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FEDERAL RESERVE BANK OF NEW YORK F i s c a l A g e n t of t h e U n i t e d States r Circular N o . 3 0 0 4 L S e p t e m b e r 24, 1945 J CONVERSION AND OF BELGIAN DEPOSIT OF BANK BELGIAN NOTES AND BEARER DECLARATION SECURITIES To all Banking Institutions, and Others Concerned, in the Second Federal Beserve District : The Treasury Department has advised us under date of September 21, 1945, that on such date it received the following announcement from the Belgian Embassy in Washington: CONVERSION OF BELGIAN BANK NOTES A N D AND DEPOSIT O F BELGIAN BEARER I. DECLARATION SECURITIES CONVERSION OF BELGIAN B A N K NOTES U n d e r a Belgian Decree-law dated O c t o b e r 6, 1944, paper currency issued prior t o O c t o b e r 9, 1944 b y the National Bank of Belgium in the denominations of 100, 500, 1,000 and 10,000 francs ceased to be legal tender and to be negotiable as of O c t o b e r 9, 1944, and was withdrawn f r o m circulation in Belgium. Arrangements have been made whereby u p to and including O c t o b e r 22, 1945, all such called notes held in the continental United States and Hawaii shall be f o r w a r d e d to the Belgian Consulates, panied b y a declaration on a f o r m obtainable f r o m the Belgian Embassy o r Consulates. accom- Information required in the declaration pertains to the ownership and location of the currency and the date and manner in which it was acquired. In addition, the owner is required t o establish that the banknotes w e r e acquired without violating the laws and regulations of Belgium and that they do not belong to and were not received f r o m nationals o f any country at war with Belgium or her allies. Residents in the United States shall also declare Belgian banknotes o w n e d by them outside of the United States on O c t o b e r 9, 1944, to which n o third party had access. If the Belgian authorities are satisfied that the notes are genuine and w e r e legitimately acquired, the equivalent of the banknotes, in respect of which the o w n e r has complied with the above requirement, will be credited to a blocked account in the name of the o w n e r mentioned in the declaration with the " O f f i c e des Cheques et Virements P o s t a u x " ( O f f i c e o f Postal Checks and T r a n s f e r s ) , Brussels, Belgium. A f t e r O c t o b e r 22, 1945, no declaration and deposit will be accepted. T h e location of the Belgian consular offices and the areas served b y them are as f o l l o w s : Belgian E m b a s s y , 1715—22nd Street, N . W . , W a s h i n g t o n , D . C . : District o f Columbia. Belgian Consulate General, 50 R o c k e f e l l e r Plaza, N e w Y o r k , N . Y . : N e w Y o r k , R h o d e Island, M a i n e , V e r m o n t , N e w Jersey, Delaware, Connecticut, Massachusetts, N e w H a m p s h i r e , Pennsylvania, M a r y l a n d , Virginia, W e s t Virginia, N o r t h Carolina, South Carolina. Belgian Consulate General, 333 N o r t h M i c h i g a n A v e n u e , Chicago, 111.: C o l o r a d o , Illinois, Indiana, I o w a , K a n s a s , K e n t u c k y , Michigan, Minnesota, Missouri, Nebraska, N o r t h and South Dakota, O h i o , Wisconsin, W y o m i n g . Belgian Consulate General, 4630 St. Charles A v e n u e , N e w Orleans, L a . : Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, N e w M e x i c o , Oklahoma, Tennessee, T e x a s . Belgian Consulate General, 369 Pine Street, San Francisco, Calif.: A r i z o n a , California, I d a h o , Montana, Nevada, O r e g o n , Utah, W a s h i n g t o n , Alaska and H a w a i i . (OVER) II. DECLARATION AND DEPOSIT OF BELGIAN BEARER SECURITIES Pursuant t o a decree of the Belgian Government o f O c t o b e r 6, 1944, holders o f Belgian bearer securities expressed in Belgian francs are required, u p to and including N o v e m b e r 22, 1945, to deposit their certificates with m e m b e r banks of the Federal R e s e r v e System and the Banque Beige p o u r l'Etranger ( O v e r s e a s ) Ltd., 67 W a l l Street, N e w Y o r k 5, N . Y . Deposits must be accompanied b y a declaration o n a special f o r m which is obtainable f r o m and, upon execution, shall be f o r w a r d e d to, the Banque p o u r l'Etranger ( O v e r s e a s ) Ltd. by the banks receiving them. Beige Necessary instructions will be supplied with the f o r m s . T h e securities may not be disposed of until it has been s h o w n , t o the satisfaction of the Belgian Ministry of Finance, that they have been continuously the property of Belgian, allied or neutral subjects since M a y 10, 1940. Securities not declared and deposited within the required time will be cancelled and the value thereof will be f o r f e i t e d to the Belgian State. Securities which must be declared and deposited are as f o l l o w s : whatever denomination issued b y authorities of Belgium or A l l Belgian bearer securities of the Belgian Congo, by Belgian limited companies, Belgian trust companies, Belgian C o n g o limited companies, and the K i v u National Committee. Included also are preference shares o f " S o c i e t e Nationale des Chemins de F e r B e i g e s " D u t c h and S w i s s series, and Belgian securities issued abroad in Belgian francs. T h e f o l l o w i n g securities need not be declared and deposited: (a) Bearer bonds with a nominal value not e x c e e d i n g 100 f r a n c s ; (b) Bearer b o n d s in default since prior to January 1, 1 9 3 0 ; (c) Stocks of companies organized prior to January 1, 1930, on which n o dividend has been paid since that date and the value of which did not e x c e e d 100 francs o n A u g u s t 31, 1 9 4 4 ; (d) Stocks of companies in liquidation, the value o f which did not e x c e e d 100 francs on A u g u s t 31, 1 9 4 4 ; as well as all b o n d s expressed in currencies other than Belgian francs, or bonds expressed in Belgian francs and one or m o r e foreign currencies. In order to facilitate the conversion of Belgian franc currency in accordance with the program, the Treasury Department has issued a license to the Belgian Embassy authorizing all transactions incident to the conversion by such Embassy or its agents of Belgian franc currency. Such license also authorizes withdrawals of Belgian franc currency from blocked accounts for the purpose of complying with the procedure described above. In connection with the declaration and deposit of Belgian bearer securities, attention is drawn to Treasury Department General License Number 1A. Additional copies of this circular will be furnished upon request. ALLAN SPROUL, President.