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UNITED STATES TREASURY DEPARTMENT
WASHINGTON: JANUARY 30, 1942
DOCUMENTS PERTAINING TO
FOREIGN FUNDS CONTROL
Executive Orders and Regulations Relating to Transactions In Foreign
Exchange and Foreign-Owned Property, the Reporting of all
Foreign-Owned Property and Related Matters;
General Rulings, General Licenses and Public Circulars under such
Orders and Regulations;
Presidential Proclamation Authorizing a Proclaimed List of Certain
Blocked Nationals and Regulations Relating Thereto;
Certain Sections of the Trading with the enemy Act and
Presidential General License under Section 3 (a) Thereof;
and
Certain Press Releases Relating to the above mentioned Documents.
6.1-30-42
For convenient use, Executive Order No. 8389, dated April 10,1940,
as amended, regulating transactions in foreign exchange and foreignowned property, providing for the reporting of all foreign-owned
property, and related matters, the Regulations of the Secretary of
the Treasury issued pursuant thereto, and General Rulings, General
Licenses and Public Circulars issued by the Secretary of the Treasury
under said Order and Regulations, as amended, which had not expired
or been revoked as of January 30,1942, also the Presidential Proclamation of July 17, 1941, authorizing a proclaimed list of certain blocked
nationals, and Regulations prescribed by the Secretary of the Treasury
to give effect to such Proclamation, are here reproduced, except that
Public Circulars Nos. 4 and 4A are referred to but not reproduced. In
the interests of brevity, the formal headings of the General Rulings,
General Licenses and Public Circulars as issued by the Secretary of
the Treasury and their designations as parts of the Code of Federal
Regulations have been omitted. The catch line inserted immediately
preceding each General Ruling, General License and Public Circular
is not a part thereof as issued by the Secretary of the Treasury and
should be disregarded in determining or interpreting the meaning of
any provision thereof. Official copies of the documents reproduced
herein are printed in the Federal Register. Reference should be made
to the Federal Register for additional Orders, Proclamations, Regulations, General Rulings, General Licenses and Public Circulars issued
subsequent to January 30, 1942, and for revocations of or amendments
to those printed herein.
Certain sections of the Trading with the enemy Act and the Presidential license issued under Section 3(a) thereof are also here reproduced.
In addition to the above mentioned documents, certain pertinent
Treasury Department Press Releases and Public Interpretations are
included.
Additional copies of this publication may be procured from the
Treasury Department, Washington, D. C, or from any Federal Reserve
Bank.
Attention is called particularly to General Ruling No. 4
and to the definitions contained in the Order and Regulations, since a thorough understanding of them is essential
to the proper interpretation of these documents.
CONTENTS
Pa
EXECUTIVE ORDERS
No.
No.
No.
No.
No.
8389, April 10, 1940.
8785, June 14, 1941
8832, July 26, 1941, reference to
8963, December 9, 1941, reference to
8998, December 26t 1941, reference to
se
4
4
4
4
4
GENERAL LICENSE
By the President under Section 3 (a) of the Trading with the enemy Act
8
REGULATIONS
Approved June 14, 1941
Approved July 26, 1941
8
10
PROCLAMATION
Issued July 17, 1941
11
TREASURY DECISION
(T. D. 50433) Regulations—Restricted Exportation and Importations
12
GENERAL RULINGS
No. 1 Term "Denmark" not applicable to Iceland.
No. 2 Transfer of stock certificates and custody of securities
:
;
No. 3 Transactions regarding securities registered or inscribed in name of a designated foreign country
or national thereof
No. 4 Definitions and rules of interpretation used in rulings, licenses, instructions, etc
No. 5 Control of imported securities
No. 6 Delivery of imported securities by Federal Reserve Banks to General Ruling No. 6 accounts in
domestic banks
No. 7 Securities coming from the Philippine Islands and the Panama Canal Zone
No. 8 Certain payments to designated foreign countries and nationals thereof
No. 9 General License No. 52 inapplicable to persons within Tangiers
No. 10 Control of Philippine paper currency and securities
13
13
13
14
15
16
17
17
17
18
GENERAL LICENSES
No.
No.
No.
No.
1 Payments to blocked accounts in domestic banks
1A Transfers of securities to blocked accounts in domestic banks
2 Entries in certain accounts for normal service charges
3 Payments of checks and drafts drawn or issued prior to April 8, 1940 from accounts of Norway
and Denmark and their nationals, and of checks and drafts drawn or issued prior to May 10,
1940 from accounts of Netherlands, Belgium and Luxembourg and their nationals (Revoked)..
No. 4 Sale of securities on a national securities exchange
No. 5 Payments to the United States, States and Political Subdivisions
No. 6 Payments from accounts of Government of the Netherlands (Revoked)
No. 7 Payments from accounts of Government of Belgium and Banque Nationale de Belgique (Revoked)
No. 8 Payments from accounts of certain Netherlands banks (Revoked)
No. 9 Commodities futures contracts
No. 10 Payments from accounts of certain Belgian banks (Revoked)
No. 11 Payments for living, traveling and similar personal expenses in the United States
No. 11A Living and personal expenses of Japanese nationals in United States
No. 12 Access to safe deposit boxes
No. 13 Certain offices of certain Netherlands banks—generally licensed nationals
No. 14 Certain offices of certain banks in Netherlands West Indies—generally licensed nationals
No. 15 Transactions incident to trade between the United States and the Netherlands East Indies and
the Netherlands West Indies
No. 16 Extension to France of certain general licenses (Revoked)
No. 17 Payments of checks and drafts drawn or issued prior to June 17, 1940 from accounts of France
and its nationals (Revoked)
No. 18 New York Office of French American Banking Corporation—a generally licensed national
No. 19 Certain South American, West Indian and Near Eastern Offices of certain Netherlands banks—
generally licensed nationals
No. 20 Payments from accounts of United States citizens domiciled or residing in Netherlands East
Indies or West Indies
No. 21 Netherlands Trading Society East, Ltd., and Netherlands Trading Society East, Inc.—generally
licensed nationals
No. 22 London and New York Offices of Banque Beige pour TEtranger (Overseas), Limited—generally
licensed nationals
No. 23 Extension to Latvia, Estonia and Lithuania of certain general licenses (Revoked)
No. 24 Payments of checks and drafts drawn or issued prior to July 10, 1940 from accounts of Latvia,
Estonia and Lithuania and their nationals (Revoked)
No. 25 Effect of attachment of Form TFEL-2 to securities
No. 26 Transactions in certain American Depositary Receipts and American Shares
..
No. 27 Payments of dividends and interest on, and redemption and collection of, securities
No. 28 Individuals who are citizens of, and residing only in, United States—generally licensed nationals.
No. 29 Application of certain general licenses to General Ruling No. 6 accounts
No. 30 Payments from, and transactions in the administration of, certain trusts and estates
1
19
19
20
20
20
21
21
21
21
21
22
22
22
23
23
24
24
24
24
25
25
25
26
26
26
26
26
27
27
28
28
28
CONTENTS—(Continued)
GENERAL LICENSES—(Continued)
Page
.
No. 31
No. 32
No. 33
No. 34
No. 35
Collection of coupons from certain securities bearing stamps of designated foreign countries
Certain remittances for necessary living expenses
Certain remittances to United States citizens in foreign countries
Extension of certain general licenses to any blocked country
Payment of checks and drafts drawn or issued prior to October 9,1940 from accounts of Rumania
and its nationals (Revoked)
No. 36 Payment of checks and drafts drawn or issued prior to March 4, 1941 from accounts of Bulgaria
and its nationals (Expired)
No. 37 Payments from accounts of United States citizens in employ of United States in foreign countries
No. 38 Payment of checks and drafts drawn or issued prior to March 13, 1941 from accounts of Hungary
and its nationals (Expired)
No. 39 Payment of checks and drafts drawn or issued prior to March 24, 1941 from accounts of Yugoslavia
and its nationals (Expired)
No. 40 New York offices of certain Greek controlled banks—generally licensed nationals
No. 41 Payment of checks and drafts drawn or issued prior to April 28, 1941 from accounts of Greece
and its nationals (Expired)....
No. 42 Individuals domiciled in and residing only in United States since certain dates—generally licensed
nationals
No. 42A Certain individuals residing only in the United States since June 17, 1940, and certain corporations and other organizations—generally licensed nationals. Filing of reports
No. 43 New York offices of certain Swiss banking institutions—generally licensed nationals
No. 44 Roman Curia a generally licensed national
No. 45 Payment of documentary drafts drawn under certain letters of credit issued prior to June 14,
1941 from blocked accounts other than those of foreign countries, or nationals thereof, designated in Order prior to June 14, 1941 (Revoked)
No. 46 Payment of certain salaries from blocked accounts of commercial organizations in domestic banks
(Expired)
No. 47 Banco di Napoli Trust Company of New York a generally licensed national (Revoked)
No. 47A Banco di Napoli Trust Company, Chicago, a generally licensed national (Revoked)
No. 48 Completion of securities transactions commenced prior to 11 a.m., E. S. T., June 14, 1941 for
accounts of certain foreign countries or nationals thereof (Expired)
No. 49 Transactions on behalf of, or involving property of, Sweden and its nationals
No. 50 Transactions on behalf of Switzerland or the Banque Nationale Suisse
No. 51 Union of Soviet Socialist Republics a generally licensed country
No. 52 Transactions on behalf of, or involving property of, Spain and its nationals
No. 53 Transactions incident to trade with members of "The Generally Licensed Trade Area" not involving persons named in "The Proclaimed List of Certain Blocked Nationals"
No. 54 Transactions involving property interests of China or Japan, or any national thereof, prior to
but not on or since July 26, 1941
No. 55 Payment of documentary drafts drawn under certain letters of credit issued or advised prior to
July 26t 1941, from accounts of China or Japan and their nationals (Expired)
No. 56 Certain transactions by commercial organizations within territory of Hawaii which are nationals
of China or Japan (Partially revoked)
No. 57 Privileges of all general licenses extended to Hong Kong (Revoked)
No. 58 Transactions incident to trade between the United States and any part of China other than
Manchuria (Partially revoked)
No. 59 Offices of certain New York banks and certain other institutions within Hong Kong and China,
except Manchuria—generally licensed nationals (Partially revoked)
No. 60 National Government of the Republic of China and Central Bank of China—generally licensed
nationals (Partially revoked)
No. 61 Offices of certain Chinese banks outside the United States and not within any blocked country
other than China—generally licensed nationals (Partially revoked)
No. 62 Certain Chinese institutions in Washington, D. C, and in New York, N. Y.—generally licensed
nationals
No. 63 Offices in Philippine Islands of certain banking institutions—generally licensed nationals
(Revoked)
No. 64 Transactions incident to trade between Philippine Islands and China and between Philippine
Islands and Japan (Revoked)
No. 65 Certain transactions by commercial organizations within Philippine Islands which are nationals
of China or Japan (Revoked)
No. 66 Hawaiian offices pi certain banks—generally licensed nationals (Partially revoked)
No. 67 Payment of certain salaries from blocked accounts in domestic banks of commercial organizations
which are nationals of China or Japan (Expired)
No. 68 Nationals of China and Japan residing only in United States since June 17, 1940—generally
licensed nationals (Partially revoked)
.
No. 68A Japanese nationals residing continuously within Continental United States since June 17, 1940,
and certain Japanese business enterprises—generally licensed nationals. Reports to be filed..
No. 69 California and Washington offices of certain Chinese and Japanese banks—generally licensed
nationals (Partially revoked)
.
No. 70 Transactions on behalf of, or involving property of, Portugal and its nationals
No. 71 Payment for subscriptions to United States periodicals
No. 72 Filinpr and prosecution of applications for letters patent in the United States and blocked countries
—filinjsr of reports on Form TFR-172
No. 73 Certain Chinese partnerships—prenerally licensed nationals
No. 74 Payments from accounts of United States citizens who are abroad for certain personal expenses
in the United States
No. 75 Remittances through domestic banks to persons in any part of China except Manchuria (Partially
revoked)
2
29
29
30
30
31
31
31
31
31
31
31
32
32
33
33
33
33
33
33
34
34
35
35
36
36
38
38
39
39
40
42
43
43
44
44
44
44
44
44
45
45
46
46
47
48
49
49
50
CONTENTS—(Continued)
GENERAL LICENSES—(Continued)
Page
No. 76 Transactions involving property interests of Thailand, or any national thereof, prior to but not
on or since December 9, 1941
50
No. 77 Japanese nationals engaged in production, marketing or distribution of food in United States.. 51
No. 78 Transactions involving property interests of Hong Kong, or any national thereof, prior to but not
on or since December 25, 1941
51
No. 79 Payments of checks and drafts drawn or issued prior to January 1, 1942 from accounts of Philippine Islands and their nationals
51
No. 80 Philippine citizens residing only in United States or in generally licensed trade area—generally
licensed nationals
52
No. 81 New York office of Philippine National Bank and certain offices of Hong Kong and Shanghai
Banking Corporation—generally licensed nationals
^
...
52
t
No. 82 Government of Commonwealth of Philippine Islands, United States High Commissioner, and
certain others—generally licensed nationals
52
No. 83 Collection of coupons from securities referred to in General Ruling No. 10
52
P U B L I C CIRCULARS
No. 1—Extension of time for filing reports on Form TFR-300
No. 2—Certain drafts or other orders for payment not to be presented, accepted or paid except pursuant
to license
No. 3—Transactions authorized under General Licenses Nos. 15, 53 and 58 irrespective of control of
vessel involved and prepayment of freight
No. A—Instructions for preparation of reports on Form TFR-300 of all foreign-owned property subject
to the jurisdiction of the United States
No. 4A—Instructions for preparation of reports on Form TFR-300, Series J,by certain nationals of Japan
No. 5—Necessity of, and applications for, specific licenses relating to patents and interests therein. Filing
of reports on Form TFR-300
No. 6—Attachment of Form TFEL-2 to obligations issued by governments and corporations of blocked
countries
No. 7—Remittances to individuals in any part of China, except Manchuria, under General Licenses Nos.
32 and 33 to be effected as prescribed in paragraph (1) (c) of General License No. 75
No. 8—Revocation of Japanese licenses and authorizations
t
No. 8A—Certain general licenses, which were revoked by Public Circular No. 8, reinstated
No. 9—Revocation of licenses and authorizations regarding certain obligations of Government of
Denmark and certain other obligors
No. 10—Revocation and modification of certain licenses involving Hong Kong and generally licensed
trade area
No. 11—Freezing of Philippine assets and reports on Form TFR-300 regarding such assets. Revocation
of General Licenses Nos. 63 and 65 and amendment of General Licenses Nos. 13 and 75
No. 12—Inclusion in "Proclaimed List" of names of persons within neutral European countries
No. 13—Amendment of General Licenses Nos. 13, 14, 15, 19, 21 and 27 by deleting certain reporting
requirements
53
53
53
53
54
54
55
55
55
56
56
57
57
58
58
P R E S S RELEASES
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1—Reference—Executive Order No. 8389, as amended; Regulations approved June 14, 1941
59
2—Reference—General Licenses Nos. 49 and 50
59
3—Reference—General License No. 51
59
4—Reference—Regulations approved June 14, 1941; Public Circular No. 1
60
5—Reference—General License No. 52
60
6—Reference—Proclamation; General License No. S3
60
7—Reference—Executive Order No. 8389, as amended; Regulations approved July 26, 1941
61
8—Reference—General License No. 53
61
9—Reference—General License No. 70
62
10—Reference—Regulations approved June 14, 1941; General Licenses Nos. 42 and 68; Public Circulars Nos. 1 and 4
62
No. 11—Reference—Public Circular No. 6
63
No. 12—Reference—Regulations approved June 14, 1941; Public Circular No. 1
63
No. 13—Reference—General License No. 73
64
No. 14—Reference—General Licenses Nos. 32 and 33
64
No. 15—Reference—General License No. 9
64
No. 16—Reference—General Licenses Nos. 58 and 75
64
No. 17—Reference—General Licenses Nos. 42 and 42A
65
No. 18—Reference—Public Circular No. 8
66
No. 19—Reference—General Licenses Nos. 11A and 77
66
No. 20—Reference—Section 3(a) Trading with the enemy Act; general license thereunder
67
No. 21—Reference—General License No. 68A
67
No. 22—Reference—Public Circular No. 8A
67
No. 23—Reference—Public Circular No. 9
68
No. 24—Reference—Executive Order No. 8389, as amended
68
No. 25—Reference—Public Circular No. 10
68
No. 26—Reference—Public Circular No. 11; General License No. 80
68
No. 27—Reference—General Ruling No. 10
69
No. 28—Reference—General Ruling No. 10
69
No. 29—Reference—General Ruling No. 10
70
TRADING WITH THE ENEMY A C T
Sections 2, 3(a), 3(c) and 5(b)
71
3
EXECUTIVE ORDER NO. 8389
[Executive Order No. 8389, dated April 10, 1940, was amended May 10, 1940, June 17, 1940, July 15, 1940, July 25, 1940,
October 10, 1940, March 4, 1941, March 13, 1941, March 24, 1941, April 28, 1941, June 14, 1941, July 26, 1941, December 9, 1941,
and December 26, 194L The original text and intermediate amendments to June 14, 1941 are omitted from this publication.
Following is the text of Executive Order No. 8389 as amended by Executive Order No. 8785 dated June 14, 1941, and as further
amended by Executive Order No. 8832, dated July 26, 1941, Executive Order No. 8963, dated December 9, 1941, and Executive
Order No. 8998, dated December 26, 1941. The amendments effected by these Executive Orders are indicated by footnotes,]
EXECUTIVE ORDER NO. 8785, AS AMENDED*
REGULATING TRANSACTIONS IN FOREIGN EXCHANGE AND FOREIGN-OWNED
PROPERTY, PROVIDING FOR THE REPORTING OF ALL FOREIGN-OWNED
PROPERTY, AND RELATED MATTERS.
By virtue of and pursuant to the authority vested in me by Section 5(b) of the Act of October 6,1917
(40 Stat. 415), as amended, by virtue of all other authority vested in me, and by virtue of the existence
of a period of unlimited national emergency, and finding that this Order is in the public interest and is
necessary in the interest of national defense and security, I, FRANKLIN D. ROOSEVELT, PRESIDENT of the UNITED STATES OF AMERICA, do prescribe the following:
Executive Order No. 8389 of April 10, 1940, as amended, is amended to read as follows:
SECTION 1. All of the following transactions are prohibited, except as specifically authorized
by the Secretary of the Treasury by means of regulations, rulings, instructions, licenses, or otherwise, if (i) such transactions are by, or on behalf of, or pursuant to the direction of any foreign
country designated in this Order, or any national thereof, or (ii) such transactions involve property
in which any foreign country designated in this Order, or any national thereof, has at any time
on or since the effective date of this Order had any interest of any nature whatsoever, direct or
indirect:
A. All transfers of credit between any banking institutions within the United States; and
all transfers of credit between any banking institution within the United States and any banking institution outside the United States (including any principal, agent, home office, branch, or
correspondent outside the United States, of a banking institution within the United States);
B. All payments by or to any banking institution within the United States ;
C All transactions in foreign exchange by any person within the United States;
D. The export or withdrawal from the United States, or the earmarking of gold or silver
coin or bullion or currency by any person within the United States;
E. All transfers, withdrawals or exportations of, or dealings in, any evidences of indebtedness or evidences of ownership of property by any person within the United States; and
F. Any transaction for the purpose or which has the effect of evading or avoiding the
foregoing prohibitions.
SECTION 2.
A. All of the following transactions are prohibited, except as specifically authorized by
the Secretary of the Treasury by means of regulations, rulings, instructions, licenses, or
otherwise:
(1) The acquisition, disposition or transfer of, or other dealing in, or with respect to,
any security or evidence thereof on which there is stamped or imprinted, or to which there
is affixed or otherwise attached, a tax stamp or other stamp of a foreign country designated in this Order or a notarial or similar seal which by its contents indicates that it
was stamped, imprinted, affixed or attached within such foreign country, or where the
attendant circumstances disclose or indicate that such stamp or seal may, at any time,
have been stamped, imprinted, affixed or attached thereto; and
(2) The acquisition by, or transfer to, any person within the United States of any
interest in any security or evidence thereof if the attendant circumstances disclose or
indicate that the security or evidence thereof is not physically situated within the United
States.
B. The Secretary of the Treasury may investigate, regulate, or prohibit under such regulations, rulings, or instructions as he may prescribe, by means of licenses or otherwise, the
sending, mailing, importing or otherwise bringing, directly or indirectly, into the United
States, from any foreign country, of any securities or evidences thereof or the receiving or
holding in the United States of any securit es or evidences thereof so brought into the United
States.
[* See Press Release No. L]
SECTION 3. The term "foreign country designated in this Order*' means a foreign country
included in the following schedule, and the term "effective date of this Order" means with respect
to any such foreign country, or any national thereof, the date specified in the following schedule:
(a) April 8, 1940—
Norway and
Denmark;
(b) May 10, 1940—
The Netherlands,
Belgium and
Luxembourg;
(c) June 17, 1940—
France (including Monaco);
(d) July 10, 1940—
Latvia,
Estonia and
Lithuania ;
(e) October 9, 1940—
Rumania;
(f) March 4, 1941—
Bulgaria;
(g) March 13, 1941—
Hungary;
(h) March 24, 1941—
Yugoslavia;
(i) April 28, 1941—
Greece;
(j) June 14, 1941—
Albania,
Andorra,
Austria,
Czechoslovakia,
Danzig,
Finland,
Germany,
Italy,
Liechtenstein,
Poland,
Portugal,
San Marino,
Spain,
Sweden,
Switzerland, and
Union of Soviet Socialist Republics;
*(k) June 14, 1941—
China, and
Japan;
2
(1) June 14, 1941—
Thailand ;
s
(m) June 14, 1941—
Hong Kong.
The "effective date of this Order" with respect to any foreign country not designated in this
Order shall be deemed to be June 14, 1941.
SECTION 4.
