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FEDERAL RESERVE BANK
OF NEW YORK
r

Circular No. 2 2 5 4 , August 1, 1941
Reference to Circulars Nos. 2129, 2131, 2132, 2144, 2171, 2182, 2183, 218S
2187, 2188, 2194, 2195, 2207, 2208, 2216, 2219, 2221, 2222, 2223, 2226, 2229.
L.2232, 2233, 2238, 2241, 2242, 2244, 224S, 2246, 2247, 2249, 2250 and 2251

Executive Order No. 8389, as Amended, 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 amended or revoked today, August 1, 1941,
pursuant to Executive Order No. 8389, as amended, and the Regulations issued thereunder :
CODE OF FEDERAL REGULATIONS
Title 31—Money and Finance: Treasury

TREASURY DEPARTMENT
o f f i c e of t h e Secretary

Chapter I—Monetary Offices, Department of the Treasury
.
< i 1 QAI
Part 131—General Licenses under Executive Order No. 8389,
A u g u s t 1, 1^41.
April 10, 1940, as amended, and Regulations
issued pursuant thereto.
Section 131.45
REVOCATION OF GENERAL LICENSE NO. 45, AS AMENDED, UNDER EXECUTIVE
ORDER NO. 8389, APRIL 10, 1940, AS AMENDED, AND REGULATIONS ISSUED PURSUANT
THERETO, RELATING TO TRANSACTIONS IN FOREIGN EXCHANGE, ETC.*

General License No. 45, as amended, is hereby revoked.
E. H. FOLEY, JR.

Acting Secretary of the Treasury.
* Part 131;—Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Ex. Order 8389, April 10,
1940, as amended by Ex. Order 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941; Regulations,
April 10, 1940, as amended June 14, 1941, and July 26, 1941.

CODE OF FEDERAL REGULATIONS
Title 31—Money and Finance: Treasury

TREASURY DEPARTMENT
Office of the Secretary

Chapter I—Monetary Offices, Department of the Treasury
.
, .. 1041
Part 131—General Licenses under Executive Order No. 8389,
'
April 10, 1940, as amended, and Regulations
issued pursuant thereto.
Section 131.55
GENERAL LICENSE NO. 55, AS AMENDED, UNDER EXECUTIVE ORDER NO. 8389,
APRIL 10, 1940r AS AMENDED, AND REGULATIONS ISSUED PURSUANT THERETO,
RELATING TO TRANSACTIONS IN FOREIGN EXCHANGE, ETC.*

General License No. 55 is amended to read as follows:
(1) A general license is hereby granted authorizing any banking institution within
the United States to make payments from blocked accounts of China or Japan, or any
national thereof:
A. Of checks and drafts drawn or issued prior to July 26, 1941, and to accept and
pay and debit to such accounts drafts drawn prior to July 26, 1941, under letters
of credit provided:
(1) The amount involved in any one payment, acceptance, or debit does not
exceed $500; or



(2) The amount involved in any one payment, acceptance, or debit does not
exceed $10,000 and the check or draft was within the United States in process
of collection on or prior to July 26, 1941; and
B. Of documentary drafts drawn under revocable or irrevocable letters of credit
issued or advised by a domestic bank prior to July 26, 1941, provided:
(1) That such letters of credit were not issued in favor of Japan or China or
any national thereof; or
(2) That such drafts have not, since July 26, 1941, been held by or for the account
of any blocked country or national thereof.
(2) Banking institutions making any payment or debit authorized by this general
license shall file promptly with the appropriate Federal Reserve Bank weekly reports
showing the details of such transactions.
(3) This license shall expire at the close of business on August 30, 1941.
E. H. FOLEY, JR.

Acting Secretary of the Treasury.
* Part 131;—Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Ex. Order 8389, April 10,
1940, as amended by Ex. Order 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941; Regulations,
April 10, 1940, as amended June 14, 1941, and July 26, 1941.

