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CIRCULAR N O . 181 /XOMCC^ 111 FEDERAL RESERVE BANK OF N E W YORK FOREIGN EXCHANGE DEPARTMENT NO. 1018 July 1, 1919. FOREIGN EXCHANGE TRANSACTIONS A N D EXPORTATION OF COIN, BULLION A N D CURRENCY T o ALL B A N K S AND T R U S T C O M P A N I E S , SAVINGS B A N K S AND H O L D E R S OF REGISTRATION C E R T I F I C A T E S IN THE SECOND F E D E R A L R E S E R V E D I S T R I C T , DEAR SIRS: T h e Division of Foreign Exchange of the Federal Reserve Board announced to-day that the President had issued a new proclamation under date of J u n e 26, 1919, which abrogates, with certain exceptions, the provisions of the Executive Order of J a n u a r y 26, 1918, regarding foreign exchange and other related transactions. Your attention is particularly directed to the fact t h a t applications and licenses will no longer be required for the exportation of coin, bullion and currency, except as stated in the announcement. It should also be noted t h a t remittances to enemy territory are not authorized except under licenses of the War Trade Board. For your information we quote below the text of the announcement made by the Division of Foreign Exchange of the Federal Reserve Board: "By proclamation under date of J u n e 26, the President has abrogated the Executive Order of J a n u a r y 26, 1918, dealing with the control of foreign exchange and the exportation and importation of coin, bullion, currency, etc., except t h a t the Federal Reserve Board remains authorized to control dealings with t h a t part of Russia now under the so-called Bolshevik Government, and remittances to countries to which remittances have heretofore been permitted only through the American Relief Administration. T h e Federal Reserve Board has just announced t h a t remittances to these latter countries are not now subject to any restrictions. Dealings with t h a t part of Russia now under the control of the so-called Bolshevik Government, however, are still prohibited. Attention is called to the fact t h a t , except insofar as they are permitted by a general or a specific license from the War T r a d e Board, remittances to enemy countries are still prohibited." Yours very truly, B E N j . STRONG, Governor.
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