A. The Secretary of the Treasury and/or the Attorney General may require, by means of
regulations, rulings, instructions, or otherwise, any person to keep a full record of, and to
furnish under oath, in the form of reports or otherwise, from time to time and at
2 any time or
f1 Subdivision (k) added by Executive Order No. 8832, dated July 26, 1941. See Press Release No, 7, Subdivision (1)
added by Executive Order No. 8963, dated December 9, 1941. 3 Subdivision (m) added by Executive Order No. 8998, date4
December 26, 1941. See Press Release No. 24.]
times, complete information relative to, any transaction referred to in section S(b) of the
Act of October 6, 1917 (40 Stat. 415), as amended, or relative to any property in which any
foreign country or any national thereof has any interest of any nature whatsoever, direct or
indirect, including the production of any books of account, contracts, letters, or other papers,
in connection therewith, in the custody or control of such person, either before or after such
transaction is completed; and the Secretary of the Treasury and/or the Attorney General
may, through any agency, investigate any such transaction or act, or any violation of the
provisions of this Order.
B. Every person engaging in any of the transactions referred to in sections 1 and 2 of
this Order shall keep a full record of each such transaction engaged in by him, regardless of
whether such transaction is effected pursuant to license or otherwise, and such record shall be
available for examination for at least one year after the date of such transaction.
SECTION 5.
A. As used in the first paragraph of section 1 of this Order "transactions [which]
involve property in which any foreign country designated in this Order, or any national
thereof, has * * * any interest of any nature whatsoever, direct or indirect," shall include,
but not by way of limitation (i) any payment or transfer to any such foreign country or
national thereof, (ii) any export or withdrawal from the United States to such foreign country,
and (iii) any transfer of credit, or payment of an obligation, expressed in terms of the currency of such foreign country.
4
B. The term "United States" means the United States and any place subject to the jurisdiction thereof, and the term "continental United States" means the states of the United States,
the District of Columbia, and the Territory of Alaska; provided, however, that for the purposes
of this Order the term "United States" shall not be deemed to include any territory included
within the term "foreign country" as defined in paragraph D of this section.
C The term "person" means an individual, partnership, association, corporation, or other
organization.
D. The term "foreign country** shall include, but not by way of limitation,
(i) The state and the government thereof on the effective date of this Order as well
as any political subdivision, agency, or instrumentality thereof or any territory, dependency, colony, protectorate, mandate, dominion, possession or place subject to the jurisdiction thereof,
(ii) Any other government (including any political subdivision, agency, or instrumentality thereof) to the extent and only to the extent that such government exercises or
claims to exercise de jure or de facto sovereignty over the area which on such effective date constituted such foreign country, and
5
(iii) Any territory which on or since the effective date of this Order is controlled or
occupied by the military, naval or police forces or other authority of such foreign country;
5
(iv) Any person to the extent that such person is, or has been, or to the extent that there
is reasonable cause to believe that such person is, or has been, since such effective date,
acting or purporting to act directly or indirectly for the benefit or on behalf of any of the
foregoing.
5
Hong Kong shall be deemed to be a foreign country within the meaning of this
subdivision.
E. The term "national" shall include,
(i) Any person who has been domiciled in, or a subject, citizen or resident of a foreign
country at any time on or since the effective date of this Order,
(ii) Any partnership, association, corporation or other organization, organized under
the laws of, or which on or since the effective date of this Order had or has had its
principal place of business in such foreign country, or which on or since such effective
date was or has been controlled by, or a substantial part of the stock, shares, bonds,
debentures, notes, drafts, or other securities or obligations of which, was or has been
owned or controlled by, directly or indirectly, such foreign country and/or one or more
nationals thereof as herein defined,
[4 Paragraph B of section 5 amended by Executive Order No. 8998, dated December 26, 1941. See Press Release No. 24.
See also Public Circular No. 11. The term "United States" does not include the Philippine Islands. 3 Subdivisions (in) and
(iv) of paragraph D of section 5 substituted in lieu of subdivision (iii), and last sentence of paragraph D added by Executive
Order No. 8998, dated December 26, 1941. Former subdivision (iii) became subdivision (iv). See Press Release No. 24.]
(iii) Any person to the extent that such person is, or has been, since such effective
date, acting or purporting to act directly or indirectly for the benefit or on behalf of any
national of such foreign country, and
(iv) Any other person who there is reasonable cause to believe is a "national" as
herein defined.
In any case in which by virtue of the foregoing definition a person is a national of more than
one foreign country, such person shall be deemed to be a national of each such foreign country.
In any case in which the combined interests of two or more foreign countries designated in
this Order and/or nationals thereof are sufficient in the aggregate to constitute, within the
meaning of the foregoing, control or 25 per centum or more of the stock, shares, bonds, debentures, notes, drafts, or other securities or obligations of a partnership, association, corporation
or other organization, but such control or a substantial part of such stock, snares, bonds,
debentures, notes, drafts, or other securities or obligations is not held by any one such foreign
country and/or national thereof, such partnership, association, corporation or other organization shall be deemed to be a national of each of such foreign countries. The Secretary of the
Treasury shall have full power to determine that any person is or shall be deemed to be a
"national" within the meaning of this definition, and the foreign country of which such person
is or shall be deemed to be a national. Without limitation of the foregoing, the term "national"
shall also include any other person who is determined by the Secretary of the Treasury to be,
or to have been, since such effective date, acting or purporting to act directly or indirectly for
the benefit or under the direction of a foreign country designated in this Order or national
thereof, as herein defined.
F. The term "banking institution" as used in this Order shall include any person engaged
primarily or incidentally in the business of banking, of granting or transferring credits, or of
purchasing or selling foreign exchange or procuring purchasers and sellers thereof, as principal or agent, or any person holding credits for others as a direct or incidental part of his business, or broker; and, each principal, agent, home office, branch or correspondent of any person
so engaged shall be regarded as a separate "banking institution".
G. The term "this Order", as used herein, shall mean Executive Order No. 8389 of April
10, 1940, as amended.
SECTION 6. Executive Order No. 8389 of April 10, 1940, as amended, shall no longer be deemed
to be an amendment to or a part of Executive Order No. 6560 of January 15, 1934. Executive
Order No. 6560 of January 15, 1934, and the Regulations of November 12, 1934, are hereby modified
in so far as they are inconsistent with the provisions of this Order, and except as so modified,
continue in full force and effect. Nothing herein shall be deemed to revoke any license, ruling, or
instruction now in effect and issued pursuant to Executive Order No. 6560 of January 15, 1934,
as amended, or pursuant to this Order; provided, however, that all such licenses, rulings, or
instructions shall be subject to the provisions hereof. Any amendment, modification or revocation
by or pursuant to the provisions of this Order of any orders, regulations, rulings, instructions or
licenses shall not affect any act done, or any suit or proceeding had or commenced in any civil
or criminal case prior to such amendment, modification or revocation, and all penalties, forfeitures
and liabilities under any such orders, regulations, rulings, instructions or licenses shall continue
and may be enforced as if such amendment, modification or revocation had not been made.
SECTION 7. Without limitation as to any other powers or authority of the Secretary of the
Treasury or the Attorney General under any other provision of this Order, the Secretary of the
Treasury is authorized and empowered to prescribe from time to time regulations, rulings, and
instructions to carry out the purposes of this Order and to provide therein or otherwise the conditions under which licenses may be granted by or through such officers or agencies as the Secretary
of the Treasury may designate, and the decision of the Secretary with respect to the granting, denial
or other disposition of an application or license shall be final.
SECTION 8. Section 5(b) of the Act of October 6, 1917, as amended, provides in part:
*'* * * Whoever willfully violates any of the provisions of this subdivision or of any license,
order, rule or regulation issued thereunder, shall, upon conviction, be fined not more than
$10,000, or, if a natural person, may be imprisoned for not more than ten years, or both; and
any officer, director, or agent of any corporation who knowingly participates in such violation
may be punished by a like fine, imprisonment, or both."
SECTION 9. This Order and any regulations, rulings, licenses or instructions issued hereunder
may be amended, modified or revoked at any time.
THE WHITE HOUSE,
FRANKLIN D. ROOSEVELT
June 14,1941.
7
GENERAL LICENSE UNDER SECTION 3 (a) OF THE TRADING WITH THE ENEMY ACT
By virtue of and pursuant to the authority vested in me by Sections 3 and 5 of the Trading with the enemy Act,
as amended, and by virtue of all other authority vested in me, I, FRANKLIN D. ROOSEVELT, PRESIDENT
of the UNITED STATES O F AMERICA, do prescribe the following:
A general license is hereby granted licensing any transaction or act prohibited by Section 3 (a) of the Trading
with the enemy Act, as amended, provided, however, that such transaction or act is authorized by the Secretary of the
Treasury by means of regulations, rulings, instructions, licenses or otherwise, pursuant to Executive Order No. 8389,
as amended.
FRANKLIN D. ROOSEVELT
T H E W H I T E HOUSE
December 13,1941
H. MORGENTHAU, JR.
Secretary of the Treasury
FRANCIS BIDDLE
Attorney General of the United States
[Sections 2, 3(a), 3(c) and 5(b) of the Trading with the enemy Act appear at page 71 hereof. See Press Release No. 20.]
[The Regulations of the Secretary of the Treasury issued April 10, 1940, were amended May 10, 1940, June 17, 1940,
July 15, 1940, October 10, 1940, March 4, 1941, March 13, 1941, March 24, 1941, April 28, 1941, June 14, 1941, and July 26, 1941.
Since the Regulations as amended June 14, 1941 are printed immediately below, the original text of the Regulations issued
April 10, 1940 and the intermediate amendments are omitted. The amendment dated July 26, 1941 is set forth on page 10.]
CODE OF FEDERAL REGULATIONS
Chapter I—Monetary Offices, Department of the Treasury
Part 130
Title 31—Money and Finance: Treasury
TREASURY DEPARTMENT
Offi™
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June 14, 1941.
REGULATIONS* UNDER EXECUTIVE ORDER NO. 8389, AS AMENDED.
RELATING TO TRANSACTIONS IN FOREIGN EXCHANGE AND FOREIGN-OWNED
PROPERTY, THE REPORTING OF ALL FOREIGN-OWNED PROPERTY
AND RELATED MATTERS. (*)
The Regulations of April 10, 1940, as amended (Sections 130.1 to 130.6), are amended to read as follows:
SECTION 130.1. Authority for regulations. These regulations are prescribed and issued under authority of
Section 5(b) of the Act of October 6, 1917 (40 Stat. 415), as amended, and Executive Order No. 8389 of April
10, 1940, as amended by Executive Order No. 8785 of June 14, 1941.(*)
130.2. Definitions.
(a) The term "Order" shall refer to Executive Order No. 8389 of April 10, 1940, as amended.
SECTION
(b) The term "regulations" shall refer to these regulations.
(c) The terms "property" and "property interest" or "property interests" shall include, but not by way
of limitation, money, checks, drafts, bullion, bank deposits, savings accounts, any debts, indebtedness or obligations, financial securities, commonly dealt in by bankers, brokers, and investment houses, notes, debentures, stocks,
bonds, coupons, bankers' acceptances, mortgages, pledges, liens or other right in the nature of security, warehouse receipts, bills of lading, trust receipts, bills of sale, any other evidences of title, ownership or indebtedness,
goods, wares, merchandise, chattels, stocks on hand, ships, goods on ships, real estate mortgages, vendors' sales
agreements, land contracts, real estate and any interest therein, leaseholds, ground rents, options, negotiable
instruments, trade acceptances, royalties, book accounts, accounts payable, judgments, patents, trademarks, copyrights, contracts or licenses affecting or involving patents, trademarks or copyrights, insurance policies, safe
deposit boxes and their contents, annuities, pooling agreements, contracts of any nature whatsoever, et cetera.
* Sections 130.1 to 1307:—Sec. 5(b), 40 Stat. 415 and 966; Sec. ?, 48 Stat. 1; 54 Stat. 179; Ex. Order 8389, April 10, 1940,
as amended by Ex. Order 8785, June 14, 194!,
(d) Safe deposit boxes shall be deemed to be in the "custody" not only of all persons having access thereto
but also of the lessors of such boxes whether or not such lessors have access to such boxes. The foregoing shall
not in any way be regarded as a limitation upon the meaning of the term "custody".
(e) For the meaning of other terms reference should be made to the definitions contained in the Order.
In interpreting rulings, licenses, instructions, etc., issued pursuant to the Order and regulations, particular attention is directed to the provisions of General Ruling No. 4, as from time to time hereafter amended.(*)
SECTION 130.3. Licenses. Applications for licenses to engage in any transaction referred to in sections 1 or
2 of the Order shall be filed in triplicate with the Federal Reserve Bank of the district or the Governor or High
Commissioner of the territory or possession of the United States in which the applicant resides or has his principal place of business or principal office or agency, or if the applicant has no legal residence or principal place
of business or principal office or agency in a Federal Reserve district or a territory or possession of the United
States then with the Federal Reserve Bank of New York or the Federal Reserve Bank of San Francisco. Application forms may be obtained from any Federal Reserve Bank, the Governor or High Commissioner of a territory
or possession of the United States, or the Secretary of the Treasury, Washington, D. C. The original of each
application shall be executed under oath before an officer authorized to administer oaths, or if executed outside
of the United States, before a diplomatic or consular officer of the United States. The applicant shall furnish
such further information as shall be requested of him by the Secretary of the Treasury or the Federal Reserve
Bank or other agency at which the application is filed. Licenses will be issued by the Secretary of the Treasury,
acting directly or through any officers or agencies that he may designate, and by the Federal Reserve Banks,
acting in accordance with such regulations, rulings, and instructions as the Secretary of the Treasury may from
time to time prescribe, in such cases or classes of cases as the Secretary of the Treasury may determine. The
Federal Reserve Bank or other agency at which an application is filed will advise the applicant of the decision
respecting the application. Licenses for exports, withdrawals or imports, after having been cancelled by the
collector of customs or the postmaster through whom the exportation, withdrawal or importation was made, may
be returned by such collector of customs or postmaster to the licensee. Appropriate forms for applications and
licenses will be prescribed by the Secretary of the Treasury. Licensees may be required to file reports upon the
consummation of the transactions. The decision of the Secretary of the Treasury with respect to an application
for license shall be final. (*)
130.4. Reports of Property Interests of Alt Foreign Countries and Nationals Thereof.$
(a) On or before July 14, 1941f, reports shall be filed on Form TFR-300, duly executed under oath, containing the information called for in such Form, with respect to all property subject to the jurisdiction of the
United States on the opening of business on June 1, 1940, and with respect to all property subject to the jurisdiction of the United States on the opening of business on June 14, 1941, in which on the respective dates any
foreign country or any national thereof had any interest of any nature whatsoever, direct or indirect, regardless
of whether a report on Form TFR-100 with respect to any such property shall have previously been filed. Such
reports shall be filed by:
(1) Every person in the United States, directly or indirectly holding, or having title to, or custody,
control or possession of such property on either or both of the aforementioned respective dates.
(2) Every agent or representative in the United States for any foreign country or any national thereof
having any information with respect to such property.
SECTION
Provided, That no report on Form TFR-300 need be filed where the total value of all property interests of any
foreign country or national to be reported is less than $1,000.
Without any limitation whatsoever of the foregoing, reports on Form TFR-300, filed as required above,
shall be filed by every partnership, trustee, association, corporation, or other organization organized under the
laws of the United States or any state, territory, or district of the United States or having its principal place of
business in the United States, with respect to any shares of its stock or any of its debentures, notes, bonds,
coupons or other obligations or securities or any equity therein, in which any foreign country or any national
thereof had on either or both of the aforementioned respective dates, any interest of any nature whatsoever, direct
or indirect.
[X See Press Releases Nos. lt 4,10 and 12. f See Public Circular No. 1. See General License No. 68A, as amended, and Public
Circular No. 11; Press Release No. 26.]
(b) Reports shall be executed and filed in quadruplicate with the Federal Reserve Bank of the district or
the Governor or High Commissioner of the territory or possession of the United States in which the party filing
the report resides or has his principal place of business or principal office or agency, or if such party has no legal
residence or principal place of business or principal office or agency in a Federal Reserve district or a territory or
possession of the United States, then with the Federal Reserve Bank of New York or the Federal Reserve Bank
of San Francisco. A report shall be deemed to have been filed when it is received by the proper Federal Reserve
Bank or other agency or when it is properly addressed and mailed and bears a postmark dated prior to midnight
of the date upon which the report is due. Each Federal Reserve Bank or other agency shall promptly forward
three copies of every report filed with it to the Secretary of the Treasury.
(c) (1) All spaces in the report must be properly filled in. Reports found not to be in proper form, or
lacking in essential details, shall not be deemed to have been filed in compliance with the Order.
(2) Where space in the report form does not permit full answers to questions, the information required
may be set forth in supplementary papers incorporated by reference in the report and submitted therewith.
Supplementary documents and papers must be referred to in the principal statement in chronological or
other appropriate order and be described in such manner that they can be identified.
(d) A separate report under oath must be filed by each person required to file a report except that persons
holding property jointly may file a joint report.
(e) The Secretary of the Treasury may, in his discretion, grant such extensions of time or exemptions as he
deems advisable for the making of any or all of the reports required by these regulations.
(f) Report Form TFR-300 may be obtained from any Federal Reserve Bank, the Governor or High
Commissioner of a territory or possession of the United States, or the Secretary of the Treasury, Washington,
D. C ( * )
SECTION 130.5. Penalties. Section 5(b) of the Act of October 6, 1917, as amended, provides in part:
***** Whoever willfully violates any of the provisions of this subdivision or of any license, order, rule
or regulation issued thereunder, shall, upon conviction, be fined not more than $10,000, or, if a natural
person, may be imprisoned for not more than ten years, or both; and any officer, director, or agent of any
corporation who knowingly participates in such violation may be punished by a like fine, imprisonment, or
both."(*)
SECTION 130.6. These regulations and any rulings, licenses, or instructions issued hereunder shall not be
deemed to authorize any transaction prohibited by reason of any other law, proclamation, order or regulation. (*)
SECTION 130.7. Amendment, Modification, or Revocation. These regulations and any rulings, licenses,
instructions, or forms issued hereunder may be amended, modified, or revoked at any time.(*)
HENRY MORGENTHAU, JR.
Secretary of the Treasury.
APPROVED: June 14, 1941.
FRANKLIN D. ROOSEVELT
TREASURY DEPARTMENT
Office of the Secretary
July 26, 1941.
AMENDMENT TO REGULATIONS*
The Regulations of April 10, 1940, as amended (Sections 130.1 to 130.7), are hereby amended
so that reports on Form TFR-300 shall be filed with respect to all property subject to the jurisdiction of the United States on the opening of business on July 26, 1941, as well as with respect
to all property subject to the jurisdiction of the United States on the opening of business on
June 1, 1940, and with respect to all property subject to the jurisdiction of the United States on
the opening of business on June 14, 1941, in which on the respective dates China or Japan or any
national thereof had any interest of any nature whatsoever, direct or indirect. Such reports shall
be filed by the persons specified in Section 130.4 of the Regulations and in the manner prescribed
in the Regulations.
E. H. FOLEY, JR.
APPROVED : July 26, 1941.
Acting Secretary of the Treasury.
FRANKLIN D. ROOSEVELT
Sections 130.1 to 1307:—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, and Ex. Order 8832, July 26, 1941.
[See Press Release No. 7.\
10
AUTHORIZING A PROCLAIMED LIST OF CERTAIN BLOCKED NATIONALS AND
CONTROLLING CERTAIN EXPORTS
BY THE PRESIDENT OF THE UNITED STATES OF AMERICA
A PROCLAMATION
I, FRANKLIN D. ROOSEVELT, President of the United States of America, acting under and by virtue of
the authority vested in me by Section 5(b) of the Act of October 6, 1917 (40 Stat 415) as amended and Section 6 of
the Act of July 2, 1940 (54 Stat. 714) as amended and by virtue of all other authority vested in me, and by virtue of
the existence of a period of unlimited national emergency and finding that this Proclamation is necessary in the
interest of national defense, do hereby order and proclaim the following:
Section 1. The Secretary of State, acting in conjunction with the Secretary of the Treasury, the Attorney General, the Secretary of Commerce, the Administrator of Export Control, and the Coordinator of Commercial and
Cultural Relations Between the American Republics, shall from time to time cause to be prepared an appropriate list of—
(a) certain persons deemed to be, or to have been acting or purporting to act, directly or indirectly, for the
benefit of, or under the direction of, or under the jurisdiction of, or on behalf of, or in collaboration with Germany
or Italy or a national thereof; and
(b) certain persons to whom, or on whose behalf, or for whose account, the exportation directly or indirectly
of any article or material exported from the United States, is deemed to be detrimental to the interest of national
defense.
In similar manner and in the interest of national defense, additions to and deletions from such list shall be made
from time to time. Such list and any additions thereto or deletions therefrom shall be filed pursuant to the provisions
of the Federal Register Act and such list shall be known as "The Proclaimed List of Certain Blocked Nationals".
Section 2. Any person so long as his name appears in such list, shall, for the purpose of Section 5(b) of the Act
of October 6, 1917, as amended, and for the purpose of this Proclamation, be deemed to be a national of a foreign country, and shall be treated for all purposes under Executive Order No. 8389, as amended, as though he were a national of
Germany or Italy. All the terms and provisions of Executive Order No. 8389, as amended, shall be applicable to any
such person so long as his name appears in such list, and to any property in which any such person has or has had an
interest, to the same extent that such terms and provisions are applicable to nationals of Germany or Italy, and to
property in which nationals of Germany or Italy have or have had an interest.
Section 3. The exportation from the United States directly or indirectly to, or on behalf of, or for the account of
any person so long as his name appears on such list of any article or material the exportation of which is prohibited or
curtailed by any proclamation heretofore or hereafter issued under the authority of Section 6 of the Act of July 2,1940,
as amended, or of any other military equipment or munitions, or component parts thereof, or machinery, tools, or
material, or supplies necessary for the manufacture, servicing, or operation thereof, is hereby prohibited under
Section 6 of the Act of July 2, 1940, as amended, except (1) when authorized in each case by a license as provided
for in Proclamation No. 2413 of July 2, 1940, or in Proclamation No. 2465 of March 4, 1941, as the case may be, and
(2) when the Administrator of Export Control under my direction has determined that such prohibition of exportation
would work an unusual hardship on American interests.
Section 4. The term "person" as used herein means an individual, partnership, association, corporation or other
organization.
