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FEDERAL RESERVE BANK
OF DALLAS

Dallas, Texas, September 4,1941

To All Banking Institutions, and Others Concerned,
in the Eleventh Federal Reserve District:
The Secretary of the Treasury has issued the following amendment to General
License No. 55:
“ GENERAL LICENSE NO. 55, AS AMENDED, UNDER EXECUTIVE ORDER
NO. 8389, of April 10, 1940, as amended, and Regulations issued pursuant there­
to, 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 insti­
tution within the United States to make payments from blocked accounts of
China or Japan, or any national thereof, of documentary drafts drawn under
revocable or irrevocable letters of credit issued or advised by a domestic
bank prior to July 26, 1941, provided:
(a) That such letters of credit were not issued in favor of Japan
or China or any national thereof; or
(b) 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 September 30,
1941.
E. H. FOLEY, JR.
Acting Secretary of the Treasury ”
*Part 131— Sec. 5(b), 40 Stat. 415 and 986; 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.

Yours very truly,

R. R. GILBERT
President

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)


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