canada of property
other than goods (e.g. currency, securities, etc.)

unless exempted under the Order or Regulations or
provided for by Form H.
Form M: Declaration of Foreign Exchange and
Foreign Securities in the Possession, ownership or
Control of Resident of Canada on the date of
coming into force of the Order.
Form P: Declaration by Non-resident of Canadian
Currency and/or Foreign Exchange Brought into
Canada and Licence to Import the Same. This
form shall be used by every non-desident bringing
with him into Canada any Canadian currency and/
or foreign exchange, unless exempted under the
Regulations, and will serve as a licence to import
the same. The form must be surrendered on
leaving Canada when claiming exemption from
export licence requirements in respect of any Canadian currency and/or foreign exchange being taken
out of Canada.
(£>) The forms referred to herein may be obtained
from the Board in Ottawa or from the
following sources:
Form P—from Collectors of Customs and Excise;
Forms A, B, and E—from Collectors of Customs
and Excise, and authorized dealers;
Forms C, D, F, G, H, K and M—from authorized
dealers.
6. (a) In addition to any other authority or
function prescribed by the Order or Regulations or by Instructions of the Board, every
authorized dealer shall act as agent of the
Board for the purpose of issuing licences
and permits in the following cases:—
(i) Licence to export property other than
goods;
(ii) Permit to export goods in connection
with which no foreign exchange is
to become available;
(iii) Permit to pay or transfer Canadian
currency from a resident to a nonresident ;
(iv) Permit to export foreign exchange
and/or Canadian currency for travel
purposes.
(b) Authorized dealers shall have such authority
with respect to licences and permits referred
to in paragraph (a) hereof as may be prescribed in instructions of the Board.
7. (a) Every postmaster and postal clerk shall
act as agent of the Board in accordance
with instructions of the Board relating to
the control of exports by mail and parcel
post.
(b) The Postmaster General and all postmasters
are hereby appointed agents of the Board
to sell foreign exchange in accordance with
instructions of the Board, in the form of
postal money orders payable in any foreign
currency for which the Board may from time
to time prescribe rates of exchange.

OTTAWA: Printed by J. O. PATENAUDE, I.S.O., Printer to the King's Most Excellent Majesty,







November 29, 1959.

Honorable D. Gordon,
Deputy Governor, Bank of Canada,
Ottawa, Ontario,
Canada.
Deer Sir:
Receipt is acknowledged, with thanks, of
your letter of November £4, addressed to Chairman
Socles, with which you enclosed a copy of an Order
in Council, passed November 22nd and published in
the Canada Gszette, containing further amendments
to the Foreign Exchange Control Order of September
15th.
Very truly yours,

L. P. Bethea,
Assistant Secretary.