The term "United States" as used herein means the United States and any place subject to the jurisdiction thereof,
including the Philippine Islands, the Canal Zone, and the District of Columbia and any other territory, dependency or
possession of the United States.
Section 5. Nothing herein contained shall be deemed in any manner to limit or restrict the provisions of the said
Executive Order No. 8389, as amended, or the authority vested thereby in the Secretary of the Treasury and the
Attorney General. So far as the said Executive Order No. 8389, as amended, is concerned, "The Proclaimed List of
11
Certain Blocked Nationals*', authorized by this Proclamation, is merely a list of certain persons with respect to whom
and with respect to whose property interests the public is specifically put on notice that the provisions of such Executive Order are applicable; and the fact that any person is not named in such list shall in no wise be deemed to mean that
such person is not a national of a foreign country designated in such order, within the meaning thereof, or to affect in
any manner the application of such order to such person or to the property interests of such person.
IN WITNESS WHEREOF, I have hereunto set my hand and caused the seal of the United States of America
to be affixed.
DONE at the city of Washington this 17 day of July, in the year of our Lord nineteen hundred and forty-one,
and of the Independence of the United States of America the one hundred and sixty-sixth.
By the President:
FRANKLIN D. ROOSEVELT
SUMNER WELLES,
Acting Secretary of State.
[See Press Release No, 6\]
O
(T. D. 50433)
REGULATIONS—RESTRICTED EXPORTATIONS AND IMPORTATIONS
Enforcement of restrictions on imports and exports subject to the provisions of
the President's proclamation of July 17, 1941, regarding "blocked nationals".
TREASURY DEPARTMENT
July 22, 1941
TO COLLECTORS OF CUSTOMS AND OTHERS CONCERNED:
The following regulations are hereby prescribed to give effect to the President's proclamation of July 17,
1941, authorizing the publication of "The Proclaimed List of Certain Blocked Nationals" and the list promulgated pursuant to that proclamation:
(1) In respect of all merchandise intended for exportation after July 27, 1941, there shall be submitted
with each export declaration, a list or statement showing the name and address of each ultimate
consignee of the merchandise, unless such names and addresses are set forth in the appropriate
export declaration. If the ultimate consignee, consignor, shipper or other person having an interest
in the merchandise or in the transaction is named in "The Proclaimed List of Certain Blocked
Nationals", the exportation shall not be permitted except upon presentation of a license issued
pursuant to Executive Order No. 8389, as amended, or instructions from the Treasury Department
authorizing the transaction.
(2) With respect to importations of merchandise in which any person named in the Proclaimed List
appears to have an interest as consignor, seller, shipper, or otherwise, the acceptance of entries for
consumption and withdrawals from warehouse for consumption in respect of such merchandise tendered after July 27, 1941, shall be withheld pending presentation of a license issued pursuant to
Executive Order No. 8389, as amended, or instructions from the Treasury Department authorizing
the transaction.
(3) These regulations do not affect in any way the necessity for a license under the Export Control Act
of July 2, 1940. Neither an export control license nor a license under Executive Order No. 8389, as
amended, will be accepted in lieu of the other type of license.
(4) Nothing in paragraphs (1) and (2) above shall be deemed to excuse any person from the necessity
of obtaining a license in accordance with Executive Order No. 8389, as amended, and the proclamation of July 17, 1941, covering importations from or exportations to any person whose name appears
on "The Proclaimed List of Certain Blocked Nationals".
E. H. FOLEY, JR.
Acting Secretary of the Treasury.
[T. D. 50433 amended by T. D. 50530, December 17, 1941; T. D 50548, January 14, 1942. T. D. 50530 deleted paragraph 3 and
renumbered paragraphs 4 and 5 as 3 and 4, respectively; T. D. 50548 amended paragraph 2 by deleting "from any American
Republic" following "importations" in the first line.]
12
GENERAL RULINGS
ISSUED UNDER EXECUTIVE ORDER NO. 8389, APRIL 10, 1940, AS AMENDED, AND
REGULATIONS ISSUED PURSUANT THERETO, RELATING TO TRANSACTIONS
IN FOREIGN EXCHANGE, ETC.
TERM "DENMARK" NOT APPLICABLE TO ICELAND
General Ruling No. 1
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.
[Issued April 15, 1940.]
TRANSFER OF STOCK CERTIFICATES AND CUSTODY OF SECURITIES
General Ruling No. 2
Inquiry has been made as to whether the following are prohibited by the Executive Order and
the Regulations issued thereunder except under license:
(a) The transfer by a banking institution within the United States of stock certificates from
or into the names of "nationals" of Norway or Denmark; and
(b) The delivery out of custody accounts or the receipt in custody accounts, by a banking
institution within the United States, of securities held or to be held in custody for "nationals" of
Norway or Denmark.
The Treasury Department construes the Executive Order and Regulations as prohibiting such
transactions, except under license.
[Issued April 19, 1940.]
TRANSACTIONS REGARDING SECURITIES REGISTERED OR INSCRIBED
IN NAME Or A DESIGNATED FOREIGN COUNTRY OR NATIONAL THEROF
General Ruling ]\->. ? as Amended
The attention o' banks, brokers, transfer agents, registrars and all other persons and banking
institutions in the United States is invited to the fact that the Treasury Department construes
Executive Order No. 8389, April 10, 1940, as amended, and the Regulations issued pursuant thereto
as prohibiting the acquisition, transfer, disposition, transportation, importation, exportation, or
withdrawal of, or the endorsement or guarantee of signatures on, or otherwise dealing in, or with
respect to, any security (or evidence thereof) registered or inscribed in the name of any country
designated in Executive Order No. 8389, April 10, 1940, as amended, or any national thereof,
except pursuant to a specific license, irrespective of the fact that at any time (either prior to, on, or
subsequent to April 10, 1940) the registered or inscribed owner thereof may have, or appears to
have, assigned, transferred or otherwise disposed of any such security. Applications for licenses
should be made in the manner provided in the Regulations issued under Executive Order No. 8389,
April 10, 1940, as amended.
[Issued June 3, 1940; amended June 17,1940.]
13
DEFINITIONS AND RULES OF INTERPRETATION USED IN RULINGS,
LICENSES, INSTRUCTIONS, ETC.
General Ruling No. 4 as Amended
Except as specifically provided herein or otherwise, all definitions appearing in Executive
Order No. 8389 of April 10, 1940, as amended, and the Regulations issued thereunder, shall
apply to the terms employed in all rulings, licenses, instructions, etc., and, in addition, the
following definitions and rules of interpretation are prescribed:
(1) The term "Order" shall mean Executive Order No. 8389, as amended.
(2) The term "license" shall mean a license issued under the Order.
(3) The term "interest" when used with respect to property shall mean an interest
of any nature whatsoever, direct or indirect.
(4) The term "blocked country" shall mean any foreign country designated in the
Order.
(5) The term "Netherlands East Indies" shall mean the following: Java and Madura,
Sumatra, Riouw-Lingga archipelago, Banka, Billiton, Celebes, Borneo (West, South and
East Divisions), Timor archipelago, Bali and Lombok, Lesser Sunda Islands and Dutch
New Guinea.
(6) The term "Netherlands West Indies" shall mean the following: Dutch Guiana,
Dutch St. Martin, Curacao, Bonaire, Aruba, St. Eustatius and Saba.
(7) Any person licensed as a "generally licensed national" shall, while so licensed,
be regarded as a person within the United States who is not a national of any blocked
country; provided, however, that the licensing of any person as a "generally licensed
national" shall not be deemed to suspend in any way the requirements of the Order and
Regulations relating to reports, and the production of books, documents, records, etc.
(see section 4 of the Order and section 130.4 of the Regulations).
(8) The term "blocked account" shall mean an account in which any blocked country or national thereof has an interest, with respect to which account payments, transfers
or withdrawals or other dealings may not be made or effected except pursuant to a license
authorizing such action. The term "blocked account" shall not be deemed to include free
dollar accounts of the type referred to in General License No. 32, as amended, or the
accounts of generally licensed nationals.
(9) The term "banking institution" shall have the meaning prescribed in Section
5F of the Order.
(10) The term "domestic bank" shall mean any branch or office within the United
States of any of the following which is not a national of any blocked country: any bank or
trust company incorporated under the banking laws of the United States or of any state,
territory, or district of the United States, or any private bank or banker subject to supervision and examination under the banking laws of the United States or of any state, territory or district of the United States. The Treasury Department may also authorize any
other banking institution to be treated as a "domestic bank" for the purpose of this
definition or for the purpose of any license, ruling, or instruction.
(11) The term "national securities exchange" shall mean an exchange registered as
a national securities exchange under section 6 of the Securities Exchange Act of 1934
(48 Stat. 885, U.S.C, title 15, sec. 78f).
(12) Reference to any general license or general ruling which has been amended
shall be deemed to refer to such license or ruling as amended.
14
(13) Any person who by virtue of any definition in the Order is a national of more
than one blocked country shall be deemed to be a national of each of such blocked
countries.
(14) In any case in which a person is a national of two or more blocked countries, a
license with respect to nationals of one of such blocked countries shall not be deemed to
include such person unless a license of equal or greater scope is outstanding with respect
to nationals of each other blocked country of which such person is a national.
(15) The Secretary of the Treasury reserves the right to exclude from the operation
of any license or from the privileges therein conferred or to restrict the applicability
thereof with respect to, particular persons, transactions or property or classes thereof.
Such action shall be binding upon all persons receiving actual notice thereof, or constructive notice if in any case notice is filed pursuant to the provisions of the Federal Register
Act (49 Stat. 500, as amended by 50 Stat. 304; U.S.C., Sup. V, title 44, sec. 301 et seq).
(16) No license shall be deemed to authorize any transaction prohibited by reason
of the provisions of any law, proclamation, order or regulation, other than the Order
and Regulations.
[Issued June 3, 1940; amended May 24, 1941; July 8, 1941.]
CONTROL OF IMPORTED SECURITIES
General Ruling No. 5
The sending, mailing, importing or otherwise bringing into the United States, on and after
June 7, 1940, from any foreign country, of any securities or evidences thereof or the receiving
or holding in the United States of any securities or evidences thereof so brought into the United
States is prohibited, except on condition that such securities and evidences thereof be immediately
delivered for examination to a Federal Reserve bank as fiscal agent of the United States. Such
Federal Reserve bank, as fiscal agent of the United States, shall hold such securities and all
evidences thereof until the Treasury Department is satisfied as to whether or not any of the
countries named in Executive Order No. 8389, as amended, or any national thereof has at any
time on or since the dates specified in such Order, as amended, had any interest of any nature
whatsoever, direct or indirect, in such securities or evidences thereof. Proof as to whether or not
any of such countries or any national thereof has had any such interest may be submitted to the
Federal Reserve bank holding such securities or evidences thereof.
Customs officers and postal employees are instructed to deliver any such securities or evidences thereof to a Federal Reserve bank. Any articles arriving from any foreign country on or
after June 7, 1940, which in the opinion of customs officers or postal employees contain such
securities or evidences thereof, shall be subjected to customs inspection in accordance with the
Customs Regulations of 1937. If any article opened by an addressee or his agent in the presence
or under the supervision of a customs officer or postal employee is found to contain such securities or evidences thereof, such securities or evidences thereof shall be surrendered forthwith to
such customs officer or postal employee for delivery to a Federal Reserve bank, as above provided.
[Issued June 6, 1940. On June 7, 1940, the Secretary of the Treasury announced that, until further notice,
securities coming into the United States from Great Britain, France, Canada, Newfoundland or Bermuda need
not be forwarded to a Federal Reserve bank for examination under General Ruling No. 5. Supplementing his said
statement of June 7, 1940, the Secretary of the Treasury announced on June 17, 1940, that, until further notice,
securities coming into the United States on or after June 17 from France must be forwarded to a Federal Reserve
bank for examination under General Ruling No. 5. See General License No. 28, as amended.]
IS
DELIVERY OF IMPORTED SECURITIES BY FEDERAL RESERVE BANKS
TO GENERAL RULING NO. 6 ACCOUNTS IN DOMESTIC BANKS
General Ruling No. 6 as Amended
(1) The provisions of General Ruling No. 5 of June 6, 1940, and all instructions issued pursuant thereto, are hereby continued in full force and effect, provided, that any Federal Reserve Bank
to whom securities or evidences thereof (hereinafter referred to as securities) have been forwarded
under such general ruling may, as fiscal agent of the United States, deliver the securities, at any
time, under appropriate arrangements with ihe addressee of the securities, to a domestic bank.
(2) Prior to such delivery by a Federal Reserve Bank of any such security, a complete
description of the security shall be made or received and retained by such Federal Reserve Bank,
and in any case in which a security bears a stamp, seal or other mark not lending itself to precise
description, a photostat of such mark shall be made at the expense of the addressee and retained
by such Federal Reserve Bank. This requirement may be dispensed with in any case in which
appropriate arrangements are entered into for furnishing such Federal Reserve Bank with this
description within a reasonable time after such delivery.
(3) Upon the delivery of any such security by a Federal Reserve Bank to any domestic
bank, such bank shall execute such form of receipt as may be prescribed by the Secretary of the
Treasury.
(4) Any domestic bank to which any such security shall be delivered by a Federal Reserve
Bank shall place such security in a General Ruling No. 6 account in such bank.
(5) Any outstanding account in which securities or the proceeds thereof have been placed
pursuant to the provisions of General Ruling No. 6 prior to this amendment shall be deemed to
be a General Ruling No. 6 account.
(6) Federal Reserve Banks shall release any security referred to in paragraph (1) hereof, or
shall authorize the release of the contents of any General Ruling No. 6 account, if and when the
Treasury Department is satisfied that no blocked country, or national thereof, has, at any time, on
or since the effective date of the Order, had any interest in such security or in such account.
(7) Any application for a license authorizing any transaction or dealing with respect to a
General Ruling No. 6 account (including the contents thereof) shall specifically indicate that
such account is a General Ruling No. 6 account
(8) As used in this general ruling and in any other rulings, licenses, instructions, etc., the
term "General Ruling No. 6 account" shall mean an account of the type referred to in paragraphs
(4) and (5) hereof, and no payments, transfers, or withdrawals may be made from, and no other
transaction or dealing may be effected with respect to, any such account except pursuant to paragraph (6) above or pursuant to license, provided, that:
(a) No license shall be deemed to authorize transactions with respect to a General Ruling No. 6 account unless the provisions of such license are specifically made applicable to a
General Ruling No. 6 account.
(b) In the event that any security placed in a General Ruling No. 6 account is sold or
otherwise dealt with under license, except a license of the type refered to in paragraph (8) (c)
below, the proceeds thereof shall be placed in a General Ruling No. 6 account in the same
domestic bank and in the same name in which the security sold or otherwise dealt with was
held.
(c) The contents of a General Ruling No. 6 account cannot be transferred to a blocked
account, except pursuant to a license specifically authorizing such transfer. Applications for
licenses authorizing the transfer of the contents of any General Ruling No. 6 account to a
blocked account shall be accompanied by adequate evidence respecting the interest therein of
blocked countries or nationals thereof.
[Issued August 8, 1940; amended June 27, 1941. See Public Circular No. 9.]
16
SECURITIES COMING FROM THE PHILIPPINE ISLANDS AND THE
PANAMA CANAL ZONE
General Ruling No. 7
The provision^ of General Kuling £Jo. £» as supplemented by General Ruling No. |6, ha.ve been
extended to securities or evidences thereof coming from the Philippine Islands and the Panama
Canal Zone into any other part of the United States.
[Issued September 18, 1940.]
CERTAIN PAYMENTS TO DESIGNATED FOREIGN COUNTRIES AND
NATIONALS THEREOF
General Ruling No. 8
Inquiry has been made as to whether the following is prohibited, except under license, by
Executive Order No. 8389, as amended, and the Regulations issued pursuant thereto:
A request or authorization made by or on behalf of a bank or other person wfthin the
United States to a bank or other person in a foreign country other than one of the countries
designated in Executive Order No. 8389, as amended, as a result of which request or authorization such latter bank or person makes a payment or transfer of credit either directly or
indirectly to one of the foreign countries designated in the Executive Order, as amended, or
a national thereof.
The Treasury Department construes the Executive Order, as amended, and Regulations as
prohibiting such a transaction except under license.
[Issued September 18, 1940.]
GENERAL LICENSE NO. 52 INAPPLICABLE TO PERSONS WITHIN TANGIERS
General Ruling No. 9
Inquiry has been made as to whether a person within Tangiers may engage in transactions
pursuant to General License No. 52 relating to Spain.
General License No. 52 does not permit such transactions and, accordingly, any such transactions which are not authorized by a general license other than General License Nq. 52 may only
be effected pursuant to a specific license.
[Issued July 23, 1941. At the time of the issuance of General Ruling No. 9, the Treasury Department
directed attention to the fact that Tangier assets are blocked.]
17
CONTROL OF PHILIPPINE PAPER CURRENCY AND SECURITIES
General Ruling No. 10
(1) The acquisition, disposition or transfer of, or other dealing in, or with respect to, any of
the following is hereby prohibited except as authorized by license expressly referring to this
general ruling:
(a) Any Philippine paper currency;
(b) Any security issued by, or the obligation of, either the government of the Commonwealth of the Philippines, including political subdivisions thereof, or any corporation or other
organization organized under the laws of the Philippine Islands, unless Form TFEL-2 has been
previously attached to such security by, or under the direction of, the Treasury Department.
Form TFEL-2 will be attached to any security referred to herein if presented to any Federal
Reserve Bank on or before February 1, 1942, accompanied by a description thereof on Form
TFR-10. Subsequent to February 1, 1942, Form TFEL-2 will be attached to such securities only in
the discretion of the Secretary of the Treasury and only upon the riling of appropriate application with a Federal Reserve Bank tracing the ownership of such security since January 1, 1942
and satisfactorily explaining the reasons the security was not presented to a Federal Reserve
Bank on or before February 1, 1942, for the attachment of Form TFEL-2. Such form will be
attached to stamped securities of the type referred to in section 2A(1) of the Order only pursuant
to existing procedure relating to stamped securities.
(2) Except as authorized by license expressly referring to this general ruling:
(a) All Philippine paper currency held within the United States is hereby required to be
deposited on or before February 1, 1942, in a blocked currency account with either a domestic
bank or with the New York office of the Philippine National bank.
(b) The bank of deposit shall hold such currency for the account, or pursuant to the
instructions, of the depositor.
(c) On or before February IS, 1942, every bank holding any blocked currency accounts
shall file a report on Form TFR-110 in triplicate with the appropriate Federal Reserve Bank.
As used in this general ruling and in any other rulings, licenses, instructions, etc., the term
"blocked currency account" shall mean an account from which no payments, transfers, or withdrawals may be made, and no other transaction or dealing may be effected with respect thereto,
except pursuant to a license expressly referring to such account.
(3) Philippine paper currency which prior to January 1, 1942 was of recognized special value
to collectors of rare and unusual currency, or which is held as part of any collection of rare and
unusual currency, is hereby excluded from the provisions of this general ruling.
By direction of the President.
[Issued January 14, 1942. See Press Releases Nos. 27, 28 and 29.
The following is text of Press Release No. 29, dated January 30, 1942;
The Treasury Department today announced that the time during which clearance certificates on Form TFEL-2 will
be affixed to Philippine securities which are presented to any Federal Reserve Bank accompanied by a description on
Form TFR-10 has been extended from February 1, 1942 to February IS, 1942.]
18
GENERAL LICENSES
ISSUED UNDER EXECUTIVE ORDER NO. 8389, APRIL 10, 1940, AS AMENDED, AND
REGULATIONS ISSUED PURSUANT THERETO, RELATING TO TRANSACTIONS
IN FOREIGN EXCHANGE, ETC.
PAYMENTS TO BLOCKED ACCOUNTS IN DOMESTIC BANKS
General License No. 1 as Amended
A general license is hereby granted authorizing any payment or transfer of credit to a
blocked account in a domestic bank in the name of any blocked country or national thereof
providing the following terms and conditions are complied with:
(1) Such payment or transfer shall not be made:
(a) From any blocked account in a domestic bank; or
(b) From any other blocked account if such payment or transfer represents, directly
or indirectly, a transfer of the interest of a blocked country or national thereof to
any other country or person.
(2) This general license shall not be deemed to authorize:
(a) Any payment or transfer to any blocked account held in a name other than that
of the blocked country or national thereof who is the ultimate beneficiary of such
payment or transfer; or
(b) Any foreign exchange transaction including, but not by way of limitation, any
transfer of credit, or payment of an obligation, expressed in terms of the currency
of any foreign country.
This general license should not be employed to make any payment or transfer of credit comprising an integral part of a transaction which cannot be effected without the subsequent issuance of a further license.
[Issued April 30, 1940; amended May 10, 1940; June 17, 1940; July 15, 1940; October 10, 1940; June 14, 1941. The
scope of General License No. 1 is extended by General License No. 29. See Public Circular No. 2.]
TRANSFERS OF SECURITIES TO BLOCKED ACCOUNTS IN DOMESTIC BANKS
General License No. 1A
A general license is hereby granted authorizing transactions ordinarily incident to the transfer
of securities from a blocked account in the name of any person to a blocked account in the same
name in a domestic bank, provided both of the following terms and conditions are complied with:
(1) Such securities shall not be transferred from any blocked account in a domestic bank;
and
(2) Such securities shall not be transferred from any other blocked account if such transfer represents, directly or indirectly, a transfer of the interest of a blocked country or national
thereof to any other country or person.
[Issued October 9, 1941. See Public Circular No. 9; Press Release No. 23.]
19
ENTRIES IN CERTAIN ACCOUNTS FOR NORMAL SERVICE CHARGES
General License No. 2 as Amended
(1) A general license is hereby granted:
(a) Authorizing any banking institution within the United State? cO debit any blocked
account with such banking institution (or with another office within the United States of such
banking institution) in payment or reimbursement for normal service charges owed to such
banking institution by the owner of such blocked account;
(b) Authorizing any banking institution within the United States to make book entries
against any foreign currency account maintained by it with a banking institution in any
blocked country for the purpose of responding to debits to such account for normal service
charges in connection therewith.
(2) Any banking institution within the United States which during any quarterly period enters
any single item in excess of $50 to any account under the authority of this general license shall file
with the appropriate Federal Reserve Bank at the end of such quarterly period a report showing the
name of such account and the nature and amount of each item in excess of $50 entered to such
account under the authority of this general license during such quarterly period.
