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FEDERAL RESERVE BANK
OF NEW YORK

Circular No. 2 0 5 7 , May 10, 1940
Reference to Circulars

Nos. 2044, 2046, 2050, 2053 and 2056.

Executive Order No. 8389, April 10, 1940, as Amended by Executive Order
No. 8405, May 10, 1940, and Regulations Issued Pursuant Thereto
Relating to Transactions in Foreign Exchange, Etc.

To all Banking Institutions, and Others Concerned,
in the Second Federal 'Reserve District:

For your information we quote below the text of a telegram received today from the
Treasury Department:
The following general licenses have been issued today by the Secretary of the Treasury pursuant to Executive Order 8405 and the Regulations issued thereunder.
Code of Federal Regulations
Title 31 Money and Finance: TreasuryChapiter I—Monetary Offices, Department of the Treasury
Part 131
TREASURY DEPARTMENT
'OFFICE OF THE SECRETARY.

Amendment to General License No. 1 under Executive Order No. 8389, April 1Q,
1940, as amended, and Regulations issued pursuant thereto, relating to
transactions in foreign exchange, etc. (*)
General License No. 1 is hereby amended to read as follows:
" A general license is hereby granted authorizing paym£nts and ^transfers of credit to
accounts in bankiag institutions within the United States in which Norway, Denmark,
The Netherlands, Belgium, or Luxembourg, or a national thereof has a property interest
within the meaning of the Executive Order of April 10,1940,-a^ amended, and the Regulatons issued thereunder; Provided that the .payments or transfers of credit are not made
from accounts in whrch Norway, Denmark, The Netherlands, Belgium or Luxembourg or
a national thereof has a property interest within the meaning of such Order and Regulations."
'HERBERT E. •GASTON,

Acting Secretary of the Treasury.
May 10, 1940.
• P a r t 131:—Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public Resolution No. 69,76th Congress; 12 U. S. C. 95a; Ex. Order 6560, Jan. 15, 1934; Ex. Order &389, April 10, 1940; Ex. Order 8405, May
10, 1940; Regulations, April 10, 1940, as amended, May 10, 1940.




Code of Federal Regulations
Title 31 Money and Finance: TreasuryChapter I—Monetary Offices, Department of the Treasury
Part

132

TREASURY DEPARTMENT
OFFICE OF THE SECRETARY.

General License No. 2 under Executive Order No. 8389, April 10, 1940, as amended,
and Regulations issued pursuant thereto, relating to transactions in
foreign exchange, etc.(*)
A general license is hereby granted authorizing banking institutions within the United
States to debit accounts with such banking institutions in which Norway, Denmark, The
Netherlands, Belgium or Luxembourg or a national thereof has a property interest within
the meaning of the Executive Order of April 10, 1940, as amended, and the Regulations
issued thereunder, in payment or reimbursement for (a) interest due to such banking institutions, (b) cable, telegraph or telephone charges, or postage costs (c) custody fees and
service charges, and (d) protest fees, provided that all banking institutions making any
such debits shall file promptly with the appropriate Federal Reserve bank weekly reports
showing the details of such debits.
-r- /TT
fe

HERBERT E. GASTON,

May 10, 1940.
Acting Secretary of the Treasury.
*Part 132:—Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public Resolution No. 69, 76th Congress; 12 U. S. C. 95a; Ex. Order 6560, Jan. 15, 1934; Ex. Order 8389, April 10, 1940; Ex. Order 8405, May
10, 1940, Regulations, April 10, 1940, as amended May 10, 1940.

Code of Federal Regulations
Title 31 Money and Finance: Treasury
Chapter I—Monetary Offices, Department of the Treasury
Part

133

TREASURY DEPARTMENT
OFFICE OF THE SECRETARY.

