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W. P. G. HARDING, GOVERNOR
PAUL M. WARBURG, VICE GoV,&:RNOR
FREDERIC A. DELANO •
ADOLPH C. MiLLER
~;~
~
CHARt..ES S. HAMLIN ;.,;.,
(<._~1 ~
EX-OFFICIO MEMBERS
1
WILLIAM G. MCADOC
St::CRETARY OF THE TREASURY
CHAIRMAN
,10HN SKELTON WILLI;\MS
COMPTROLLER OF 'CKE CURRENCY
H. PARKER WILLIS, SECRF.TARY
P. ALLEN, A!SST. SECRETARY
AND FISCAL AGENT
FEDERAL RESERVE BOARD
SHERMA~
WASHINGTON
ADDRESS REPL. Y TO
FEDERAL RESERVE BOARD
J·.11y JJ.. 19le o
Qr.,
a:>z·o::mt of the difficttl+; sHt.w.tion
e:d.st:in£~
in
duct ion of 0il O!ld its :ir.oporta·c ion into tho U:n:J ted 81& ~Hs, the
Federal ResJrve Boar.d has undertaken to grant certo.in licensee
for the exportation of Emit.ed
guant~.ties
of gold f0r the use of
.American oil producers who are engaged in the proc.uct ion uf
o~.l
in Mexico, and whose product is shipped to the United States.
For the months of July and
~ugust
the »oard will gr8nt
to oil producers licenses to export sums of gold equal to the:1.r
export taxes and bar dues, due and payable to the Mexican Federal
Government in those months.
For the month of August the JBoard will further gi"a.nt
licenses in favor of oil producers not to exceed in the aggregate
one-half of the amount needed for the liquidation of tAeir payrolls.
It is understood, however, that no applications for the
exportation of gold, either for the payment of taxea or wages, will
be granted except upon satisfactory
sh~wing
that such taxes and
wages relate to the production of oil which is actually being shippad into the United States.
X-105'('
-2-
Lioensea
~
Taxes.
The Board will permit oil producers to file applications
for export licenses, for the present, directly with it instead of
through the Federal Reserve banks j_n the several districtso
applications
m~y
Blank
be obtained from the Federal Reserve Board or from
any Federal Reserve bank.
In making out such applications there
should be included:
(a)
A statement of the approximate average amount of
oil produced during the six montha preceding the application and
shipped to the United States by the applicant company, and a statement of the amount of oil shipped to the United States upon which
tax has been incurred during the period to w.hich the application ; . ·
relates.
(b) A statement of the quantity and approximate valuation in Mexico of oil upon which the tax is to be paid to the Liexican Government, the rate of taxation, and the amount of the tax.
Tax receipts, copies thereof certified by American Consul,
or other original documents shmving the actual use of the gold in
settling with the Mexican Government should accompany the next application for gold, and no such application will be granted without
such accompanying documents attesting the use of the gold previously
granted.
Pay-rolls.
In the case of applications for licenses to export gold
for payrolls, the application should contain a statement of the
-3-
period covered by the payroll in question, the amount of oil produced during the '?receding six months, and a statement as to whether
or not the -verage production of oil during the period to which the
application relates is expected to be the same as for the preceding
period.
The application should also state what proportion of the oil
produced during the period for which the payroll application is made
is actually intended for shipment to the United States.
A statement sworn to before the .American Consul by the disburs:i.ng officer of the company at Tampico to the effect that the gold
has actually been used tor payrolls in the way specified in the
ap~li
cation should accompany the next application for gold., and no such application will be granted unless accompanied by such a certificate
relating to its predecessor •
..
very truly yours,
Secretary.
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