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FEDERAL RESERVE BANK
OF NEW YORK

'Circular No. 2 2 4 7 , July 23, 1941T
. Reference to Circular No. 2171. J

Executive Order No. 8389, as Amended, and Regulations Issued Pursuant Thereto,
Relating to Transactions in Foreign Exchange, Etc.
To all Banks, and Others Concerned,
in the Second Federal Reserve District:

With respect to the question as to whether under General License
No. 32, in lieu of crediting the dollar amount involved to free dollar
accounts in cases in which such action is permissible, payment may be
effected through the currency of some third country, the Treasury
Department has authorized us to inform interested persons in the
Second Federal Reserve District that, for the time being, remittances
which might be made under General License No. 32, or General License
No. 33 (or under specific licenses containing similar provisions) against
free dollars, may be effected through the currency of some third country,
provided such country is not a blocked country.
Additional copies of this circular will be furnished upon request.




ALLAN SPKOUL,

President.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102