(3) As used in this general license, the term "normal service charges" shall include charges
in payment or reimbursement for interest due; cable, telegraph, or telephone charges; postage
costs; custody fees; small adjustment charges to correct bookkeeping errors; and, but not by way
of limitation, minimum balance charges, account carrying charges, notary and protest fees, and
charges for reference books, photostats, credit reports, transcripts of statements, registered mail
insurance, stationery and supplies, checkbooks, and other similar items.
[Issued May 10, 1940; amended June 17, 1940; June 19, 1940; July 15, 1940; October 10, 1940; June 30, 1941;
October 9,1941; December 11, 1941. The scope of General License No. 2 is extended by General License No. 29.]
PAYMENTS OF CHECKS AND DRAFTS DRAWN OR ISSUED PRIOR TO APRIL 8, 1940
FROM ACCOUNTS OF NORWAY AND DENMARK AND THEIR NATIONALS, AND OF
CHECKS AND DRAFTS DRAWN OR ISSUED PRIOR TO MAY 10, 1940 FROM ACCOUNTS
OF NETHERLANDS, BELGIUM AND LUXEMBOURG AND THEIR NATIONALS
General License No. 3 Revoked
[Issued May 10, 1940; amended May 17, 1940; revoked June 13, 1940.]
SALE OF SECURITIES ON A NATIONAL SECURITIES EXCHANGE
General License No. 4 as Amended
A general license is hereby granted authorizing the bona fide sale of securities on a national
securities exchange by banking institutions within the United States for the account, and pursuant
to the authorization, of nationals of any of the foreign countries designated in Executive Order
No. 8389 of April 10, 1940, as amended, and the making and receipt of payments, transfers of credit,
and transfers of such securities which are necessary incidents of any such sale, provided that:
(a) the proceeds of the sale are credited to an account in the name of the national for whose
account the sale was made and in the banking institution within the United States which held the
securities for such national; and
(b) this general license shall not be deemed to authorize the sale of any security registered or
inscribed in the name of any of the foreign countries designated in Executive Order No. 8389 of
April 10, 1940, as amended, or any national thereof, irrespective of the fact that at any time
(whether prior to, on, or subsequent to April 10, 1940) the registered or inscribed owner thereof
may have, or appears to have, assigned, transferred or otherwise disposed of the security.
Each banking institution making any sales herein authorized is required to file promptly with
the appropriate Federal Reserve Bank weekly reports showing the details of the transactions,
including a description of the securities sold, the dates of sales, the persons for whose account the
sales were made, and the prices obtained.
This amendment of General License No. 4 shall not be deemed to prevent the completion on
or prior to June 6, 1940 of purchases and sales, which were made prior to June 4, 1940 pursuant to
General License No. 4, of securities other than securities registered or inscribed in the name of
any of the foreign countries designated in Executive Order No. 8389 of April 10, 1940, as amended,
or any national thereof.
[Issued May 10, 1940; amended June 3, 1940; June 17, 1940; July 15, 1940; August 8, 1940; October 10, 1940. The
scope of General License No. 4 is extended by General License No. 29. See Public Circular No. 9; Press Release No. 23.]
20
PAYMENTS TO THE UNITED STATES, STATES AND POLITICAL SUBDIVISIONS
General License No. 5 as Amended
(1) A general license is hereby granted authorizing the payment from any blocked
account to the United States or any agency or instrumentality thereof or to any state,
territory, district, county, municipality or political subdivision in the United States, of customs
duties, taxes, fees, and other obligations, owed thereto by the owner of such blocked account.
(2) Banking institutions within the United States making any such payments shall file
promptly with the appropriate Federal Reserve Bank monthly reports setting forth the
details of such transactions during such period.
[Issued May 10, 1940; amended June 17, 1940; July 15, 1940; October 10, 1940; June 30, 1941. The scope of General
License No. 5 is extended by General License No. 29.]
PAYMENTS FROM ACCOUNTS OF GOVERNMENT OF THE NETHERLANDS
General License No. 6 Revoked
[Issued May 13, 1940; revoked May 16, 1940.]
PAYMENTS FROM ACCOUNTS OF GOVERNMENT OF BELGIUM
AND BANQUE NATIONALE DE BELGIQUE
General License No. 7 Revoked
[Issued May 13, 1940; revoked June 26, 1940.]
PAYMENTS FROM ACCOUNTS OF CERTAIN NETHERLANDS BANKS
General License No. 8 Revoked
[Issued May 13, 19*40; revoked May 16, 1940.]
COMMODITIES FUTURES CONTRACTS
General License No. 9 as Amended
(1) A general license is hereby granted authorizing the bona fide purchase and sale of commodity futures contracts and of evidences of ownership of actual commodities on an exchange or
board of trade within the United States by banking institutions within the United States, for the
account of nationals of any blocked country, pursuant to the instructions of such nationals, and
necessary transfers or other dealings in evidences of ownership of commodities, transfers of credit
and payments between accounts in banking institutions within the United States as required in
connection with such purchases or sales or because of fluctuations in the market value of the commodities covered by such contracts or evidences of ownership, provided that:
(a) No such purchase shall be made except for the purpose of covering a short position
taken prior to October 25, 1941, in the account of the national for whom the purchase is made;
(b) No such sale shall be made except for the purpose of liquidating a long position taken
prior to October 25, 1941, in the account of the national for whom the sale is made; and
(c) In the case of either purchase or sale the net proceeds of the transaction are credited
to a blocked account in the name of the national for whose account the transaction was effected
and in the banking institution within the United States which maintains the account for which
the transaction was effected.
(2) Each banking institution engaging in any transaction herein authorized is required to file
promptly with the appropriate Federal Reserve Bank monthly reports showing the details of each
such transaction, including a description of the commodity futures contracts or evidences of ownership of actual commodities purchased or sold, the dates of the purchases or sales, the persons for
whose account the purchases or sales were made, the price at which each purchase was made, the
name of the exchange or board of trade on which each such transaction was effected, and the net
market position in the commodity in question of the national for whose account the transaction
was effected before such transaction and after such transaction.
[Issued May 14, 1940; amended June \7, 1940; July 15, 1940; October 10, 1940; August 11, 1941; October 24, 1941.
See Press Release No. 15.]
21
PAYMENTS FROM ACCOUNTS OF CERTAIN BELGIAN BANKS
General License No. 10 Revoked
[Issued May 14, 1940; amended May 20, 1940; revoked June 25, 1940.]
PAYMENTS FOR LIVING, TRAVELING AND SIMILAR PERSONAL EXPENSES
IN THE UNITED STATES
General License No, 11 as Amended
A general license is hereby granted authorizing payments and transfers of credit in the United
States from accounts in banking institutions within the United States in which a national of
any of the foreign countries designated in Executive Order No. 8389 of April 10, 1940, as amended,
has a property interest within the meaning of the Executive Order of April 10, 1940, as amended,
and the Regulations issued thereunder, to or upon the order of the person in whose name the
account is held, provided that (a) the banking institution making any such payments or transfers of credit satisfies itself that such payments and transfers of credit are needed for living,
traveling and similar personal expenses in the United States, (b) such payments and transfers
of credit by such banking institution do not exceed $500 in any one month to or for the account
of any one depositor, and (c) each banking institution making any such payments or transfers
of credit shall file promptly with the appropriate Federal Reserve bank monthly reports showing
the details of such payments and transfers of credit.
[Issued May 15, 1940; amended June 17, 1940; July 15, 1940; October 10, 1940.]
LIVING AND PERSONAL EXPENSES OF JAPANESE NATIONALS
IN UNITED STATES
General License No. 11-A
(1) A general license is hereby granted authorizing payments out of the blocked account of
any national of Japan in the continental United States for the living and personal expenses of
such national and his household; provided that the total payments under this general license from
all the blocked accounts of any one national shall not exceed $100 in any one calendar month.
(2) Banks, employers and other persons making any such payments shall satisfy themselves,
through affidavits or otherwise, that payments out of blocked accounts for living expenses for any
one national and his household do not exceed $100 in any one calendar month.
[Issued December 11, 1941. See Press Release No. 19.]
22
ACCESS TO SAFE DEPOSIT BOXES
General License No. 12 as Amended
A general license is hereby granted authorizing access to safe deposit boxes leased by any of
the foreign countries designated in Executive Order No. 8389 of April 10, 1940, as amended, or a
national thereof within the meaning of the Executive Order of April 10, 1940, as amended, and
the Regulations issued thereunder, or containing property in which any of the foregoing has an
interest of any nature whatsoever, direct or indirect, and the deposit therein or removal therefrom of any property, but in each case only on the following terms and conditions :
(1) Such access shall be permitted only in the presence of an authorized representative
of the lessor of such box;
(2) In the event that any money or evidences of indebtedness or evidences of ownership
of property are to be removed from such box, such access shall be permitted only in the
presence of an authorized representative of a banking institution within the United States,
which may be the lessor of such box, which receives into its custody immediately upon
removal from such box the money or evidences of indebtedness or evidences of ownership
of property removed from such box and which holds the same subject to the Executive Order
of April 10, 1940, as amended, and the Regulations issued thereunder, for the account of the
lessee of such box and subject to the property interests therein as of the respective dates specified in such Order, as amended, of the foreign countries designated in such Order, as amended,
or any national thereof;
(3) In the event that any money or evidences of indebtedness or evidences of ownership
of property are removed from such box the banking institution which receives into its custody
any money or evidences of indebtedness or evidences of ownership of property removed from
such box shall file promptly with the appropriate Federal Reserve bank a report showing the
details of the transactions; and
(4) The lessee of such box or other person granted access to such box shall furnish to
the lessor of such box a certificate in triplicate, one copy of which shall be executed under
oath, that he has filed or will promptly file a report on Form TFR-300 with respect to such
box and the contents thereof; and the lessor of such box shall deliver the sworn copy of
such certificate, and one conformed copy thereof, to the appropriate Federal Reserve bank.
[Issued May 20, 1940; amended June 17, 1940; July 15, 1940; October 10, 1940; July 8, 1941. See Public Circular
No. 9; Press Release No. 23.]
CERTAIN OFFICES OF CERTAIN NETHERLANDS BANKS—GENERALLY LICENSED
NATIONALS
General License No. 13 as Amended
(1) A general license is hereby granted licensing as generally licensed nationals:
(a) the Java, Singapore, Bombay and Calcutta offices of the Nederlandsch Tndische
Handelsbank;
(b) the Java, Djeddah, Singapore, Rangoon, Calcutta and Bombay offices of the
Nederlandsche Handel Maatschappij;
(c) the Java offices of the Javasche Bank; and
(d) the Java offices of the Nederlandsch Indische Escompto Maatschappij.
Any transaction engaged in by any such office of any such bank pursuant to the order of
or for the acount of any other national of the Netherlands is also hereby authorized to
the same extent, and under the same circumstances, as though such transaction were
solely for the account of such office of such bank; provided, however, that this authorization shall not be deemed to permit any payment, transfer or withdrawal from any blocked
account.
[Issued May 31, 1940; amended August 8, 1940; June 7, 1941; July 26, 1941; December 26, 1941; January 5, 1942;
January 20, 1942. See Public Circulars Nos. 10,11 and 13; Press Releases Nos. 25 and 26.]
23
CERTAIN OFFICES OF CERTAIN BANKS IN NETHERLANDS WEST INDIES—GENERALLY
LICENSED NATIONALS
General License No, 14 as Amended
(1) A general license is hereby granted licensing as generally licensed nationals:
(a) the Willemstad (Curacao) offices of:
(i) the Curacaosche Bank;
(ii) the Maduro & Curiel's Bank;
(iii) the Edwards Henriquez & Co.; and
(b) the Oranjestad (Aruba) office of the Aruba Bank.
Any transaction engaged in by arty such office of any such bank pursuant to the order of or
for the account of any other national of the Netherlands is also hereby authorized to the
same extent, and under the same circumstances, as though such transaction were solely for
the account of such office of such bank; provided, however, that this authorization shall
not be deemed to permit any payment, transfer of withdrawal from any blocked account.
[Issued June 4, 1940; amended June 7, 1941; January 20, 1942. See Public Circular No, 13.]
TRANSACTIONS INCIDENT TO TRADE BETWEEN THE UNITED STATES AND THE NETHERLANDS EAST INDIES AND THE NETHERLANDS WEST INDIES
General License No. 15 as Amended
(1) A general license is hereby granted authorizing all transactions ordinarily incident
to the importing and exporting of goods, wares and merchandise between the United States
and the Netherlands East Indies and between the United States and the Netherlands West
Indies, provided the following terms and conditions are complied with:
(a) Imports and exports between the United States and such areas shall not be
financed, directly or indirectly, from any blocked account in which any blocked
country or any national thereof, other than the Netherlands or any national
thereof, has an interest; and
(b) Imports
involve,
national
interest,
and exports between the United States and such areas shall not
directly or indirectly, property in which any blocked country or any
thereof, other than the Netherlands or any national thereof, has an
or has had an interest since the effective date of the Order.
[Issued June 4, 1940; amended June 7, 1941; January 20, 1942. See Public Circulars Nos. 3 and 13.]
EXTENSION TO FRANCE OF CERTAIN GENERAL LICENSES
General License No. 16 Revoked
[Issued June 17, 1940; revoked June 30, 1941.]
PAYMENTS OF CHECKS AND DRAFTS DRAWN OR ISSUED PRIOR TO JUNE 17, 1940
FROM ACCOUNTS OF FRANCE AND ITS NATIONALS
General License No. 17 Revoked
[Issued June 17, 1940; amended July 20, 1940; revoked August 8, 1940.]
24
NEW YORK OFFICE OF FRENCH AMERICAN BANKING CORPORATION—A GENERALLY
LICENSED NATIONAL
General License No. 18 as Amended
A general license is hereby granted licensing the New York Office of the French American Banking Corporation as a generally licensed national.
[Issued June 18, 1940; amended June 7, 1941.]
CERTAIN SOUTH AMERICAN, WEST INDIAN AND NEAR EASTERN OFFICES OF CERTAIN
NETHERLANDS BANKS—GENERALLY LICENSED NATIONALS
General License No. 19 as Amended
(1) A general license is hereby granted licensing as generally licensed nationals:
(a) the Buenos Aires, Caracas and Maracaibo office? of Banco Holandes Unido j
(b) the Rio de Janeiro, Santos and Sao Paulo offices of Banco Hollandez Unido;
(c) the Willemstad and Oranjestad offices of Hollandsche Bank-Unie; and
(d) the Haifa and Istanbul offices of Holland Bank Union.
Any transaction engaged in by any such office of any such bank pursuant to the order of or
for the account of any other national of the Netherlands is also hereby authorized to the
same extent, and under the same circumstances, as though such transaction were solely for
the account of such office of such bank; provided, however, that this authorization shall
not be deemed to permit any payment, transfer or withdrawal from any blocked account.
[Issued June 18, 1940; amended Tune 27, 1940: July 6, 1940; June 7, 1941; January 20, 1942. See Public Circular
No. 13.]
PAYMENTS FROM ACCOUNTS OF UNITED STATES CITIZENS DOMICILED OR RESIDING IN
NETHERLANDS EAST INDIES OR WEST INDIES
General License No. 20 as Amended
A general license is hereby granted authorizing banking institutions within the United States
to make all payments, transfers and withdrawals from accounts in the name of any individual who
is a citizen of the United States and who is domiciled in, or resident of, the Netherlands East
Indies or the Netherlands West Indies; provided that no foreign country named in Executive
Order No. 8389, as amended, or any national thereof (other than such citizen of the United States)
has, or has had at any time (whether prior to, on, or subsequent to April 10, 1940), any interest
of any nature whatsoever, direct or indirect, in such account.
Banking institutions within the United States making such payments, transfers or withdrawals shall file promptly with the appropriate Federal Reserve bank weekly reports showing
the details of the transactions during such period.
[Issued June 19, 1940; amended July 8, 1941.]
25
NETHERLANDS TRADING SOCIETY EAST, LTD., AND NETHERLANDS TRADING
SOCIETY EAST, INC—GENERALLY LICENSED NATIONALS
General License No. 21 as Amended
(1) A general license is hereby granted licensing the Netherlands Trading Society East,
Ltd., London and the Netherlands Trading Society East, Inc., Delaware as generally licensed
nationals. Any transaction engaged in by the Netherlands Trading Society East, Ltd., London pursuant to the order of or for the account of any other national of the Netherlands, or
by the Netherlands Trading Society East, Inc., Delaware pursuant to the order of or for the
account of any person in the Netherlands East Indies or the Netherlands West Indies, is also
hereby authorized to the same extent, and under the same circumstances, as though such
transaction were solely for the account of such banking institutions; provided, however, that
this authorization shall not be deemed to permit any payment, transfer or withdrawal from
any blocked account.
[Issued June 21, 1940; amended July 20, 1940; June 7, 1941; January 20, 1942. See Public Circular No. 13.]
LONDON AND NEW YORK OFFICES OF BANQUE BELGE POUR L'ETRANGER
(OVERSEAS), LIMITED—GENERALLY LICENSED NATIONALS
General License No. 22 as Amended
A general license is hereby granted licensing the London and New York offices of the
Banque Beige pour 1'Etranger (Overseas), Limited as generally licensed nationals. Any
transaction engaged in by the London office of such bank pursuant to the order of or for
the account of any other national of Belgium is also hereby authorized to the same extent,
and under the same circumstances, as though such transaction were solely for the account
of such office of such bank; provided, however, that this authorization shall not be deemed
to permit any payment, transfer or withdrawal from any blocked account.
[Issued June 27, 1940; amended June 7, 1941.]
EXTENSION TO LATVIA, ESTONIA AND LITHUANIA
OF CERTAIN GENERAL LICENSES
General License No. 23 Revoked
[Issued July 15, 1940; revoked June 30, 1941.]
PAYMENTS OF CHECKS AND DRAFTS DRAWN OR ISSUED PRIOR TO
JULY 10, 1940 FROM ACCOUNTS OF LATVIA, ESTONIA AND LITHUANIA
AND THEIR NATIONALS
General License No. 24 Revoked
[Issued July 15, 1940; revoked August 28, 1940.]
EFFECT OF ATTACHMENT OF FORM TFEL-2 TO SECURITIES
General License No. 25 as Amended
A general license is hereby granted under section 2A (1) of Executive Order No. 8389, of April
10, 1940, as amended, authorizing the acquisition, disposition or transfer of, or other dealing in, or
with respect to, any security or evidence thereof, to which Treasury Department Form TFEL-2
has been previously attached or affixed by, or under the direction of, the Treasury Department;
provided, that this general license shall not be deemed to authorize any transaction prohibited by
reason of any provision (or ruling or regulation thereunder) of such Order other than section 2A
a).
[Issued July 25, 1940; amended June 30, 1941.]
26
TRANSACTIONS IN CERTAIN AMERICAN DEPOSITARY RECEIPTS AND
AMERICAN SHARES
General License No. 26 as Amended
A general license is hereby granted under section 2A (2) of Executive Order No. 8389, of
April 10, 1940, as amended, authorizing the acquisition by, or transfer to, any person within the
United States of any interest in any American Depositary Receipt or American Share physically
situated within the United States representing any security or evidence thereof not physically
situated within the United States which Receipt or Share was admitted to dealings on a national
securities exchange on and prior to July 25, 1940; provided, however, that this general license shall
not be deemed to authorize the issuance of American Depositary Receipts or American Shares
against the deposit after July 25, 1940 of any security or evidence thereof not physically situated
within the United States; and, provided that this general license shall not be deemed to authorize
any transaction prohibited by reason of any provision (or ruling or regulation thereunder) of such
Order other than section 2A (2).
[Issued August 2, 1940; amended July 8, 1941.]
PAYMENTS OF DIVIDENDS AND INTEREST ON, AND REDEMPTION AND
COLLECTION OF, SECURITIES
General License No. 27 as Amended
A general license is hereby granted authorizing:
(1) The payment to, and receipt by, a banking institution within the United States of
funds or other property representing dividends or interest on securities held by such banking'
institution in a blocked account, provided that the funds or other property are credited to or
deposited in a blocked account in the name of the national for whose account the securities
were held, and in the banking institution within the United States which held such securities;
and
(2) The payment to, and receipt by, a banking institution within the United States of
funds payable in respect of securities (including coupons) presented by such banking institution to the proper paying agents within the United States for redemption or collection for
the account and pursuant to the authorization of nationals of any blocked country, provided
that:
(a) The proceeds of the redemption or collection are credited to a blocked account
in the name of the national for whose account the redemption or collection was made
and in the banking institution within the United States which held the securities for such
national; and
(b) This general license shall not be deemed to authorize the presentment for
redemption of any security registered or inscribed in the name of any blocked country,
or any national thereof, irrespective of the fact that at any time (whether prior to, on,
or subsequent to April 10, 1940) the registered or inscribed owner thereof may have, or
appears to have, assigned, transferred or otherwise disposed of the security;
and
(3) The performance of such other acts, and the effecting of such other transactions,
as may be necessarily incident to any of the foregoing.
This general license shall not be deemed to authorize any payment, transfer or withdrawal
from a blocked account in which the issuer of, or other obligor with respect to, a security has
an interest if such issuer or obligor is a blocked country or national thereof,
[Issued August 8, 1940: amended June 30, 1941; January 20, 1942. The scope of General License No. 27 is extended
by General License No. 29. See Public Circulars Nos. 9 and 13; Press Release No. 23.
The following is text of Public Interpretation No. 1, dated January 23, 1942:
Inquiry has been made as whether, under General License No. 27, a blocked account in the name of A may be credited
with dividends on stock held in such blocked account, such stock being owned of record by B who is also a blocked national.
General License No. 27 authorizes the crediting of A's blocked account under the above circumstances.]
27
INDIVIDUALS WHO ARE CITIZENS OF, AND RESIDING ONLY IN, UNITED STATES—
GENERALLY LICENSED NATIONALS
General License No. 28 as Amended
(1) A general license is hereby granted licensing as a generally licensed national any individual who is:
(a) a citizen of the United States and residing only in the United States; and
(b) a national of any foreign country solely by reason of having been domiciled or resident therein on or since the effective date of the Order;
provided, however, that this license shall not be deemed to license as a generally licensed national
any individual citizen of the United States who is a national of a foreign country by reason of
any fact other than that such individual has been domiciled or resident in such foreign country
on or since such effective date.
