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FEDERAL RESERVE BANK OF DALLAS Dallas, Texas, July 26, 1941 To All Banking Institutions, and Others Concerned, in the Eleventh Federal Reserve D istrict: The Secretary of the Treasury has issued the following general license: “ GENERAL LICENSE NO. 58, UNDER EXECUTIVE ORDER NO. 8389 of April 10, 1940, as amended, and Regulations issued pursuant thereto, relating to transactions in foreign exchange, etc.* (1) A general license is hereby granted licensing all transactions ordinarily incident to the importing and exporting of goods, wares and merchandise between the United States and any part of China other than Manchuria, provided the following terms and conditions are complied with: (a) Such transaction is not by, or on behalf of, or pursuant to the direction of (i) any blocked country other than China, or (ii) any person within Manchuria, or (iii) any national of any blocked country other than China unless such national is within China; (b) Such transaction does not involve property in which (i) any blocked country other than China, or (ii) any person within Manchuria, or (iii) any national of any blocked country other than China, unless such national is within China, has at any time on or since the effective date of the Order had any interest; and (c) Any banking institution within the United States, prior to issuing, confirming or advising letters of credit, or accepting or paying drafts drawn, or reimbursing them selves for payments made, under letters of credit, or making any other payment or transfer of credit, in connection with any importation or exportation pursuant to this general license, or engaging in any other transaction herein authorized, shall satisfy itself (from the shipping documents or otherwise) that: (i) Any such transaction is incident to a bona fide importation or exportation and is customary in the normal course of business, and that the value of such importation or exportation reasonably corresponds with the sums of money involved in financing such transactions; and (ii) Such importation or exportation is or will be made pursuant to all the terms and conditions of this license. (2) Banking institutions within the United States engaging in any transactions authorized by this general license shall file promptly with the appropriate Federal Reserve bank monthly reports setting forth the details of such transactions during such period, including appropriate identification of the accounts which are debited or credited in connection with any such transaction. (3) As used in this general license a person shall not be deemed to be ‘within China’ unless such person was situated within and doing business within China on and since June 14, 1941. July 26,1941 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; Eegulations 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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