CODE OF FEDERAL REGULATIONS
Title 31—Money and Finance: Treasury

TREASURY DEPARTMENT
Office of the Secretary

C h a p t e r I — M o n e t a r y Offices, D e p a r t m e n t of t h e T r e a s u r y
P a r t 131—General Licenses under Executive O r d e r N o . 8389,
April 10, 1940, as amended, a n d Regulations

A oto

t 1 1Q4-1
'

issued pursuant thereto.
Section 131.59
AMENDMENT OF GENERAL LICENSE NO. 59, UNDER EXECUTIVE ORDER NO. 8389,
APRIL 10, 1940, AS AMENDED, AND REGULATIONS ISSUED PURSUANT THERETO,
RELATING TO TRANSACTIONS IN FOREIGN EXCHANGE, ETC.*

General License No. 59 is hereby amended by substituting in paragraph (1) (c)
thereof the term "Underwriters Bank for the Far East Inc." for the term "Underwriters
Savings Bank".
E. H. FOLEY, JR.

Acting Secretary of the Treasury.
* Part 131;—Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Ex. Order 8389, April 10,
1940, as amended by Ex. Order 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941; Regulations,
April 10, 1940, as amended June 14, 1941, and July 26, 1941.
CODE OF FEDERAL REGULATIONS
Title 31—Money and Finance: Treasury
Chapter I—Monetary Offices, Department of the Treasury
Part 131—General Licenses under Executive Order No. 8389,
April 10, 1940, as amended, a n d Regulations

TREASURY DEPARTMENT
Office of the Secretary
A o- t 1 1Q41
to
'

issued pursuant thereto.
Section 131.61
AMENDMENT OF GENERAL LICENSE NO. 61, UNDER EXECUTIVE ORDER NO. 8389,
APRIL 10, 1940, AS AMENDED, AND REGULATIONS ISSUED PURSUANT THERETO,
RELATING TO TRANSACTIONS IN FOREIGN EXCHANGE, ETC.*

General License No. 61 is hereby amended by substituting in paragraph (1) (c)
thereof the term "the Farmers Bank of China" for the term "the Farmers Bank".
E. H. FOLEY, JR.

Acting Secretary of the Treasury.
* Part 131;—Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Ex. Order 8389, April 10,
1940, as amended by Ex. Order 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941; Regulations,
April 10, 1940, as amended June 14, 1941, and July 26, 1941.




In addition, the following Public Circular No. 2 has been issued today under such
Order.
CODE OF FEDERAL REGULATIONS
Title 31—Money and Finance: Treasury

TREASURY DEPARTMENT
Office of the Secretary

Chapter I—Monetary Offices, Department of the Treasury
, 1(M1
A
Parts 130 and 131
August 1, 11*1.
Appendix*
PUBLIC CIRCULAR NO. 2,
UNDER EXECUTIVE ORDER NO. 8389, APRIL 10, 1940, AS AMENDED, AND REGULATIONS ISSUED PURSUANT THERETO, RELATING TO TRANSACTIONS IN
FOREIGN EXCHANGE, ETC.*

The following are replies which the Treasury Department has made to inquiries:
(1) Drafts or other orders for payment drawn under irrevocable letters of credit issued
in favor or on behalf of any blocked country or national thereof may not be presented,
accepted or paid except pursuant to license.
(2) Drafts or other orders for payment, in which any blocked country or national
thereof has on or since the effective date of the Order had any interest, drawn under any
irrevocable letter of credit may not be presented, accepted or paid except pursuant to
license.
(3) Documentary drafts in which any blocked country or national thereof has on or
since the effective date of the Order had any interest may not be presented, accepted or
paid except pursuant to license.
(4) General License No. 1 does not authorize any such payment into blocked accounts.
E. H. FOLEY, JR.

Acting Secretary of the Treasury.
* This Public Circular affects Parts 130 and 131 and will be included in appendices to those parts.
Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179; Ex. Order 8389, April 10, 1940, as amended
by Ex. Order 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941; Regulations, April 10, 1940, as
amended June 14, 1941, and July 26, 1941.

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