General License No. 3 under Executive Order No. 8389, April 10, 1940, as
amended and Regulations issued pursuant thereto, relating to transactions
in foreign exchange, etc.(*)
A general license is hereby granted authorizing banking institutions within the United
States:
(A) To make payments from accounts in which Norway or Denmark or a
national thereof has a property interest within the meaning of the Executive Order of
April 10, 1940, as amended, and the Regulations issued thereunder, of checks, drafts,
and other payment orders drawn or issued prior to April 8, 1940, and to accept and
pay and debit to such accounts drafts drawn prior to April 8, 1940, under letters of
credit and
(B) To effect transfers of credit or payments between accounts in banking institutions within the United States in which Norway or Denmark or a national thereof
has a property interest within the meaning of the Executive Order of April 10, 1940,
as amended, and the Regulations issued thereunder, under instructions issued prior
to April 8, 1940,
(C) To make payments from accounts in which The Netherlands, Belgium or
Luxembourg or a national thereof has a property interest within the meaning of the
Executive Order of April 10, 1940, as amended, and the Regulations issued thereunder, of checks, drafts, and other payment orders drawn or issued prior to May 10,
1940, and to accept and pay and debit to such accounts drafts drawn prior to May 10,
1940, under letters of credit, and
(D) To effect transfers of credit or payments between accounts in banking institutions within the United States in which The Netherlands, Belgium or Luxembourg
or a national thereof has a property interest within the meaning of the Executive
Order of April 10, 1940, as amended, and the Regulations issued thereunder, under
instructions issued prior to May 10, 1940.
„ ^
TT
^

'

HERBERT E. GASTON,

May 10, 1940.
Acting Secretary of the Treasury.
• P a r t 133:—Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public Resolution No. 69, 76th Congress; 12 U. S. C. 95a; Ex. Order 6560, Jan. 15, 1934; Ex. Order 8389, April 10, 1940; Ex. Order 8405, May
10, 1940; Regulations, April 10, 1940, as amended, May 10, 1940.




Code of Federal Regulations
Title 31 Money and Finance: TreasuryChapter I—Monetary Offices, Department of the Treasury
P a r t 134

TREASURY DEPARTMENT
OFFICE OF THE SECRETARY.

General License No. 4 under Executive Order No. 8389, April 10, 1940, as
amended, and Regulations issued pursuant thereto, relating to transactions in
foreign exchange, etc.(*)
A general license is hereby granted authorizing the bona fide purchase and sale of
securities by banking institutions within the United States, for the account of nationals of
Norway, Denmark, The Netherlands, Belgium or Luxembourg within the meaning of the
Executive Order of April 10, 1940, as amended, and the Regulations issued thereunder,
pursuant to the instructions of such nationals, and the making and receipt of payment for
and the transfer of such securities, Provided that:
(A) In the case of the purchase of securities the securities purchased are held in
an account in a banking institution within the United States in the name of the national
of Norway, Denmark, The Netherlands, Belgium or Luxembourg whose account was
debited to purchase such securities, and
(B) In the case of the sale of securities the proceeds of the sale are credited to an
account in a banking institution within the United States in the name of the national
of Norway, Denmark, The Netherlands, Belgium or Luxembourg for whose account
the sale was made.
Each banking institution making such a purchase or sale is required to file promptly
with the appropriate Federal Reserve bank weekly reports showing the details of the transactions, including a description of the securities purchased or sold, of the person for whose
account the purchase or sale was made, and the price at which the purchase or sale was
made.
HERBERT E. GASTON,

May 10, 1940.

Acting Secretary of the Treasury.

(*) Part 134:—Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public Resolution No. 69, 76th Congress; 12 U. S. C. 95a; Ex. Order 6560, Jan. 15, 1934; Ex. Order 8389, April 10, 1940; Ex. Order 8405, May
10, 1940; Regulations, April 10, 1940, as amended May 10, 1940.

Code of Federal Regulations
Title 31 Money and Finance: Treasury
Chapter I—Monetary Offices, Department of the Treasury
P a r t 135

TREASURY DEPARTMENT
OFFICE OF THE SECRETARY.

General License No. 5 under Executive Order No. 8389, April 10, 1940, as
amended, and Regulations issued pursuant thereto, relating to transactions in foreign exchange, etc.(*)
A general license is hereby granted authorizing the payment to the United States and
agencies and instrumentalities thereof of taxes, fees, charges, and other items payable to
the United States and agencies and instrumentalities thereof from accounts in which
Norway, Denmark, The Netherlands, Belgium or Luxembourg or a national thereof has a
property interest within the meaning of the Executive Order of April 10, 1940, as amended,
and the Regulations issued thereunder.
HERBERT E. GASTON,

May 10, 1940.

Acting Secretary of the Treasury.

(*) Part 135:—Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public Resolution No. 69, 76th Congress; 12 U. S. C. 95a; Ex. Order 6560, Jan. 15, 1934; Ex. Order 8389, April 10, 1940; Ex. Order 8405, May
10, 1940; Regulations, April 10, 1940, as amended May 10, 1940.

Additional copies of this circular will be furnished upon request.




GEORGE L. HARRISON,

President.

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