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FEDERAL RESERVE BANK OF NEW YORK Fiscal Agent of the United States Circular No. 2 3 4 4 , December 27, 1941 ~| Reference to Circulars Nos. 2262, 2269, 2271, 2274, 2277, 2281, 2292, 2293, 2300, 2301, 2302, 2306, 2309, 2314, 2319, 2321, 2326, ,2327, 2328, 2329, 2331, 2332, 2334, 2335, 2338, 2339, 2342 and 2343. J Executive Order No. 8389, as Amended, 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: For your information we quote below the text of a telegram received today from the Treasury Department: The following is the text of Public Circular No. 10 of December 26, 1941, and press release issued in connection therewith : CODE OF FEDERAL REGULATIONS TREASURY DEPARTMENT Title 31—Money and Finance: Treasury Office of the Secretary Chapter I—Monetary Offices, Department of the Treasury , 1n.; Parts 130 and 131 December 26, 1941. Appendix* PUBLIC CIRCULAR NO. 10 UNDER EXECUTIVE ORDER NO. 8389, APRIL 10, 1940, AS AMENDED, AND REGULATIONS ISSUED PURSUANT THERETO, RELATING TO TRANSACTIONS IN FOREIGN EXCHANGE, ETC.* 1. General License No. 57 is hereby revoked. 2. The offices within Hong Kong and occupied China of banks named in Schedule A of General License No. 58, shall, as of the date hereof, cease to be appointed banks, and, as of the date hereof, such offices shall also cease to be generally licensed nationals within the meaning of General Licenses Nos. 59, 60, or 61, and such general licenses are to such extent hereby revoked. 3. General License No. 13 is hereby amended in the following respects: (a) The word "Hong Kong" is deleted from subdivision (a) of paragraph (1) thereof; and (b) The words "Hong Kong" and "Penang" are deleted from subdivision (b) of paragraph (1) thereof. 4. Subparagraph (a) of paragraph (3) of General License No. 53 is hereby amended in the following respects: (1) A semicolon is substituted for the period at the end of Item (x) thereof; and (2) The following proviso to all of the provisions of subparagraph (a) is added at the end thereof: "Provided, however, that the term 'generally licensed trade area' shall not include any territory which is controlled or occupied by the military, naval or police forces or other authority of Japan, Germany, or Italy, or allies thereof." D. W. BELL Acting Secretary of the Treasury. •This public circular affects Parts 130 and 131 and will be included in appendices to those parts. 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, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. (OVER) TREASURY DEPARTMENT Washington FOR IMMEDIATE RELEASE, PRESS SERVICE Saturday, December 27, 1941 No. 29-31 In view of the occupation of Hong Kong, and the freezing of Hong Kong assets by the President, the Treasury Department has issued Public Circular No. 10, which revokes certain general licenses which specifically relate to Hong Kong. The public circular also has the effect of blocking the accounts of all banks in Hong Kong and in occupied China, and of preventing the offices in Hong Kong and occupied China of such banks from financing trade and handling remittances between the United States and China. The following is text of General License No. 78 issued December 26, 1941: CODE OF FEDERAL REGULATIONS TREASURY DEPARTMENT Title 31—Money and Finance: Treasury Office of the Secretary Chapter I—Monetary Offices, Department of the Treasury December 26 1941 Part 131—General Licenses under Executive Order No. 8389, April 10, 1940, as amended, and Regulations issued pursuant thereto. Section 131.78 GENERAL LICENSE NO. 78, UNDER EXECUTIVE ORDER NO. 8389, APRIL 10, 1940, AS AMENDED, AND REGULATIONS ISSUED PURSUANT THERETO, RELATING TO TRANSACTIONS IN FOREIGN EXCHANGE, ETC.* A general license is hereby granted licensing any transaction which is prohibited by the Order solely by reason of the fact that it involves property in which Hong Kong, or any national thereof, has at any time prior to December 25, 1941, but not on or since December 25, 1941, had any interest. This general license shall not be deemed to authorize any transaction, if (i) such transaction is by, or on behalf of, or pursuant to the direction of Hong Kong, or any national thereof, or (ii) such transaction involves property in which Hong Kong, or any national thereof, has at any time on or since December 25, 1941, had any interest. D. W. BELL 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, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. Additional copies of this circular will be furnished upon request. ALLAN SPBOTJL, President.
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