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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 District:

The Secretary of the Treasury has issued the following general license:
“ GENERAL LICENSE NO. 67, 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 authorizing payments, transfers or withdrawals
from blocked accounts, in domestic banks, of any partnership, association, corporation, or other
organization engaged in commercial activities within the United States and which is a national
of China or Japan for the purpose of paying current salaries, wages, or other compensation
due employees of such organization, provided that:
(a) Such employees are engaged in employment in and residing in the United States;
and
(b) The total payments, transfers or withdrawals from blocked accounts of any such
organization for such purpose does not exceed in any one week the average weekly
payroll, for such employees of such organization, during the six months’ period
immediately preceding the date of this license.
(2) Any bank effecting any such payment, transfer or withdrawal shall satisfy itself that
such payment, transfer or withdrawal is being made pursuant to the terms and conditions of
this general license.
(3) Each such organization shall promptly file weekly reports in triplicate with the appro­
priate Federal Reserve bank with respect to any such payments, transfers or withdrawals made
from its blocked accounts during the reporting period. Such reports shall include:
(a) The total amount of such payments, transfers or withdrawals made during such
period;
(b) The names and addresses of the domestic banks holding the blocked accounts
from which such payments, transfers or withdrawals were made, and the amount
of such payments, transfers or withdrawals made from the blocked accounts in
each bank; and the first weekly report filed by such organization shall include
(c) Comparable data for each of the six months preceding the date of this license.
(4) This license shall expire at the close of business on August 26, 1941.
E. H. FOLEY, JR.
Acting Secretary of the Treasury”
July 26,1941
*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.

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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