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F ederal R eserve Bank of N ew Y ork T C ircu la r No. 3830 1 March 7. 1952 L J UNITED STATES G V R M N C E K OEN E T HC S PAYABLE AT M ILA AN To a l l banks in Second Federal the Reserve D istr ic t: In our circular le tte r dated M 18, 1950, we advised you that some ay checks drawn on the Treasurer o f the United States and mailed to payees in the Philippine Islands had been fraudulently raised. W have been informed recently by the Treasury Department that, in e 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. W understand that, under Philippine laws and Foreign Exchange e 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 SPRO L, U President.