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F ed er al Reserve Bank of N ew York T C ircu la r No. 3830 1 March 7. 1952 L J UNITED STATES GOVERNMENT CHECKS PAYABLE AT MANILA To a l l banks in Second Federal the Reserve D istr ic t: In our circular le tte r dated May 18, 1950, we advised you that some checks drawn on the Treasurer o f the United States and mailed to payees in the Philippine Islands had been fraudulently raised. We have been informed recently by the Treasury Department that, in order to cooperate with the Philippine Government in it s e ffo rts to keep United States Government checks out o f the black market in that country and in an endeavor to prevent the fraudulent alteration o f the amounts o f such checks, certain dollar checks in both paper and card form in favor o f payees residing in the Philippines are being drawn on the Treasurer o f the United States bearing an inscription in red ink reading “ Payable Only at the Manila Branch o f the National City Bank o f New York,” placed directly under the words “ Treasurer o f the United States.” Checks bearing this inscription will be paid only at the Manila Branch o f the National City Bank o f New York; they w ill not be paid by the Treasury Department in Washington. We understand that, under Philippine laws and Foreign Exchange Control regulations, checks in the form described above may be cashed by the payees fo r peso currency only; except that American citizen s who desire to remit to the United States the dollar amount o f checks issued in their names are permitted to do so by arrangement with the Manila Branch o f the National City Bank o f New York. ALLAN SPROUL, President.
@FedFRASER