(2) Reports on Form TFR-300 are not required to be filed with respect to the property interests of any individuals licensed herein as generally licensed nationals.
(3) This general license shall not be deemed to affect securities or evidences thereof delivered,
or required to be delivered, to a Federal Reserve Bank under the provisions of General Ruling
No. 5, as supplemented, or to authorize any transaction with respect to any such securities or
evidences thereof or the proceeds thereof.
[Issued August 8, 1940; amended July 8, 1941; September 9, 1941.]
APPLICATION OF CERTAIN GENERAL LICENSES TO GENERAL RULING NO. 6 ACCOUNTS
General License No. 29 as Amended
The provisions of the following general licenses are hereby made applicable to General Ruling No. 6 accounts to the extent that such general licenses are not otherwise applicable by reason
of their specifying blocked accounts or accounts of blocked countries or nationals thereof:
General License No. 1
General License No. 2
General License No. 4
General License No. 5
General License No. 27
[Issued August 9, 1940; amended June 27, 1941.]
PAYMENTS FROM, AND TRANSACTIONS IN THE ADMINISTRATION
OF, CERTAIN TRUSTS AND ESTATES
General License No. 30
A general license is hereby granted authorizing any bank or trust company incorporated under
the laws of the United States or of any state, territory or district of the United States, or any private
bank subject to supervision and examination under the banking laws of any state of the United
States, acting as trustee of any trust administered in the United States or as legal representative
of any estate administered in the United States, in which trust or estate one or more persons who
are nationals of one of the foreign countries designated in Executive Order No. 8389, as amended,
have an interest, beneficial or otherwise, or are co-trustees or co-representatives, to engage in the
following transactions:
(a) payments of distributive shares of principal or income to all persons legally entitled
thereto who are not nationals of any of the foreign countries designated in such Executive
Order, as amended; and
(b) other transactions arising in the administration of such trust or estate which might
be engaged in if no national of any of the foreign countries designated in such Executive Order,
as amended, were a beneficiary, co-trustee or co-representative of such trust or estate;
provided, however, that this general license shall not be deemed to authorize such trustee or legal
representative to engage in any transaction at the request, or upon the instructions, of any beneficiary, co-trustee or co-representative of such trust or estate or other person who js a national of
any of the foreign countries designated in such Executive Order, as amended.
[Issued August 14, 1940. See Public Circular No. 9; Press Release No. 23.]
28
COLLECTION OF COUPONS FROM CERTAIN SECURITIES BEARING
STAMPS OF DESIGNATED FOREIGN COUNTRIES
General License No. 31 as Amended
A general license is hereby granted authorizing banking institutions within the United States
to detach coupons from securities of the type referred to in section 2A (1) of Executive Order
No. 8389, as amended, when such securities have been in the custody or possession of such banking institutions continuously since July 25, 1940; to present such coupons for collection; and to
perform such other acts and to effect such other transactions as may be necessarily incident to
such collection, notwithstanding the fact that Treasury Department Form TFEL-2 may not have
been previously attached to the securities from which such coupons are detached.
This general license shall not be deemed to authorize any transaction prohibited by reason
of any provision (or ruling or regulation thereunder) of such Order other than section 2A (1).
[Issued August 28, 1940; amended July 8, 1941.]
CERTAIN REMITTANCES FOR NECESSARY LIVING EXPENSES
General License No. 32 as Amended
(1) A general license is hereby granted authorizing remittances by any individual through
any domestic bank to any individual who is a national of a blocked country and who is within any
foreign country, and any domestic bank is authorized to effect such remittances, provided the
following terms and conditions are complied with:
(a) Such remittances are made only for the necessary living expenses of the payee and
his household and do not exceed $100 in any one calendar month to any one household, except
that additional sums not exceeding $25 in any one calendar month may be remitted for each
member of the payee's household in addition to the payee, provided that in no case shall a
sum in excess of $200 per calendar month be remitted to any one household;
(b) Such remittances are not made from a blocked account other than from an account
in a banking institution within the United States in the name of, or in which the beneficial
interest is held by, the payee or members of his household;
(c) If the payee is within any blocked country, the remittance may be effected only:
(i) By the payment of the dollar amount of the remittance to a domestic bank for
credit to a blocked account in the name of a banking institution within such country; or
(ii) By the acquisition of foreign exchange from a person in the United States having
a license specifically authorizing the sale of such exchange.
(d) If the payee is within any foreign country other than a blocked country the remittance may be effected in the same manner that such remittance would be effected if the payed
were not a national of a blocked country.
(2) All individuals making such remittances and all domestic banks effecting such remittances
shall satisfy themselves that the foregoing termS and conditions are complied with.
(3) Domestic banks through which any such remittances originate shall execute promptly
Section A of Form TFR-132 in triplicate with respect to each such remittance. When so executed,
such copies of Form TFR-132 shall be forwarded promptly to the domestic bank ultimately transmitting abroad (by cable or otherwise) the payment instructions for such remittance and the latter
bank shall, upon the receipt thereof, execute Section B of such copies of Form TFR-132 and
promptly file such executed report in triplicate with the appropriate Federal Reserve Bank. If
the domestic bank through which any such remittance originates is also the bank ultimately transmitting abroad the payment instructions for such remittance, then such bank shall execute both
Sections A and B of such report. No report on Form TFR-132 shall be deemed to have been filed
in compliance with this general license unless both Sections A and B thereof have been duly
executed as herein prescribed.
(4) As used in this general license the term "household" shall mean:
(a) Those individuals sharing- a common dwelling as a family; or
(b) Any individual not sharing a common dwelling with others as a family.
[Issued August 30, 1940; amended February 1, 1941; October 23, 1941. See Public Circular No. 7; Press Release
No. 14.]
29
CERTAIN REMITTANCES TO UNITED STATES CITIZENS IN FOREIGN COUNTRIES
General License No. 33 as Amended
(1) A general license is hereby granted authorizing remittances by any individual through
any domestic bank to any individual who is a citizen of the United States within any foreign
country and any domestic bank is authorized to effect such remittances, provided the following
terms and conditions are complied with:
(a) Such remittances do not exceed $500 in any one calendar month to any payee and his
household and are made only for the necessary living and traveling expenses of the payee
and his household, except that an additional sum not exceeding $1000 may be remitted once
to such payee if such sum will be used for the purpose of enabling the payee or his household to return to the United States;
(b) Such remittances are not made from a blocked account other than from an account
in a banking institution within the United States in the name of, or in which the beneficial
interest is held by, the payee or members of his household.
(2) Remittances herein authorized shall be effected pursuant to the terms and conditions of
(c) or (d), as the case may be, under (1) of General License No. 32. If remittances cannot be
effected pursuant to (c) under (1) of General License No. 32, domestic banks are authorized to
effect such remittances in any of the following three ways :
(a) By establishing or maintaining free dollar accounts;
(b) By payment of the dollar amount of the remittance to a domestic bank for credit to
a blocked account in the name of a banking institution within any blocked country; or
(c) By payment of the dollar amount of the remittance to a domestic bank for credit to
the dollar account of a banking institution which is not a national of any blocked country.
(3) All individuals making such remittances and all domestic banks effecting such remittances
shall satisfy themselves that the foregoing terms and conditions are complied with.
(4) With respect to each remittance made pursuant to this general license, reports on Form
TFR-132 shall be executed and filed in the manner and form and under the conditions prescribed
in General License No. 32.
(5) As used in this general license the term "household" shall be deemed to have the meaning prescribed in General License No. 32.
[Issued September 10, 1940; amended February 1, 1941; October 23, 1941. See Public Circular No, 7; Press Release
No. 14.]
EXTENSION OF CERTAIN GENERAL LICENSES TO ANY BLOCKED COUNTRY
General License No. 34
General Licenses Nos. 1, 2, 4, 5, 9, 11 and 12, as amended, issued under Executive Order
No. 8389 of April 10, 1940, as amended, are hereby further amended so that as of the date
hereof there shall be substituted for the words "Norway, Denmark, the Netherlands, Belgium, Luxembourg, France, Latvia, Estonia or Lithuania", wherever they appear in such
general licenses, the words "any of the foreign countries designated in Executive Order
No. 8389 of April 10, 1940, as amended."
General License No. 12, as amended, issued under Executive Order No. 8389, of April 10,
1940, as amended, is hereby further amended by substituting the following for subdivision
2 thereof:
"(2) In the event that any money or evidences of indebtedness or evidences of ownership of property are to be removed from such box, such access shall be permitted only in the
presence of an authorized representative of a banking institution within the United States,
which may be the lessor of such box, which receives into its custody immediately upon
removal from such box the money or evidences of indebtedness or evidences of ownership of
property removed from such box and which holds the same subject to the Executive Order of
April 10, 1940, as amended, and the Regulations issued thereunder, for the account of the
lessee of such box and subject to the property interests therein as of the respective dates specified in such Order, as amended, of the foreign countries designated in such Order, as amended,
or any national thereof;*'
[Issued October 10, 1940. The text of each General License referred to in General License No. 34, as set
forth in this publication, was revised to give effect to the a mendments set forth in General License No. 34.]
30
PAYMENT OF CHECKS AND DRAFTS DRAWN OR ISSUED PRIOR TO OCTOBER 9, 1940 FROM
ACCOUNTS OF RUMANIA AND ITS NATIONALS
General License No. 35 Revoked
[Issued October 10, 1940; revoked November 20, 1940.]
PAYMENT OF CHECKS AND DRAFTS DRAWN OR ISSUED PRIOR TO MARCH 4, 1941 FROM
ACCOUNTS OF BULGARIA AND ITS NATIONALS
General License No. 36 Expired
[Issued March 4, 1941; expired April 4, 1941.]
PAYMENTS FROM ACCOUNTS OF UNITED STATES CITIZENS IN EMPLOY OF
UNITED STATES IN FOREIGN COUNTRIES
General License No, 37
A general license is hereby granted authorizing banking institutions within the United States
to make all payments, transfers and withdrawals from accounts in the name of citizens of the
United States while such citizens are within any foreign country in the course of their employment by the Government of the United States.
Banking institutions within the United States engaging in any transactions authorized by this
general license shall file promptly with the appropriate Federal Reserve Bank monthly reports
setting forth the details of such transactions during such period.
[Issued March 12, 194L]
PAYMENT OF CHECKS AND DRAFTS DRAWN OR ISSUED PRIOR TO MARCH 13, 1941 FROM
ACCOUNTS OF HUNGARY AND ITS NATIONALS
General License No. 38 Expired
[Issued March 13, 1941; expired April 13, 1941.]
PAYMENT OF CHECKS AND DRAFTS DRAWN OR ISSUED PRIOR TO MARCH 24, 1941 FROM
ACCOUNTS OF YUGOSLAVIA AND ITS NATIONALS
General License No. 39 Expired
[Issued March 24, 1941; expired April 24, 1941.]
NEW YORK OFFICES OF CERTAIN GREEK CONTROLLED BANKS—GENERALLY
LICENSED NATIONALS
General License No. 40 as Amended
A general license is hereby granted licensing as generally licensed nationals the New York
offices of:
(a) the Hellenic Bank Trust Company;
(b) the Bank of Athens Trust Company; and
(c) the Bank of Athens Safe Deposit Company of New York.
[Issued April 28, 1941; amended June 7, 1941.]
PAYMENT OF CHECKS AND DRAFTS DRAWN OR ISSUED PRIOR TO APRIL 28, 1941 FROM
ACCOUNTS OF GREECE AND ITS NATIONALS
General License No. 41 Expired
[Issued April 28, 1941; expired May 28, 194L]
31
INDIVIDUALS DOMICILED IN AND RESIDING ONLY IN UNITED STATES SINCE CERTAIN
DATES—GENERALLY LICENSED NATIONALS
General License No. 42
A general license is hereby granted licensing as generally licensed nationals individuals who
have been domiciled in and residing only in the United States at all times on and since the effective date of the Order ahd at all times on and since June 17,1940, if such effective date is subsequent
to June 17, 1940: provided, however, that this license shall not be deemed to license as a generally
licensed national any individual who is a national of a foreign country by reason of any fact other
than that such individual has been a subject or citizen of a foreign country at any time on or since
such effective date.
Reports on Form TFR-300 are not required to be filed with respect to the property interests
of any individuals licensed herein as generally licensed nationals.
[Issued June 14, 1941. See Press Releases Nos. 10 and 17.]
CERTAIN INDIVIDUALS RESIDING ONLY IN THE UNITED STATES SINCE JUNE 17, 1940,
AND CERTAIN CORPORATIONS AND OTHER ORGANIZATIONS—GENERALLY
LICENSED NATIONALS. FILING OF REPORTS
General License No. 42A as Amended
(1) A general license is hereby granted:
(a) Licensing as a generally licensed national any individual who has been residing only
in the United States at all times on and since June 17, 1940, and
(b) Licensing as a generally licensed national any partnership, association, corporation
or other organization which is a national of any blocked country solely by reason of the
interest therein of a person or persons licensed as generally licensed nationals pursuant to this
general license.
(2) Every person licensed herein as a generally licensed national shall file with the appropriate Federal Reserve Bank a report under oath in triplicate setting forth (a) the name, address
and nationality of such person; (b) a statement that such person is licensed as a generally licensed
national under this general license; and (c) a statement that such person has filed a report on
Form TFR-300 or that such person was not required to file such report because the total value of
all property interests of such person to be reported was less than $1,000. Such report shall be filed
on or before February IS, 1942, or within thirty days after the date upon which such person avails
himself of the privileges of this general license, whichever is later. Any person not complying
with this reporting requirement is not authorized to engage in any transaction under this general
license.
(3) This general license:
(a) Shall not be deemed to suspend, cancel, or otherwise modify in any way the requirements of the Order and regulations relating to reports on Form TFR-300 with respect to
the property interests of persons licensed herein as generally licensed nationals, and
(b) Shall not be deemed to license as a generally licensed national any individual who
on or since the effective date of the Order has acted or purported to act directly or indirectly
for the benefit or on behalf of any blocked country, including the government thereof, or
to license any individual who is a national of a foreign country by reason of any fact other
than that such individual has been domiciled in, or a subject or citizen of, a foreign country
at any time on or since the effective date of the Order.
[Issued November 27, 1941; amended January 20, 1942. See Press Release No. 17.]
32
NEW YORK OFFICES OF CERTAIN SWISS BANKING INSTITUTIONS—
GENERALLY LICENSED NATIONALS
General License Pfo. 43
A general license is hereby granted licensing the following as generally licensed nationals:
(a) Swiss American Corporation, New York; and
(b) The New York agencies of:
(i) Credit Suisse; and
(ii) Swiss Bank Corporation.
[Issued June 14, 1941.]
ROMAN CURIA A GENERALLY LICENSED NATIONAL
General License No. 44
The Roman Curia (or Curia Romana) of the Vatican City State is hereby licensed as a generally licensed national and all persons to the extent that they are acting for and on behalf of the
Vatican City State are hereby licensed as generally licensed nationals.
[Issued June 14, 1941.]
PAYMENT OF DOCUMENTARY
ISSUED PRIOR TO JUNE
THOSE OF FOREIGN
NATED
DRAFTS DRAWN UNDER CERTAIN LETTERS OF CREDIT
14, 1941 FROM BLOCKED ACCOUNTS OTHER THAN
COUNTRIES, OR NATIONALS THEREOF, DESIGIN ORDER PRIOR TO JUNE 14, 1941
General License No. 45 Revoked
[Issued June 14, 1941; amended July 15, 1941; revoked August 1, 1941.]
PAYMENT OF CERTAIN SALARIES FROM BLOCKED ACCOUNTS OF COMMERCIAL
ORGANIZATIONS IN DOMESTIC BANKS
General License No. 46 Expired
[Issued June 14, 1941; expired July 15, 194L]
BANCO DI NAPOLI TRUST COMPANY OF NEW YORK A GENERALLY
LICENSED NATIONAL
General License No. 47 Revoked
[Issued June 14, 1941; revoked December 11, 194L]
BANCO DI NAPOLI TRUST COMPANY, CHICAGO, A GENERALLY
LICENSED RATIONAL
General License No. 47A Revoked
[Issued June 14, 1941; revoked December 11, 1941.]
33
COMPLETION OF SECURITIES TRANSACTIONS COMMENCED PRIOR TO 11 A.M., E. S. T., JUNE
14, 1941 FOR ACCOUNTS OF CERTAIN FOREIGN COUNTRIES OR NATIONALS THEREOF
General License No. 48 Expired
[Issued June 14, 1941; expired June 17, 1941.]
TRANSACTIONS ON BEHALF OF, OR INVOLVING PROPERTY
OF, SWEDEN AND ITS NATIONALS
General License No. 49
(1) A general license is hereby granted licensing any transaction referred to in Section 1
of the Order, if (i) such transaction is by, or on behalf of, or pursuant to the direction of Sweden,
or any national thereof, or (ii) such transaction involves property in which Sweden, or any
national thereof, has at any time on or since the effective date of the Order had any interest,
provided, that:
(a) Such transaction is not by, or on behalf of, or pursuant to the direction of any blocked
country or any national thereof, other than Sweden or any national of Sweden; and
(b) Such transaction does not involve property in which any blocked country or any national
thereof, other than Sweden or any national of Sweden, has at any time on or since the
effective date of the Order had any interest; and
(c) If such transaction is not by, or on behalf of, or pursuant to the direction of the Government of Sweden or the Sveriges Riksbank, such transaction shall not be effected until a
representative in New York, New York, of the Swedish Legation, designated for such purpose by the Minister of Sweden to the United States, has certified in writing that the Government of Sweden has determined that such transaction complies with the conditions of
paragraphs (a) and (b) above.
(2) This license shall not be deemed to permit any payment, transfer or withdrawal from
any blocked account other than blocked accounts in the name of the Government of Sweden or
the Sveriges Riksbank, until the said representative in New York, New York, of the Swedish Legation has certified, with respect to the transaction, as provided in paragraph (l)(c) above.
(3) This general license shall not apply with respect to any national of Sweden who is also
a national of any other blocked country.
(4) Banking institutions within the United States engaging in any transactions authorized
by this general license shall file promptly with the appropriate Federal Reserve Bank weekly
reports setting forth the details of transactions effected by them under this license.
(5) As used in this general license, the "Government of Sweden" shall include the government of any political subdivision (territories, dependencies, possessions, states, departments,
provinces, counties, municipalities, districts or other places subject to the jurisdiction thereof),
or any political agency or instrumentality of the government.
[Issued June 20, 1941. See Public Circular No. 12; Press Release No. 2.]
34
TRANSACTIONS ON BEHALF OF SWITZERLAND OR THE BANQUE NATIONALE SUISSE
General License No. 50
(1) A general license is hereby granted licensing any transaction referred to in Section 1 of
the Order, if such transaction is by, or on behalf of, or pursuant to the direction of the Government
of Switzerland or the Banque Nationale Suisse, provided, thai:
(a) Such transaction is not by, or on behalf of, or pursuant to the direction of any blocked
country or any national thereof, other than Switzerland or a national of Switzerland; and
(b) Such transaction does not involve property in which any blocked country or national
thereof, other than Switzerland or any national of Switzerland, has at any time on or
since the effective date of the Order had any interest.
Any transaction engaged in by the Government of Switzerland or the Banque Nationale Suisse
pursuant to the order or for the account of any other national of Switzerland is also hereby authorized to the same extent, and under the same circumstances, as though such transaction were
solely for the account of the Government of Switzerland or the Banque Nationale Suisse.
(2) This general license shall not be deemed to permit any payment, transfer or withdrawal
from any blocked account, other than blocked accounts in the name of the Government of Switzerland or the Banque Nationale Suisse, except as provided in paragraph (3) of this general license.
(3) This general license also authorizes any payment or transfer of credit or transfer of
securities from a blocked account in which any national of Switzerland has an interest to a blocked
account in a domestic bank in the name of the Banque Nationale Suisse, if, prior to any such payment or transfer, the instructions to effect such payment or transfer are confirmed by the Banque
Nationale Suisse; provided, however, that this authorization shall not be deemed to authorize any
payment or transfer of credit or transfer of securities from a blocked account in which any
national of a blocked country, other than Switzerland, has an interest, or has had an interest at
any time on or since the effective date of the Order.
(4) This general license shall not apply with respect to any national of Switzerland who is
also a national of any other blocked country.
(5) Banking institutions within the United States engaging in any transactions authorized
by this general license shall file promptly with the appropriate Federal Reserve Bank weekly
reports setting forth the details of transactions effected by them under this license.
(6) As used in this general license, the "Government of Switzerland" shall include the government of any political subdivision (territories, dependencies, possessions, states, departments, provinces, counties, municipalities, districts or other places subject to the jurisdiction thereof), or any
political agency or instrumentality of the government.
(Issued June 20, 1941. See Public Circular No. 12; Press Release No. 2J\
UNION OF SOVIET SOCIALIST REPUBLICS A GENERALLY LICENSED COUNTRY
General License No. 51
(1) A general license is hereby granted licensing the Union of Soviet Socialist Republics
as a generally licensed country.
(2) As used in this general license:
Any foreign country licensed as a "generally licensed country", and nationals thereof,
shall be regarded for all purposes as if such foreign country were not a foreign country designated in the Order.
[Issued June 24, 1941. See Press Release No. 3.]
35
TRANSACTIONS ON BEHALF OF, OR INVOLVING PROPERTY OF,
SPAIN AND ITS NATIONALS
General License No. 52
(1) A general license is hereby granted licensing any transaction referred to in Section 1 of
the Order, if (i) such transaction is by, or on behalf of, or pursuant to the direction of Spain,
or any national thereof, or (ii) such transaction involves property in which Spain, or any national
thereof, has at any time on or since the effective date of the Order had any interest, provided, that:
(a) Such transaction is not by, or on behalf of, or pursuant to the direction of any blocked
country or any national thereof, other than Spain or any national of Spain; and
(b) Such transaction does not involve property in which any blocked country or any
national thereof, other than Spain or any national of Spain, has at any time on or
since the effective date of the Order had any interest; and
(c) If such transaction is not by, or on behalf of, or pursuant to the direction of the
Instituto Espanol de Moneda Extranjera, such transaction shall not be effected until
the Instituto Espanol de Moneda Extranjera has certified in writing that the Instituto
Espanol de Moneda Extranjera has determined that such transaction complies with
the conditions of paragraphs (a) and (b) above.
