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FEDERAL, RESERVE BANK
OF DALLAS

Dallas, Texas, December 12, 1941

IM PO R TAN T— HAS R E FE R E N C E TO J A P A N

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. 77 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 any person engaged, prior to December 7,
1941, in the production, marketing or distribution of food products within the continental United
States, and who is a national of Japan, to engage in all transactions ordinarily incidental to the
normal conduct of their business of producing, marketing or distributing food within the continental
United States, provided, however, that this general license shall not authorize—
(a) Any transaction which could not be effected without a license if such person were not
a national of any blocked country,
(b) Total payments, transfers or withdrawals from blocked accounts of any such person
during any one week in excess of the average weekly payments from such account
during the six months’ period immediately preceding the date of this license, or
(c) Any transactions by or on behalf of nationals of Japan who were not generally licensed
nationals under General License No. 68 prior to December 7, 1941.
(2) Any person engaging in business pursuant to this general license shall not engage in any
transaction pursuant to this general license which, directly or indirectly, substantially diminishes or
imperils the assets of such person within the continental United States or otherwise prejudicially
affects the financial position of such person within the continental United States.
(3) Any bank effecting any payment, transfer or withdrawal pursuant to this general license
shall satisfy itself that such payment, transfer or withdrawal is being made pursuant to the terms
and conditions of this general license.
(4) Where any blocked account in a bank is debited in excess of $500 per calendar month pur­
suant to this general license, such bank shall file with the appropriate Federal Reserve bank a report
for such calendar month setting forth the details of the transactions in such account during the
calendar month.
E. H. FOLEY, JR.
December 11,1941
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, Ex. Order 8832, July 26, 1941, and Ex. Order 8963, December 9, 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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