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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legal tender and to be negotiable as of O c t o b e r 9, 1944, and was withdrawn f r o m circulation in Belgium.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.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102