(2) This general license also authorizes any payment or transfer from a blocked account in
which any national of Spain has an interest to a blocked account in a domestic bank in the name
of the Instituto Espanol de Moneda Extranjera; provided, however, that this authorization shall
not be deemed to authorize any payment or transfer from a blocked account in which any
national of a blocked country, other than Spain, has an interest, or has had an interest at any
time on or since the effective date of the Order.
(3) Except as provided in paragraph (2), this general license shall not be deemed to permit
any payment, transfer or withdrawal from any blocked account other than blocked accounts in
the name of the Instituto Espanol de Moneda Extranjera, until the Instituto Espanol de Moneda
Extranjera has certified, with respect to the transaction, as provided in paragraph (l)(c) above.
(4) This general license shall not apply with respect to any national of Spain who is also a
national of any other blocked country.
(5) Banking institutions within the United States engaging in any transactions authorized by
this general license shall file promptly with the appropriate Federal Reserve Bank weekly reports
setting forth the details of transactions effected by them under this license.
[Issued July 11, 1941. See Public Circular No. 12; Press Release No. 5.]
TRANSACTIONS INCIDENT TO TRADE WITH MEMBERS OF "THE GENERALLY LICENSED
TRADE AREA" NOT INVOLVING PERSONS NAMED IN "THE PROCLAIMED LIST
OF CERTAIN BLOCKED NATIONALS'1
General License No. 53 as Amended
(1) A general license is hereby granted licensing all transactions ordinarily incident to the
importing and exporting of goods, wares and merchandise between the United States and any of
the members of the generally licensed trade area or between the members of the generally licensed
trade area if (i) such transaction is by, or on behalf of, or pursuant to the direction of any national
of a blocked country within the generally licensed trade area, or (ii) such transaction involves
36
property in which any such national has at any time on or since the effective date of the Order
Jiad any interest, provided the following terms and conditions are complied with:
(a) Such transaction is not by, or on behalf of, or pursuant to the direction of (1) any
person whose name appears on "The Proclaimed List of Certain Blocked Nationals",
or (ii) any blocked country or national thereot not withm the generally licensed trade
area;
(b) Such transaction does not involve property in which (i) any person whose name
appears on "The Proclaimed List of Certain Blocked Nationals", or (ii) any blocked
country or national thereof not within the generally licensed trade area, has at any
time on or since the effective date of the Order had any interest; and
(c) Any banking institution within the United States, prior to issuing, confirming or
advising letters of credit, or accepting or paying drafts drawn, or reimbursing themselves for payments made, under letters of credit, or making any other payment or
transfer of credit, in connection with any importation or exportation pursuant to this
general license, or engaging in any other transaction herein authorized, shall satisfy
itself (from the shipping documents or otherwise) that: (i) any such transaction is
incident to a bona fide importation or exportation and is customary in the normal
course of business, and that the value of such importation or exportation reasonably
corresponds with the sums of money involved in financing such transactions; and
(ii) such importation or exportation is or will be made pursuant to all the terms and
conditions of this license.
(2) Subject to all other terms and conditions of this general license any national of a blocked
country doing business within the United States pursuant to a license is also hereby authorized,
while so licensed, to engage in any transaction referred to in paragraph (1) to the same extent
that such national is licensed to engage in such transaction involving persons within the generally licensed trade area who are not nationals of a blocked country.
(3) As used in this general license:
(a) The term "generally licensed trade area" shall mean the following:
(i) the American Republics, i.e., (1) Argentina, (2) Bolivia, (3) Brazil, (4)
Chile, (5) Colombia, (6) Costa Rica, (7) Cuba, (8) the Dominican Republic, (9) Ecuador, (10) El Salvador, (11) Guatemala, (12) Haiti, (13)
Honduras, (14) Mexico, (15) Nicaragua, (16) Panama, (17) Paraguay, (18)
Peru, (19) Uruguay, and (20) Venezuela;
(ii) the British Commonwealth of Nations, i.e., (1) the United Kingdom
(England, Wales, Scotland and Northern Ireland), (2) the British Dominions (Canada, Australia, New Zealand, the Union of South Africa and
Newfoundland), (3) Eire, (4) the Isle of Man, (5) India, (6) Egypt, (7)
Anglo-Egyptian Soudan, (8) Iraq, (9) all colonies and protectorates under
the British Crown, and (10) all mandated territories administered by the
United Kingdom or by any British Dominion;
(iii) the Union of Soviet Socialist Republics;
(iv) the Netherlands East Indies;
(v) the Netherlands West Indies ;
(vi) the Belgian Congo and Ruanda-Urundi;
(vii) Greenland;
(viii) Iceland;
(ix) Syria and Lebanon; and
37
(x) (1) French Equatorial Africa, including the Cameroons; (2) New Caledonia; (3) Tahiti, (4) the French Establishments in India;
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.
(b) The term "member" of the generally licensed trade area shall mean any of the foreign
countries or political subdivisions comprising the generally licensed trade area.
(c) The term "any national of a blocked country within the generally licensed trade area"
shall mean any national of a blocked country who was situated within and doing business within such area on and since June 14, 1941.
(d) The term "The Proclaimed List of Certain Blocked Nationals" shall mean "The
Proclaimed List of Certain Blocked Nationals"as amended and supplemented promulgated pursuant to the proclamation of July 17, 1941.
[Issued July 17, 1941; amended August 5, 1941; October 9, 1941; December 26, 1941. See Public Circulars Nos. 3,
10 and 12; Press Releases Nos. 6, 8 and 25.
The following is text of Public Interpretation No. 2, dated January 23, 1942:
Inquiry has been made as to whether a trade transaction with a concern in the generally licensed trade area is
excluded from General License No. 53 solely because such concern is a branch or subsidiary of a concern organized under
the laws of a country not within the generally licensed trade area or because a substantial portion of the stock is held by
a person domiciled or resident outside of the generally licensed trade area.
A trade transaction with a concern doing business within the generally licensed trade area is not excluded from
General License No. 53 for these reasons.]
TRANSACTIONS INVOLVING PROPERTY INTERESTS OF CHINA OR JAPAN, OR ANY
NATIONAL THEREOF, PRIOR TO BUT NOT ON OR SINCE JULY 26, 1941
General License No, 54
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 China or Japan, or any national
thereof, has at any time prior to July 26, 1941, but not on or since July 26, 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 China or Japan, or any national thereof, or
(ii) such transaction involves property in which China or Japan, or any national thereof, has at
any time on or since July 26, 1941, had any interest.
[Issued July 26, 1941.]
PAYMENT OF DOCUMENTARY DRAFTS DRAWN UNDER CERTAIN LETTERS OF CREDIT
ISSUED OR ADVISED PRIOR TO JULY 26, 1941, FROM ACCOUNTS OF CHINA OR
JAPAN AND THEIR NATIONALS
General License No. 55 Expired
[Issued July 26, 1941; amended August 1, 1941; September 3, 1941; expired September 30, 1941.]
38
CERTAIN TRANSACTIONS BY COMMERCIAL ORGANIZATIONS WITHIN TERRITORY OF HAWAII
WHICH ARE NATIONALS OF CHINA OR JAPAN
General License No. 56
(1) A general license is hereby granted licensing any partnership, association, corporation or
other organization engaged in commercial activities within the Territory of Hawaii and which is
a national of China or Japan, to engage in all transactions ordinarily incidental to the normal
conduct of its business activities within the Territory of Hawaii, provided, however, that this general license shall not authorize:
(a) Any transaction which could not be effected without a license if such organization
were not a national of any blocked country; or
(b) Any payment, transfer or withdrawal from any blocked account in any banking
institution within any part of the United States other than the Territory of Hawaii.
(2) Any organization engaging in business pursuant to this general license shall not engage
in any transaction, pursuant to this general license or any other general license, which, directly
or indirectly, substantially diminishes or imperils the assets of such organization within the Territory of Hawaii or otherwise prejudicially affects the financial position of such organization within
the Territory of Hawaii.
(3) Any such organization shall file with the Governor of the Territory of Hawaii, within
sixty days after the date hereof, an affidavit on Form TFBE-1 setting forth the data called for in
such form. Any organization not complying with this requirement is not authorized to engage
in any transaction under this general license.
(4) Any bank effecting any payment, transfer or withdrawal pursuant to this general license
shall satisfy itself that such payment, transfer or withdrawal is being made pursuant to the terms
and conditions of this general license.
(5) Any organization engaging in business pursuant to this general license shall file monthly
reports in triplicate with the Governor of the Territory of Hawaii setting forth the details of the
transactions engaged in by it during the reporting* period. Such report shall indicate receipts and
expenditures classified into general categories by source, payee and purpose.
[Issued July 26, 1941. Revoked as to Japan and nationals thereof December 7, 1941. See Public Circulars Nos. 8
and 8A; Press Releases Nos. 18 and 22.]
PRIVILEGES OF ALL GENERAL LICENSES EXTENDED TO HONG KONG
General License No. 57 Revoked
[Issued July 26, 1941; revoked December 26, 1941. See Public Circular No, 10; Press Release No. 25.]
39
TRANSACTIONS INCIDENT TO TRADE BETWEEN THE UNITED STATES AND
ANY PART OF CHINA OTHER THAN MANCHURIA
General License No. 58 as Amended
(1) A general license is hereby granted licensing all transactions ordinarily incident to the
importing and exporting of goods, wares and merchandise between the United States and any part
of China other than Manchuria, provided the following terms and conditions are complied with:
(a) Such transaction shall not involve property in which any one of the following has at
any time on or since the effective date of the Order had any interest and shall not be by, or
on behalf of, or pursuant to the direction of any one of the following:
(i) any blocked country other than China, or
(ii) any person within Manchuria, or
(iii) any national of any blocked country other than China unless such national is
within China;
(b) Exports from the United States to China having a value in excess of $100 shall be
effected only provided both of the following conditions are satisfied:
(i) payment therefor has been or will be made through a domestic bank and such
domestic bank has been notified by an appointed bank that the importer within
China has paid or has completed arrangements to pay therefor with United States
dollars acquired from such appointed bank, or in lieu of the foregoing, a domestic
bank has been notified by an appointed bank that the shipment has been otherwise approved by the Stabilization Board of China; and
(ii) on each shipment the domestic bank referred to in (i) shall execute Form TFR158 in quadruplicate. The original of such executed form shall be transmitted by
the domestic bank directly to the collector of customs at the port of exportation
and shall be received by such collector of customs prior to the exportation of the
shipment. The duplicate of such executed form shall be delivered by the domestic bank to the exporter or his agent who shall present and, if requested, deliver
such copy to the collector of customs at the port of exportation at the time the
Shipper's Export Declaration is filed. The remaining two copies of such executed
form shall be filed promptly by the domestic bank with the appropriate Federal
Reserve Bank.
(c) Imports into the United States from China having a value in excess of $100 shall be
effected only provided both of the following conditions are satisfied:
(i) payment therefor in United States dollars has been or will be made through a
domestic bank and the exporter within China has sold or has completed arrangements for selling such United States dollars to an appointed bank, or in lieu of
the foregoing, the shipment has been otherwise approved by the Stabilization
Board of China; and
(ii) prior to the release of any such shipment from customs custody the collector of
customs of the port of entry through which the shipment is imported shall have
received a consular invoice covering such shipment and such consular invoice
shall bear the certification of a United States consul in China that an appointed
bank has duly notified the consul that the exporter within China has sold or has
completed arrangements for selling the United States dollar proceeds from such
shipment to such appointed bank or that the shipment has been otherwise
approved by the Stabilization Board of China.
(d) The conditions prescribed in (b) and (c) shall not apply with respect to any import
or export:
(i) if the shipment was in transit between the United States and China on November
12, 1941; or
(ii) if the consignee or consignor of the shipment is the United States Government
or the Chinese National Government or a recognized agency or political instrumentality of either government; or
(iii) if payment for the shipment was fully effected prior to November 12, 1941, and
the following reporting procedure is followed: On each such shipment a
domestic bank participating in financing the shipment shall execute Form TFR158A in quadruplicate. The original of such executed form shall be transmitted
by such domestic bank directly to the collector of customs at the port of importa-
40
tion or exportation as the case may be and shall be received by such collector of
customs prior to the release of such shipment from customs custody or prior
to the exportation of such shipment as the case may be. The duplicate of such
executed form shall be delivered by the domestic bank to the importer or exporter
or their respective agents who shall present and, if requested, deliver such copy
to the collector of customs at the time the shipment is released from customs
custody or the Shipper's Export Declaration is filed, as the case may be. The
remaining two copies of such executed form shall be filed promptly by the
domestic bank with the appropriate Federal Reserve Bank.
(e) Any domestic bank prior to issuing, confirming* or advising letters of credit, or accepting or paying drafts drawn, or reimbursing themselves for payments made, tinder letters of
credit, or making any other payment or transfer of credit, in connection with any importation
or exportation pursuant to this general license, or engaging in any other transaction herein
authorized, shall satisfy itself (from the shipping documents or otherwise) that:
(i) any such transaction is incident to a bona fide importation or exportation and is
customary in the normal course of business, and that the value of such importation or exportation reasonably corresponds with the sums of money involved in
financing such transaction; and
(ii) such importation or exportation is or will be made pursuant to all the terms and
conditions of this license.
(2) As used in this general license:
(a) The term ''appointed bank" shall mean any of those banks cooperating with the
Stabilization Board of China and buying and selling foreign exchange with the permission of,
and subject to the conditions prescribed by, such Board, the names of which appear on Schedule A of this general license at the time the transaction is effected.
(b) A person shall not be deemed to be "within China" unless such person was situated
within and doing business within China on and since June 14, 1941.
SCHEDULE A OF GENERAL LICENSE NO. 58
The offices within Hong Kong and any part of China, except Manchuria, of the following are
hereby licensed as "appointed banks" within the meaning of General License No. 58:
(a) The Chase Bank
(b) National City Bank of New York
(c) Underwriters Bank for the Far East
(d) American Express Company
(e) Moscow Narodny Bank, Ltd.
(f) Thos. Cook & Son (Bankers) Ltd.
(g) Hongkong & Shanghai Banking Corporation
(h) Mercantile Bank of India, Ltd.
(i) David Sassoon & Co., Ltd.
(j) E. D. Sassoon & Co., Ltd.
(k) E. D. Sassoon Banking* Co., Ltd.
(1) Chartered Bank of India, Australia & China, Lid.
(m) Nederlandsch Indische Handelsbank
n) Nederlandsche Handel Maatschappij
o) Shanghai Commercial and Savings Bank, Ltd.
p) Bank of East Asia, Ltd.
(q) National Commercial Bank, Ltd.
(r) Chekiang Industrial Bank, Ltd.
(s) Bank of Canton, Ltd.
(t) Qversea-Chinese Banking Corporation, Ltd.
(u) Kmcheng Banking Corporation
(v) China Banking Corporation
(w) Bank of China
(x) Bank of Communications
(y) Farmers Bank of China
(z) Central Bank of China
[Issued July 26, 1941; amended November 12, 1941. See Public Circular No. 3; Press Release No. 16. Revoked as
to Japan and nationals thereof December 7, 1941. See Public Circulars Nos. 8 and 8A; Press Releases Nos. 18 and 22,
Offices within Hong Kong and occupied China of banks named in Schedule A ceased to be appointed banks on December
26, 1941. See Public Circular No. 10; Press Release No. 25.]
41
OFFICES OF CERTAIN NEW YORK BANKS AND CERTAIN OTHER INSTITUTIONS WITHIN
HONG KONG AND CHINA, EXCEPT MANCHURIA—GENERALLY LICENSED NATIONALS
General License No. 59 as Amended
(1) A general license is hereby granted licensing as generally licensed nationals the offices
within Hong Kong and any part of China except Manchuria of the following:
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
(k)
(1)
(m)
(n)
(o)
(p)
(q)
(r)
(s)
(t)
(u)
(v)
The Chase Bank
National City Bank of New York
Underwriters Bank for the Far East
American Express Company
Moscow Narodny Bank, Ltd.
Thos. Cook & Son (Bankers) Ltd.
Hongkong & Shanghai Banking Corporation
Mercantile Bank of India, Ltd.
David Sassoon & Co., Ltd.
E. D. Sassoon & Co., Ltd.
E. D. Sassoon Banking Co., Ltd.
Chartered Bank of India, Australia & China, Ltd.
Nederlandsch Indische Handelsbank
Nederlandsche Handel Maatschappij
Shanghai Commercial and Savings Bank, Ltd.
Bank of East Asia, Ltd.
National Commercial Bank, Ltd.
Chekiang Industrial Bank, Ltd.
Bank of Canton, Ltd.
Oversea-Chinese Banking Corporation, Ltd.
Kincheng Banking Corporation
China Banking Corporation
(2) Any such office of any such bank is also authorized to engage in all transactions ordinarily incident to the importing and exporting of goods, wares, and merchandise between the
United States and any part of China, except Manchuria, provided all the terms and conditions of
General License No. 58 are complied with.
(3) Banking institutions within the United States making any payment, transfer or withdrawal from the accounts of any such office of the aforementioned banking institutions shall file
promptly with the appropriate Federal Reserve Bank monthly reports setting forth the details of
such transactions during such period.
[Issued July 26, 1941; amended August 1, 1941; November 12, 1941. Revoked as to Japan and nationals thereof
December 7, 1941. See Public Circulars Nos. 8 and 8A; Press Releases Nos. 18 and 22. Offices within Hong Kong and
occupied China ceased to be generally licensed nationals on December 26, 1941. See Public Circular No. 10; Press
Release No. 25.]
42
NATIONAL GOVERNMENT OF THE REPUBLIC OF CHINA AND CENTRAL BANK
OF CHINA —GENERALLY LICENSED NATIONALS
General License No. 60 as Amended
(1) A general license is hereby granted licensing the National Government of the Republic
of China and the Central Bank of China as generally licensed nationals.
(2) Any transaction engaged in by such government or such bank pursuant to the order of
or for the account of any person within China is also hereby authorized to the same extent, and
tinder the same circumstances, as though such transaction were solely for the account of such
government or such bank; provided, however, that this authorization shall not be deemed to permit
any payment, transfer or withdrawal from any blocked account except as provided in paragraph
(3) of this general license.
(3) This general license shall also authorize any payment or transfer of credit or transfer of
securities from any blocked account in which any national of China has an interest to an account
in a domestic bank in the name of such government or such bank; provided, no other blocked
country or any national thereof has an interest, or has had an interest in such blocked account at
any time on or since the effective date of the Order.
(4) Banking institutions within the United States making any payment, transfer or withdrawal from the accounts of such government or such bank or from any blocked account referred
to in paragraph (3) shall file promptly with the appropriate Federal Reserve Bank monthly
reports setting forth the details of such transactions during such period.
(5) The term "generally licensed national" as applied to the National Government of the
Republic of China shall mean that such government may be regarded as though China were not a
blocked country, and all persons to the extent that they are acting for or on behalf of such
government may be regarded as generally licensed nationals.
[Issued July 26, 1941. Revoked as to Japan and nationals thereof December 7, 1941. See Public Circulars Nos. 8
and 8A ; Press Releases Nos. 18 and 22. Offices within Hong Kong and occupied China of Central Bank of China ceased
to be generally licensed nationals on December 26, 1941. See Public Circular No. 10; Press Release No. 25.]
OFFICES OF CERTAIN CHINESE BANKS OUTSIDE T H E UNITED STATES
AND NOT WITHIN ANY BLOCKED COUNTRY OTHER THAN
CHINA —GENERALLY LICENSED NATIONALS
General License No. 61 as Amended
(1) A general license is hereby granted licensing the offices outside the United States and
not within any blocked country other than China of the following Chinese banks as generally
licensed nationals:
(a) the Bank of China;
(b) the Bank of Communications; and
(c) the Farmers Bank of China.
Any transaction engaged in by any such office of any such bank pursuant to the order of or for the
account of any person not within any blocked country is also hereby authorized to the same extent,
and under the same circumstances, as though such transaction were solely for the account of such
office of such bank; provided, hozvever, that this authorization shall not be deemed to permit any
payment, transfer or withdrawal from any blocked account.
(2) Any office within Hong Kong or any part of China, except Manchuria, of any such bank
is also authorized to engage in all transactions ordinarily incident to the importing and exporting
of goods, wares and merchandise between the United States and any part of China, except Manchuria, provided all the terms and conditions of General License No. 58 are complied with.
(3) Banking institutions within the United States making any payment, transfer or withdrawal from the accounts of any such office of the aforementioned banks shall file promptly with
the appropriate Federal Reserve Bank monthly reports setting forth the details of such transactions during such period.
[Issued July 26, 1941; amended August 1, 1941; November 12, 1941. Revoked as to Japan and nationals thereof
December 7, 1941. See Public Circulars Nos. 8 and 8A ; Press Releases Nos. 18 and 22. Offices within Hong Kong and
occupied China ceased to be generally licensed nationals on December 26, 1941. See Public Circular No, 10; Press
Release No. 25.]
43
CERTAIN CHINESE INSTITUTIONS IN WASHINGTON, D. C, AND IN NEW YORK, N. Y.GENERALLY LICENSED NATIONALS
General License No. 62
(1) A general license is hereby granted licensing as generally licensed nationals:
(a) China Defense Supplies, Inc., 1601 V Street, N. W., Washington, D. C.;
(b) the Universal Trading Corporation, 630 Fifth Avenue, New York, New York; and
(c) the New York office of the Bank of China.
[Issued July 26, 1941.]
OFFICES IN PHILIPPINE ISLANDS OF CERTAIN BANKING INSTITUTIONS —
GENERALLY LICENSED NATIONALS
General License No. 63 Revoked
[Issued July 26, 1941; revoked January 5, 1942. See Public Circular No. 11.]
TRANSACTIONS INCIDENT TO TRADE BETWEEN P H I L I P P I N E ISLANDS AND CHINA AND
BETWEEN P H I L I P P I N E ISLANDS AND JAPAN
General License No. 64 Revoked
[Issued July 26, 1941; revoked November 12, 1941.]
