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FEDERAL RESERVE BANK OF NEW YORK Circular No. 2046, April 16, 1940 Reference to Circular No. 2044, dated April 10, 1940. Executive Order No. 8389, April 10, 1940, and Regulations Issued Pursuant Thereto Relating to Transactions in Foreign Exchange, Etc. To all Banking Institutions, and Others Concerned, in the Second Federal Reserve District: With our Circular No. 2044, dated April 10,1940, we transmitted a copy of Executive Order (No. 8389), dated April 10,1940, and a copy of the Regulations issued pursuant thereto relating to transactions in foreign exchange, etc. For your information we quote below the text of a telegram received today from the Secretary of the Treasury: The Secretary of the Treasury has issued the following general ruling: General Kuling No. 1 under Executive Order No. 8389, April 10, 1940, and Regulations issued pursuant thereto relating to transactions in foreign exchange, etc. The Secretary of State has advised me as follows: "Denmark and Iceland are two separate political entities. Acting under the authority of a provision of the Icelandic constitution the Icelandic parliament has within the past few days passed a resolution stating that since the King of Iceland is not now in a position to carry out his constitutional duties with respect to Iceland, the Icelandic government has assumed for the time being the exercise of the royal prerogatives and the entire control of Icelandic foreign relations. "In view of the foregoing it would not appear that Iceland falls within the definition of the term 'Denmark' in Section 11 of the above-mentioned Executive Order." In view of the foregoing, the Treasury Department construes the term 'Denmark' as used in the above-mentioned Executive Order and Regulations as not applying to Iceland. H. MORGENTHAU, J R . , Dated April 15, 1940. Secretary of the Treasury. For your further information we quote below the text of an announcement released by the Treasury Department on April 15, 1940: Secretary Morgenthau announced today that, in response to numerous requests, the time has been extended for filing the reports of property interests of Norway and Denmark and nationals thereof which are required by the Executive Order of April 10, 1940, and the Regulations issued thereunder. Reports on Form TFR-100 which were to have been filed on or before April 22, 1940, may now be filed on or before May 15, 1940. Reports on Form TFR-200 covering daily transactions for the period ending May 15, 1940, may now be filed at any time during such period. Reports on Form TFR-200 should be filed only if the total daily changes in the property interests of Norway or Denmark or a national thereof covered by the report amount to $5,000 or more. Copies of the above-mentioned Form TFR-100 and Form TFR-200 are available at this bank and will be furnished upon request. Additional copies of this circular and of our Circular No. 2044 will also be furnished upon request. GrEOBGE L . H A B B I S O N , President.
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