CERTAIN TRANSACTIONS BY COMMERCIAL ORGANIZATIONS WITHIN PHILIPPINE ISLANDS
WHICH ARE NATIONALS OF CHINA OR JAPAN
General License No. 65 Revoked
[Issued July 26, 1941; revoked January 5, 1942. See Public Circular No. 11.]
HAWAIIAN OFFICES OF CERTAIN BANKS—GENERALLY LICENSED NATIONALS
General License No. 66 as Amended
A general license is hereby granted licensing as generally licensed nationals the offices in the
Territory of Hawaii of:
(a) the American Security Bank;
(b) the Honolulu Trust Company;
(c) the Liberty Bank of Honolulu;
(d) the Pacific Bank;
(e) the Sumitomo Bank of Hawaii; and
(f) the Yokohama Specie Bank, Ltd.
[Issued July 26, 1941. Revoked as to Japan and nationals thereof December 7, 1941. See Public Circulars Nos. S
and SA; Press Releases Nos. 18 and 22.]
PAYMENT OF CERTAIN SALARIES FROM BLOCKED ACCOUNTS IN DOMESTIC BANKS OF
COMMERCIAL ORGANIZATIONS WHICH ARE NATIONALS OF CHINA OR JAPAN
General License No. 67 Expired
[Issued July 26, 1941; expired August 26, 1941.]
44
NATIONALS OF CHINA AND JAPAN RESIDING ONLY IN UNITED STATES SINCE
JUNE 17, 1940—GENERALLY LICENSED NATIONALS
General License No. 68 as Amended
(1) A general license is hereby granted licensing as generally licensed nationals individuals
who are nationals of China and Japan and who have been residing only in the United States at
all times on and since June 17, 1940; provided, however, that this license shall not be deemed to
license as a generally licensed national any individual who is a national of China or Japan by
reason of any fact other than that such individual has been a subject or citizen of China or Japan
at any time on or since such date.
(2) Reports on Form TFR-300 are not required to be filed with respect to the property
interests of any individuals licensed herein as generally licensed nationals.
[Issued July 26, 1941. See Press Release No. 10. Revoked as to Japan and nationals thereof December 7, 1941.
See Public Circulars Nos. 8 and 8A; Press Releases Nos. 18 and 22.]
JAPANESE NATIONALS RESIDING CONTINUOUSLY WITHIN CONTINENTAL UNITED
STATES SINCE JUNE 17, 1940, AND CERTAIN JAPANESE BUSINESS ENTERPRISES—
GENERALLY LICENSED NATIONALS. REPORTS TO BE FILED
General License No. 68A as Amended
(1) A general license is hereby granted:
(a) Licensing as a generally licensed national any individual who is a national of Japan
and who has been residing only in the continental United States at all times on and since
June 17, 1940, and
(b) Licensing as a generally licensed national any partnership, association, corporation
or other organization within the continental United States which is a national of Japan
solely by reason of the interest therein of a person or persons licensed as generally licensed
nationals pursuant to this general license.
(2) This general license shall not be deemed to license as a generally licensed national:
(a) Any individual, partnership, association, corporation or other organization on the
premises of which the Treasury Department maintains a representative or guard or on the
premises of which there is posted an official Treasury Department notice that the premises
are under the control of the United States Government, or
(b) Any bank, trust company, shipping concern, steamship agency, or insurance company,
or
(c) Any person who, on or since the effective date of the Order, has represented or acted
as agent for any person located outside the continental United States or for any person owned
or controlled by persons located outside the continental United States, or
(d) Any person who on or since the effective date of the Order has acted or purported to
act directly or indirectly for the benefit or on behalf of any blocked country, including the
government thereof, or any person who is a national of Japan by reason of any fact other than
that such person has been domiciled in, or a subject or citizen of, Japan at any time on or
since the effective date of the Order.
(3) A report on Series J of Form TFR-300 shall be filed with the appropriate Federal Reserve
Bank on or before February IS, 1942, with respect to the property interests of every person
licensed herein as a generally licensed national if the total value of the property interests to be
reported is $1,000 or more.
(4) Every business enterprise licensed herein as a generally licensed national shall also file
with the appropriate Federal Reserve Bank on or before February 15, 1942, an affidavit setting
45
forth the information required by Form TFBE-1, if the total value of all property interests of such
business enterprise is in excess of $5,000.
(5) Banking institutions within the United States effecting payments, transfers or withdrawals
in excess of $1,000 during any month from the account of any person licensed as a generally
licensed national hereunder, shall file promptly with the appropriate Federal Reserve Bank a
report showing the details of such transactions.
(6) This general license shall not authorize any transaction which, directly or indirectly, substantially diminishes or imperils the assets within the continental United States of any national
of Japan or otherwise prejudicially affects the financial position of such national within the continental United States.
(7) As used in this general license, the term "business enterprise" shall mean any individual
proprietorship, partnership, association, corporation or other organization engaged in commercial
or other business activities within the continental United States.
[Issued December 15, 1941; amended January 14, 1942. See Public Circular No. 4A; Press Release No. 21.]
CALIFORNIA AND WASHINGTON OFFICES OF CERTAIN CHINESE AND JAPANESE
BANKS —GENERALLY LICENSED NATIONALS
General License No. 69 as Amended
A general license is hereby granted licensing the following as generally licensed nationals:
(a) the San Francisco office of the Bank of Canton ;
(b) the Sacramento office of the Sumitomo Bank of California;
(c) the Seattle office of the Sumitomo Bank of Seattle; and
(d) the offices in Los Angeles, San Francisco and Seattle of the Yokohama Specie Bank,
Ltd.
[Issued July 26, 1941. Revoked as to Japan and nationals thereof December 7, 1941. See Public Circulars Nos. 8
and 8A; Press Releases Nos. 18 and 22.]
TRANSACTIONS ON BEHALF OF, OR INVOLVING PROPERTY OF,
PORTUGAL AND ITS NATIONALS
General License No. 70
(1) A general license is hereby granted licensing any transaction referred to in Section 1
of the Order, if (i) such transaction is by, or on behalf of, or pursuant to the direction of Portugal,
or any national thereof, or (ii) such transaction involves property in which Portugal, or any
national thereof, has at any time on or since the effective date of the Order had any interest,
provided, that:
(a) Such transaction is not by, or on behalf of, or pursuant to the direction of any blocked
country or any national thereof, other than Portugal or any national of Portugal;
(b) Such transaction does not involve property in which any blocked country or any
national thereof, other than Portugal or any national of Portugal, has at any time
on or since the effective date of the Order had any interest; and
(c) If such transaction is not by, or on behalf of, or pursuant to the direction of the
Government of Portugal or the Banco de Portugal, such transaction shall not be
effected until the Banco de Portugal has certified in writing that the Banco de
Portugal has determined that such transaction complies with the conditions of paragraphs (a) and (b) above.
46
(2) This general license also authorizes any payment or transfer from a blocked account in
which any national of Portugal has an interest to a blocked account in a domestic bank in the
name of the Banco de Portugal; provided, however, that this authorization shall not be deemed
to authorize any payment or transfer from a blocked account in which any national of a blocked
country, other than Portugal, has an interest, or has had an interest at any time on or since the
effective date of the Order.
(3) Except as provided in paragraph (2), this general license shall not be deemed to permit
any payment, transfer or withdrawal from any blocked account other than blocked accounts in the
name of the Government of Portugal or the Banco de Portugal, until the Banco de Portugal has
certified, with respect to the transaction, as provided in paragraph (l)(c) above.
(4) This general license shall not apply with respect to any national of Portugal who is also
a national of any other blocked country.
(5) Banking institutions within the United States engaging in any transactions authorized
by this general license shall file promptly with the appropriate Federal Reserve Bank weekly
reports setting forth the details of transactions effected by them under this license.
(6) As used in this general license, the "Government of Portugal" shall include the government of any political subdivision (territories, dependencies, possessions, states, departments,
provinces, counties, municipalities, districts or other places subject to the jurisdiction thereof),
or any political agency or instrumentality of the government.
[Issued August 11, 1941. See Public Circular No, 12; Press Release No. 9.]
PAYMENT FOR SUBSCRIPTIONS TO UNITED STATES PERIODICALS
General License No. 71
(1) A general license is hereby granted authorizing the payment from any blocked account to any publisher or agent thereof for an individual subscription to a periodical published within the United States,
provided that:
(a) Such publisher (and the agent thereof, if payment is made to an agent of such publisher) is
located within the United States; and
(b) The total amount of any such payments from any blocked account does not exceed $25 in any
one month and does not exceed $100 in any one year.
(2) This general license also authorizes the mailing by any publisher or agent thereof of periodicals to
any addressees, provided that the periodicals are separately mailed from the United States direct to each
addressee.
(3) The term "periodical" as used in this general license shall include, but not by way of limitation,
any newspaper whether published daily or less frequently.
(4) Banking institutions within the United States engaging in any transactions authorized by this general license shall file with the appropriate Federal Reserve Bank on or before the first day of January, April,
July and October reports indicating details of such transactions during each such quarterly period, including appropriate identification of the accounts which are debited, and the total amounts debited to each such
account.
[Issued August 16, 1941.]
47
FILING AND PROSECUTION OF APPLICATIONS FOR LETTERS PATENT IN THE UNITED
STATES AND BLOCKED COUNTRIES—FILING OF REPORTS ON FORM TFR-172
General License No. 72 as Amended
(1) A general license is hereby granted authorizing (i) the filing in the United States Patent
Office of applications for letters patent for inventions and designs, and the prosecution of such
applications, in which any national of any blocked country has at any time on or since the effective date of the Order had any interest, and (ii) the receipt of letters patent issued pursuant to
any such application, provided the following terms and conditions are complied with:
(a) The person filing or prosecuting any such application, or acting as attorney or agent
in connection therewith, shall notify the United States Patent Office in writing that
the application is being filed and prosecuted pursuant to this general license; and
(b) Upon notification by the United States Patent Office that letters patent will be issued
and at least twenty days before the payment to such office of the final fee therefor,
there shall be filed directly with the Treasury Department a report on Form TFR172, setting forth, under oath, the information called for therein.
(2) This general license shall also authorize any person who is not a national of any blocked
country:
(a) To file and prosecute applications for letters patent in any blocked country;
(b) To receive letters patent granted pursuant to any such application; and
(c) To pay fees currently due to the government of any blocked country, either directly
or through an attorney or representative located abroad, for the filing of any such
application, and for the granting and maintenance of any patent.
Domestic banks shall effect the payments referred to in (c) pursuant to the terms and conditions
of paragraph (2) of General License No. 33. All banks effecting any such payments shall satisfy
themselves that the foregoing terms and conditions are complied with.
(3) All persors engaging in any of the transactions authorized by (a) or (b) under (2) above
shall file, promptly with the appropriate Federal Reserve Bank reports setting forth the details
of such transactions.
(4) With respect to each payment authorized by (c) under (2) above, reports on Form TFR132 shall be executed and filed in the manner and form and under the conditions described in
General License No. 32, as amended, except that item No. 6 of such form shall be left blank and the
originating bank shall indicate on the reverse side of such form:
(a) The specific purpose for which such payment is made;
(b) Whether or not an application for a patent has been filed in, or a patent has been
issued by, the United States Patent Office, covering the invention or design involved;
and
(c) If such application has been filed in, or such patent issued by, the United States
Patent Office, the number thereof.
(5) This general license does not authorize any assignment, grant, encumbrance, creation of
a license, or execution of any agreement or arrangement of, under, or with respect to any patent,
application therefor, license thereunder, or interest therein, in which any blocked country or
national thereof has, on or since the effective date of the Order, had any interest, or any other
transaction not specifically authorized by this general license.
[Issued September 3, 1941; amended October 23, 1941. See Public Circular No. 5.]
48
CERTAIN CHINESE PARTNERSHIPS—GENERALLY LICENSED NATIONALS
General License No. 73
(1) A general license is hereby granted licensing as a generally licensed national any partnership which is a national of China and which meets all of the following conditions:
(a) the partnership has been continuously engaged in business within the continental
United States since prior to June 17, 1940;
(b) the active management and control of such partnership is vested in partners within the
United States who are not nationals of any blocked country (or are licensed as generally
licensed nationals);
(c) since prior to June 17, 1940, no partner in such partnership has been a national of
any blocked country other than China.
(2) This general license shall not be deemed to license as a generally licensed national any
partnership which is a national of any blocked country other than China.
(3) All partnerships licensed herein as generally licensed nationals shall file with the appropriate Federal Reserve Bank within thirty days after the date hereof a report in triplicate setting
forth: (a) the name and address of the partnership; (b) the name, address and nationality of each
partner; and (c) a statement that the partnership is licensed as a generally licensed national under
this general license. Any partnership not complying with this requirement is not authorized to
engage in any transaction under this general license.
(4) Reports on Form TFR-300 are not required to be filed with respect to the property interests of any partnership licensed herein as a generally licensed national.
[Issued October 9, 1941. See Press Release No. 13.]
PAYMENTS FROM ACCOUNTS OF UNITED STATES CITIZENS WHO ARE ABROAD
FOR CERTAIN PERSONAL EXPENSES IN THE UNITED STATES
General License No. 74
(1) A general license is hereby granted authorizing payments and transfers of credit from
blocked accounts in domestic banks for the necessary personal expenses within the United States
of any citizen of the United States who is within any foreign country, and for the personal expenses
within the United States of the family of such citizen, provided that the following terms and conditions are complied with:
(a) Such payments and transfers are made only from blocked accounts in the name of, or
in which the beneficial interest is held by, such citizen or his family;
(b) The total of all such payments and transfers made under this general license does
not exceed $500 in any one calendar month for any such citizen or his family.
(2) This general license shall not be deemed to authorize any payment or transfer of credit
which could not be effected without a license if such citizen were a generally licensed national.
(3) Domestic banks making any such payment or transfer shall satisfy themselves that the
foregoing terms and conditions are complied with and shall file promptly with the appropriate
Federal Reserve Bank separate monthly reports in triplicate on Form TFR-111 respecting the
transactions for the account of each such citizen.
[Issued October 9, 1941.]
49
REMITTANCES THROUGH DOMESTIC BANKS TO PERSONS IN ANY PART
OF CHINA EXCEPT MANCHURIA
General License No. 75 as Amended
(1) A general license is hereby granted authorizing remittances in any amount by any person
through any domestic bank to any person in any part of China except Manchuria, and any
domestic bank is authorized to effect such remittances, provided the following terms and conditions are complied with:
(a) Such remittances may be made from any account other than a blocked account and,
subject to item (b) hereof, such remittances may be made from the blocked account of any
national of China.
(b) Such remittances may not be made from any blocked account if any of the following has an interest in such account:
(i) Any national of any blocked country other than China;
(ii) Any person within Manchuria; or
(iii) Any blocked country other than China; and
(c) Such remittances shall be effected by a domestic bank paying the dollar amount of
the remittance to a designated agent of the Central Bank of China for the account of an
appointed bank.
(2) All domestic banks effecting such remittances shall satisfy themselves that the foregoing
terms and conditions are complied with.
(3) With respect to each remittance made pursuant to this general license reports on Form
TFR-132 shall be executed and filed in the manner and form and under the conditions prescribed
in General License No. 32. Domestic banks through which any such remittances originate shall
note on the reverse side of such form the nature of the transaction for which the remittance is
being made but need not furnish the information called for in item 6 of such form,
(4) All dollars accruing to any appointed bank pursuant to this general license shall, if so
required by the Stabilization Board of China, be made available to the Board by payment to the
Central Bank of China against delivery of an equivalent amount of Chinese national currency.
(5) This general license shall not be deemed to authorize any transaction incidental to imports
and exports between the United States and China.
(6) As used in this general license:
(a) The term "appointed bank" shall have the same meaning as that prescribed in
General License No. 58.
(b) The term "designated agent of the Central Bank of China" shall mean the Bank
of China.
[Issued November 12, 1941; amended January 5, 1942. See Public Circular No. 7; Press Release No. 16. Revoked
as to Japan and nationals thereof December 7, 1941. See Public Circulars Nos. 8 and 8A; Press Releases Nos. 18 and 22.
Offices within Hong Kong and occupied China of banks named in Schedule A of General License No. 58 ceased to be
appointed banks on December 26, 1941. See Public Circulars Nos. 10 and 11; Press Releases Nos. 25 and 26.]
TRANSACTIONS INVOLVING PROPERTY INTERESTS OF THAILAND, OR ANY NATIONAL
THEREOF, PRIOR TO BUT NOT ON OR SINCE DECEMBER 9, 1941
General License No. 76
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 Thailand, or any national thereof, has
at any time prior to December 9, 1941, but not on or since December 9, 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 Thailand, or any national thereof, or (ii) such
transaction involves property in which Thailand, or any national thereof, has at any time on or
since December 9, 1941, had any interest.
[Issued December 9, 1941.]
50
JAPANESE NATIONALS ENGAGED IN PRODUCTION, MARKETING OR
DISTRIBUTION OF FOOD IN UNITED STATES
General License No. 77
(1) A general license is hereby granted licensing any person engaged, prior to December 7,
1941, in the production, marketing or distribution of food products within the continental United
States and who is a national of Japan to engage in all transactions ordinarily incidental to the normal
conduct of their business of producing, marketing or distributing food within the continental
United States, Provided, however, that this general license shall not authorize:
(a) any transaction which could not be effected without a license if such person were not
a national of any blocked country,
(b) total payments, transfers or withdrawals from blocked accounts of any such person
during any one week in excess of the average weekly payments from such account during the
six months' period immediately preceding the date of this license, or
(c) any transaction by or on behalf of nationals of Japan who were not generally licensed
nationals under General License No. 68 prior to December 7, 1941.
(2) Any person engaging in business pursuant to this general license shall not engage in any
transaction pursuant to this general license which, directly or indirectly, substantially diminishes
or imperils the assets of such person within the continental United States or otherwise prejudicially affects the financial position of such person within the continental United States.
(3) Any bank effecting any payment, transfer or withdrawal pursuant to this general license
shall satisfy itself that such payment, transfer or withdrawal is being made pursuant to the terms
and conditions of this general license.
(4) Where any blocked account in a bank is debited in excess of $500 per calendar month
pursuant to this general license, such bank shall file with the appropriate Federal Reserve Bank
a report for such calendar month setting forth the details of the transactions in such account
during the calendar month.
[Issued December 11, 1941. See Press Release No. 19.]
TRANSACTIONS INVOLVING PROPERTY INTERESTS OF HONG KONG, OR ANY
NATIONAL THEREOF, PRIOR TO BUT NOT ON OR SINCE DECEMBER 25, 1941
General License No. 78
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.
[Issued December 26, 1941. See Press Release No. 25.]
PAYMENTS OF CHECKS AND DRAFTS DRAWN OR ISSUED PRIOR TO JANUARY 1(
1942 FROM ACCOUNTS OF PHILIPPINE ISLANDS AND THEIR NATIONALS
General License No. 79
A general license is hereby granted authorizing banking institutions within the United States
to make payments from blocked accounts of the Philippine Islands, or any national thereof, of
checks and drafts drawn or issued prior to January 1, 1942 and to accept and pay and debit to such
accounts drafts drawn prior to January 1, 1942, under letters of credit; provided, that each banking
institution making any payment or debit authorized by this general license shall file promptly with
the appropriate Federal Reserve Bank weekly reports showing the details of such transactions.
This license shall expire at the close of business on February 1, 1942.
[Issued January 5, 1942. See Press Release No. 26.]
51
PHILIPPINE CITIZENS RESIDING ONLY IN UNITED STATES OR IN GENERALLY
LICENSED TRADE AREA—GENERALLY LICENSED NATIONALS
General License No. 80
(1) A general license is hereby granted licensing as a generally licensed national any individual
who is a citizen of the Commonwealth of the Philippine Islands and residing only in the United
States or in the generally licensed trade area, as defined in General License No. S3.
(2) Reports on Form TFR-300 are not required to befiledwith respect to the property interests
of any individuals licensed herein as generally licensed nationals.
[Issued January 5, 1942. See Press Release No. 26.]
NEW YORK OFFICE OF PHILIPPINE NATIONAL BANK AND CERTAIN OFFICES
OF HONG KONG AND SHANGHAI BANKING CORPORATION—
GENERALLY LICENSED NATIONALS
General License No* 81
A general license is hereby granted licensing as generally licensed nationals:
(a) The New York office of the Philippine National Bank; and
(b) The offices within the United States and the generally licensed trade area, as defined
in General License No. S3, of the Hong Kong and Shanghai Banking Corporation.
[Issued January 5, 1942. See Press Release No. 26.]
GOVERNMENT OF COMMONWEALTH OF PHILIPPINE ISLANDS, UNITED STATES
HIGH COMMISSIONER, AND CERTAIN OTHERS — GENERALLY LICENSED NATIONALS
General License No. 82
The Government of the Commonwealth of the Philippine Islands, the United States High
Commissioner to the Philippine Islands, and all officers of the United States Government within
the Philippine Islands, are hereby licensed as generally licensed nationals; and all persons to the
extent that they are acting for and on behalf of the foregoing are hereby licensed as generally
licensed nationals. The term "generally licensed national" as applied to the government of the
Commonwealth of the Philippine Islands shall mean that such government may be regarded as
though the Philippine Islands were not a blocked country.
[Issued January 5, 1942. See Press Release No. 26.]
COLLECTION OF COUPONS FROM SECURITIES REFERRED TO IN GENERAL RULING NO. 10
General License No. 83 as Amended
A general license is hereby granted authorizing the detachment of coupons from securities of
the type referred to in General Ruling No. 10, the presentation of such coupons for collection, and
the performance of such other acts and effecting of such other transactions as may be necessarily
incident to such collection, notwithstanding the fact that Treasury Department Form TFEL-2
may not have been previously attached to the securities from which such coupons are detached.
This general license shall not be deemed to authorize any transaction prohibited by reason of
any provision (or ruling or regulation thereunder) of the Order other than General Ruling No. 10.
This license shall expire at the close of business on February 15, 1942.
[Issued January 14, 1942; amended January 30, 1942.]
52
PUBLIC CIRCULARS
ISSUED UNDER EXECUTIVE ORDER NO. 8389, APRIL 10, 1940, AS AMENDED, AND
REGULATIONS ISSUED PURSUANT THERETO, RELATING TO TRANSACTIONS
IN FOREIGN EXCHANGE, ETC.
EXTENSION OF TIME FOR FILING REPORTS ON FORM TFR-300
Public Circular No* 1 as Amended
Reference is made to Section 130.4 of the Regulations providing that reports on Form TFR-300
shall be filed on or before July 14, 1941.
The time within which such reports on Form TFR-300 shall be filed is hereby extended to
October 31, 1941.
[Issued July 9, 1941; amended August 16, 1941; September 18, 1941. See Press Releases Nos. 4,10 and 12.]
CERTAIN DRAFTS OR OTHER ORDERS FOR PAYMENT NOT TO BE PRESENTED,
ACCEPTED OR PAID EXCEPT PURSUANT TO LICENSE
Public Circular No. 2
The following are replies which the Treasury Department has made to inquiries:
(1) Drafts or other orders for payment drawn under irrevocable letters of credit issued in
favor or on behalf of any blocked country or national thereof may not be presented, accepted or
paid except pursuant to license.
(2) Drafts or other orders for payment, in which any blocked country or national thereof
has on or since the effective date of the Order had any interest, drawn under any irrevocable
letter of credit may not be presented, accepted or paid except pursuant to license.
(3) Documentary drafts in which any blocked country or national thereof has on or since
the effective date of the Order had any interest may not be presented, accepted or paid except
pursuant to license.
(4) General License No. 1 does not authorize any such payment into blocked accounts.
[Issued August 1, 1941.]
TRANSACTIONS AUTHORIZED UNDER GENERAL LICENSES NOS. 15, 53 AND 58 IRRESPECTIVE OF CONTROL OF VESSEL INVOLVED AND PREPAYMENT OF FREIGHT
Public Circular No. 3
The Treasury Department has made the following reply to inquiries relative to General
Licenses Nos. 15, 53, and 58:
Transactions may be engaged in pursuant to the terms and conditions of such general
licenses, irrespective of the ownership, control or documentation of the vessel on which the
goods, wares and merchandise are shipped, and irrespective of whether or not freight on such
goods, wares and merchandise has been prepaid.
[Issued August 11, 1941.]
INSTRUCTIONS FOR PREPARATION OF REPORTS ON FORM TFR-300 OF ALL FOREIGNOWNED PROPERTY SUBJECT TO THE JURISDICTION OF THE UNITED STATES
Public Circular No. 4
[Issued August 16, 1941. Public Circular No. 4 is ]printed as a separate pamphlet and therefore is not reproduced
10.]
herein. See Press Release No. 10.]
53
INSTRUCTIONS FOR PREPARATION OF REPORTS ON FORM TFR-300, SERIES J,
BY CERTAIN NATIONALS OF JAPAN
Public Circular No. 4A
[Issued January 16, 1942. Public Circular No. 4A is printed as a separate pamphlet and therefore is not reproduced
herein.]
NECESSITY OF, AND APPLICATIONS FOR, SPECIFIC LICENSES RELATING TO
AND INTERESTS THEREIN. FILING OF REPORTS ON FORM TFR-300
PATENTS
Public Circular No. 5
(1) Reference is made to General License No. 72. Attention is directed to the fact that this
general license does not authorize any person who is a national of any blocked country to file or
prosecute applications for letters patent in any foreign country, to receive letters patent granted
pursuant to such applications, or to pay any fees to any foreign country in connection therewith.
This general license does not authorize the payment of fees to attorneys or representatives in the
United States or in foreign countries for services rendered in connection with any transaction
authorized by such general license and does not authorize the effecting or recording of any assignment, grant, encumbrance, creation of a license, or execution of any agreement or arrangement of,
under or with respect to any patent, application therefor, license thereunder or interest therein,
in which any blocked country or any national thereof, has on or since the effective date of Executive Order No. 8389, as amended, had any interest.
(2) Applications for specific licenses relating to patents and interests therein may be made
to the appropriate Federal Reserve Bank on Form TFE-1. Such applications should contain in
addition to other information required the following:
(a) Whether an application for letters patent has been filed in, or letters patent issued by,
the United States Patent Office if such application or letters patent are involved in,
or in any manner affected by, the transaction in question;
(b) If any such application is on file in the United States Patent Office, a true copy
thereof should be attached to and made a part of the application for a Treasury
license. If letters patent have been issued by the United States Patent Office, a copy
thereof should be attached to the application for a Treasury license; and
(c) A brief nontechnical description of the nature of the invention or design covered by
such application or letters patent, indicating the use to which such invention may
be put.
(3) Attention is also directed to the fact that the Regulations require that reports on Form
TFR-300 shall be filed with respect to any patents, applications therefor, assignments thereof, or
licenses relating thereto, or any present, future, or contingent interests therein, agreements pertaining thereto, and any other contracts affecting or involving the foregoing, such as the right to
receive royalties, licensing arrangements and contracts by which any information in the nature of
technical data or otherwise is transmitted or exchanged, in which on either or both June 1, 1940,
and June 14, 1941, any foreign country or national thereof had any interest of any nature whatsoever, direct or indirect. In the case of China, Japan, or nationals thereof, a report of the aforementioned interests is required as of July 26, 1941. Attorneys who have in their possession any
property in which any of the interests referred to above exists, are required to file a report thereof
on Form TFR-300.
[Issued September 3, 1941. See Public Circular No. 4.]
54
ATTACHMENT OF FORM TFEL-2 TO OBLIGATIONS ISSUED BY GOVERNMENTS AND
CORPORATIONS OF BLOCKED COUNTRIES
Public Circular No. 6
(1) Any licenses which may be issued permitting the redemption or purchase for sinking fund
purposes or other purchase for blocked accounts of bonds, debentures or similar obligations issued
by governments of blocked countries, including political subdivisions, or by corporations organized
under the laws of any blocked country, will be so limited as to allow such redemption or purchase
only of such securities to which Treasury Department Form TFEL-2 has been previously attached
or affixed by, or under the direction of, the Treasury Department.
(2) Applications for the attachment of Form TFEL-2 should be filed on Form TFE-2A with
the Federal Reserve Bank for the district or with the Governor or High Commissioner of the territory or possession of the United States in which the applicant resides or has his principal office or
agency. Copies of Form TFE-2A may be obtained from any such Federal Reserve Bank or Governor or High Commissioner or from the Treasury Department, Washington, D. C.
(3) Attention is called to the fact that persons acquiring any such securities on or after September 15, 1941, to which Form TFEL-2 has not been attached, are required in Form TFE-2/ to furnish much more complete and detailed information concerning the past ownership of the securities
than is required of persons who have owned such securities continuously since prior to September
15, 1941. Whereas the former are required on Form TFE-2A to trace the ownership of such securities through April 8, 1940, in order to obtain the attachment of Form TFEL-2, Form TFE-2A
only requires the latter to trace the ownership of such securities from the person from whom they
have acquired them.
(4) Any person acquiring any such securities under a contract made prior to September 15,
1941 even though delivery of the securities may have been effected on September 15,1941, or within
a reasonable time thereafter, need trace ownership only from the person from whom the securities
were acquired, provided the Treasury Department is furnished with satisfactory evidence that the
contract was made in the normal course of business through or with a domestic bank or broker or
dealer.
[Issued September 13,1941. See Press Release No. 11.]
REMITTANCES TO INDIVIDUALS IN ANY PART OF CHINA, EXCEPT MANCHURIA, UNDER
GENERAL LICENSES NOS. 32 AND 33 TO BE EFFECTED AS PRESCRIBED IN
PARAGRAPH (1) (c) OF GENERAL LICENSE NO. 75
Public Circular No. 7
General Licenses Nos. 32 and 33 shall not be deemed to authorize remittances to any individual
in any part of China, except Manchuria, unless such remittances are effected in the manner prescribed in paragraph (1) (c) of General License No. 75, namely, by a domestic bank paying the
dollar amount of the remittance to a designated agent of the Central Bank of China for the account
of an appointed bank.
[Issued November 12, 1941.]
REVOCATION OF JAPANESE LICENSES AND AUTHORIZATIONS
Public Circular No. 8
All general licenses, specific licenses, and authorizations of whatsoever character are hereby
revoked in so far as they authorize, directly or indirectly, any transaction by, on behalf of, or for
the benefit of, Japan, or any national thereof.
[Issued December 7, 1941. See Press Release No. 18. See Public Circular No. 8A.]
55
CERTAIN GENERAL LICENSES, WHICH WERE REVOKED BY
PUBLIC CIRCULAR NO. 8, REINSTATED
Public Circular No. 8A
All general licenses other than those listed below are hereby reinstated to the extent that tjiey
were revoked by Public Circular No, 8.
General License No. 56
General License No. 58
General License No. 59
General License No. 60
General License No. 61
General License No. 63
General License No. 65
General License No. 66
General License No. 68
General License No. 69
General License No. 75
[Issued December 20, 1941. See Press Release No. 22.]
REVOCATION OF LICENSES AND AUTHORIZATIONS REGARDING CERTAIN OBLIGATIONS OF
GOVERNMENT OF DENMARK AND CERTAIN OTHER OBLIGORS
Public Circular No. 9
All general licenses, specific licenses, and authorizations of whatsoever character are hereby
revoked insofar as they authorize, directly or indirectly, any of the following with respect to any
bond, debenture or similar obligation, including coupons (all of which are hereinafter referred to as
securities) issued by the Government of Denmark, or any political subdivision, agency or instrumentality thereof:
(a) the removal of such securities from blocked accounts of Denmark, or any person
within Denmark, or from any General Ruling No. 6 account; or
(b) the presentation, by or on behalf of or for the benefit of Denmark, or any person within
Denmark, or any General Ruling No. 6 account, of such securities for payment or redemption;
or
(c) the sale or other disposition of such securities by or on behalf of or for the benefit of
Denmark, or any person within Denmark, or any General Ruling No. 6 account,
Provided, that this Public Circular shall not be deemed to prevent the completion on or prior to
December 27, 1941, of purchases and sales of such securities (other than detached coupons) which
were made pursuant to the order on or before December 24, 1941.
[Issued December 24, 1941. See Press Release No. 23.]
56
REVOCATION AND MODIFICATION OF CERTAIN LICENSES INVOLVING HONG KONG
AND GENERALLY LICENSED TRADE AREA
Public Circular No. 10
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."
[Issued December 26, 1941. The text of each general license amended by Public Circular No. 10, as set forth in
this publication, has been revised to give effect to the amendments set forth in Public Circular No. 10. See Press
Release No. 25.]
FREEZING OF PHILIPPINE ASSETS AND REPORTS ON FORM TFR-300 REGARDING
SUCH ASSETS. REVOCATION OF GENERAL LICENSES NOS. 63 AND 65 AND AMENDMENT OF GENERAL LICENSES NOS. 13 AND 75
Public Circular No. 11
(1) Attention is directed to the fact that pursuant to Executive Order No. 8998, the provisions
of Executive Order No. 8389, as amended, have been automatically extended to the Philippine
Islands to the same extent as the provisions of the Order apply to any other blocked country.
(2) For the purpose of administering the Order and complying with the provisions thereof,
the Philippine Islands shall be deemed to be a foreign country separately designated in the Order
ard specifically named in section 3 thereof. The effective date of the Order as applied to the
Philippine Islands shall be deemed to be January 1, 1942. The definition of the term "national" as
applied to the Philippine Islands shall be that specified in paragraph E of section 5 of the Order.
(3) Reports on Form TFR-300 shall be filed with respect to all property subject to the jurisdiction of the United States in which the Philippine Islands or any national thereof has any interest.
Details concerning this requirement and information regarding the dates as of which reports are to
be filed will be the subject of a future public circular.
(4) General License No. 13 is hereby amended by the deletion of the word "Manila" from subdivision (a) of paragraph (1) thereof.
(5) General Licenses Nos. 63 and 65 are hereby revoked.
(6) Subdivision (b) of paragraph (6) of General License No. 75 is hereby amended to read as
follows:
"(b) the term 'designated agent of the Central Bank of China' shall mean the Bank of
China."
(7) Attention is directed to the fact that as used in the Order, and regulations, licenses and
other documents issued thereunder, the term "United States" does not include the Philippine
Islands and does not include any other territory controlled or occupied by the military, naval, or
police forces or other authority of any blocked country.
(8) All general licenses, specific licenses, and authorizations of whatsoever character issued
pursuant to the Order on or before January 1, 1942 by the United States High Commissioner to the
Philippine Islands are hereby revoked.
[Issued January 5, 1942. The text of each general license amended by Public Circular No. 11, as set forth in this
publication, has been revised to give effect to the amendments set forth in Public Circular No. 11. See Press Release
No. 26.]
57
INCLUSION IN "PROCLAIMED LIST" OF NAMES OF PERSONS
WITHIN NEUTRAL EUROPEAN COUNTRIES
Public Circular No. 12
Supplement No. 7, January 14, 1942, to "The Proclaimed List of Certain Blocked Nationals"
promulgated pursuant to the Proclamation of July 17, 1941, contains the names of persons within
Portugal, Spain, Sweden, Switzerland and Turkey.
Attention is directed to the fact that these persons, as well as all other persons whose names
appear on "The Proclaimed List of Certain Blocked Nationals", shall be treated for all purposes
as though they were nationals of Germany or Italy. Accordingly, General Licenses Nos. 49, SO,
52, and 70, relating respectively to Sweden, Switzerland, Spain and Portugal, as well as all other
licenses which do not authorize transactions by, on behalf of, or for the benefit of nationals of
Germany or Italy, do not authorize transactions by, on behalf of, or for the benefit of persons
whose names appear on such list. The mere fact that the name of a particular individual or
concern is not contained on this list shall not be construed to mean that such individual or concern is not a national of Germany or Italy or to authorize transactions in which any national of
Germany or Italy may have an interest.
[Issued January 14, 1942.]
AMENDMENT OF GENERAL LICENSES NOS. 13, 14, 15, 19, 21 AND 27
BY DELETING CERTAIN REPORTING REQUIREMENTS
Public Circular No. 13
General Licenses Nos. 13, 14, 15, 19, 21 and 27 are hereby amended by deleting the final
paragraph of each such general license.
[Issued January 20, 1942. The text of each general license referred to in Public Circular No. 13, as set forth in this
publication, has been revised to give effect to the amendments set forth in Public Circular No. 13.]
58
PRESS RELEASES
RELATING TO CERTAIN DOCUMENTS PERTAINING
TO FOREIGN FUNDS CONTROL
REFERENCE—EXECUTIVE ORDER NO. 8389, AS AMENDED;
REGULATIONS APPROVED JUNE 14, 1941
Press Release No. 1
June 14, 1941
In view of the unlimited national emergency declared by the President, he has today issued an
Executive Order freezing immediately all German and Italian assets in the United States. At the
same time the Order also freezes the assets of all invaded or occupied European countries not previously frozen. These include Albania, Austria, Czechoslovakia, Danzig and Poland. The freezing control will be administered by the Treasury Department.
These measures in effect bring all financial transactions in which German and Italian interests
are involved under the control of the Government, and impose heavy criminal penalties upon persons failing to comply therewith. The Executive Order is designed, among other things, to prevent
the use of the financial facilities of the United States in ways harmful to national defense and other
American interests, to prevent the liquidation in the United States of assets looted by duress or
conquest, and to curb subversive activities in the United States.
With a view to implementing the control of German and Italian assets in this country and in
view of the interrelationship of international financial transactions, the Executive Order has also
been extended to the remaining countries of continental Europe. However, it is intended that
through the medium of general licenses the freezing control will be lifted with respect to Finland,
Portugal, Spain, Sweden, Switzerland and the Union of Soviet Socialist Republics, conditional
upon the receipt of adequate assurances from the governments of such countries that the general
licenses will not be employed by them or their nationals to evade the purposes of this Order.
Furthermore, transactions under the general licenses will be subject to reporting and careful
scrutiny.
Simultaneously, with the issuance of the Executive Order, the President approved regulations ordering a census of all foreign-owned property in the United States. This census will relate
not only to property in the United States belonging to countries and nationals subject to freezing
control but to all other countries as well.
Under previous Executive Orders freezing control has been extended to the assets of Norway, Denmark, the Netherlands, Belgium, Luxembourg, France, Latvia, Estonia, Rumania, Bulgaria, Lithuania, Hungary, Yugoslavia and Greece.
REFERENCE—GENERAL LICENSES NOS. 49 AND 50
Press Release No. 2
June 20, 1941
The Treasury Department has today issued general licenses relating to Switzerland and
Sweden and nationals of such countries.
The Swedish general license authorizes transactions by the Government of Sweden or the
Central Bank thereof, provided that no other blocked country or national thereof is interested in
such transaction. Such general license also authorizes transactions by nationals of Sweden, provided that a representative in New York City of the Swedish Legation designated for such purpose
by the Swedish Minister has first certified in writing to the effect that the Government of Sweden
has determined that no other blocked country or national thereof is interested in such transaction.
Banking institutions will receive such certifications directly from the Swedish representative.
The Swiss general license authorizes any transaction by the Government of Switzerland or the
Central Bank of Switzerland, including any transaction by the Government or the Central Bank for
the account of other nationals of Switzerland, provided that no other blocked country or national
thereof is interested in such transaction.
The variations in the general licenses were drawn so as to conform to differences in control of
exchange in the two countries.
Both Sweden and Switzerland have given appropriate assurances to this Government in connection with the Executive Order and such general licenses.
REFERENCE—GENERAL LICENSE NO. 51
Press Release No. 3
June 24, 1941
A general license under the freezing control order was issued today with respect to transactions of the Union of Soviet Socialist Republics and its nationals. The State Department requested,
and the Treasury Department and the Department of Justice approved, the issuance of the license
59
without requirement of the formal assurances which have been requested of European neutral
nations affected by the freezing order.
At the time the freezing order was extended to all of continental Europe, the President
announced that it was intended through the medium of general licenses to facilitate transactions of
certain countries and their nationals. Issuance of such licenses was to be conditional upon the
receipt of adequate assurance from the Governments of such countries that the general licenses
would not be employed by such countries or their nationals to evade the purposes of the freezing
order. Recent events concerning the Union of Soviet Socialist Republics have made such assurances unnecessary.
REFERENCE—REGULATIONS APPROVED JUNE 14, 1941; PUBLIC CIRCULAR NO. 1
Press Release No. 4
July 9, 1941
Secretary Morgenthau today extended until August 30, 1941, the time for filing the census
reports of all foreign-owned property in the United States.
The census was ordered by the Secretary, with the approval of the President, on June 14
simultaneous with the issuance of the Executive Order freezing the assets of all the countries in
continental Europe not previously frozen. At that time the census reports were ordered to be filed
by July 14.
The Secretary called attention to the fact that the census will relate not only to property in
the United States belonging to countries and nationals subject to freezing control, but to all other
foreign countries and nationals as well.
Treasury officials said that a new form for reporting the census (Form TFR-300) is being
drawn up, and indicated that it will be available for distribution in about ten days. Such forms
may be obtained from any Federal Reserve bank as well as from the Treasury Department. Other
banks also will be in a position to furnish such forms.
Secretary Morgenthau said that it is expected that this extension will afford ample opportunity for all persons and institutions to report all foreign-owned property in the United States.
REFERENCE—GENERAL LICENSE NO. 52
Press Release No. 5
July 11, 1941
The Treasury today issued a general license under the freezing order relating to Spain and
nationals thereof and their assets in this country.
The Spanish general license authorizes any transaction by the Spanish Institute of Foreign
Exchange, including any transaction by the Institute for the account of other nationals of Spain,
provided that no other blocked country or national thereof is interested in such transaction.
Treasury officials said that Spain has given appropriate assurances to this Government consistent with the general license and the purposes of the Executive Order of June 14, which extended
freezing control to all countries of continental Europe.
REFERENCE—PROCLAMATION; GENERAL LICENSE NO. 53
Press Release No. 6
July 17, 1941
As a further step in view of the unlimited national emergency declared by the President, he
has today issued a proclamation authorizing the promulgation of a list of persons which will be
known as "The Proclaimed List of Certain Blocked Nationals". The list will consist of certain
persons deemed to be acting for the benefit of Germany or Italy or nationals of those countries, and
persons to whom the exportation, directly or indirectly, of various articles or materials is deemed
to be detrimental to the interest of national defense. The list will be prepared by the Secretary of
State acting in conjunction with the Secretary of the Treasury, the Attorney General, the Secretary
of Commerce, the Administrator of Export Control, and the Coordinator of Commercial and Cultural Relations between the American Republics.
Simultaneously with the issuance of the proclamation, a proclaimed list was issued by the
designated Government officials containing the names of more than 1800 persons and business
institutions in the other American Republics. This list is the result of long and intensive investigations and studies by the interested governmental agencies. The list will be published in the Federal
Register and may be obtained in pamphlet form from various governmental institutions and the
Federal Reserve Banks. From time to time there will be additions to and deletions from the list
which will also be made public. The President gave warning that anyone serving as a cloak for a
person on the list will have his name added forthwith to the list.
The list will have two principal functions. In the first place, no article covered by the Export
Control Act of July 2, 1940, may be exported to persons named in the list except under special circumstances. Secondly, persons on the list will be treated as though they were nationals of Germany
60
or Italy within the meaning of Executive Order No. 8389, as amended, under which, on June 14,
1941, the freezing control was extended to all of the countries of the continent of Europe and
nationals thereof.
At the time of the issuance of the proclamation, it was also announced that in attaining the
objectives of Executive Order No. 8389, as amended, all efforts are being made to cause the least
possible interference with legitimate inter-American trade. With that end in view the Treasury
Department has issued a general license with respect to inter-American trade transactions and the
financial transactions incidental thereto involving persons in the other American republics who
may be nationals of a European country designated in the Order. This general license will permit
such classes of transactions without the necessity of applying for specific licenses.
The general license, however, will not apply to persons so long as their names appear on the
proclaimed list. In addition, exporters and importers in the United States may from time to time be
advised by their banks or otherwise that instructions have been issued by the Secretary of the
Treasury requiring specific license applications for trade transactions involving certain persons in
the other American republics who are not named on the proclaimed list.
Furthermore, financial transactions which are not incidental to licensed trade transactions are
not covered by the general license. With respect to such purely financial transactions, appropriate
specific licenses will have to be obtained from the Treasury Department.
The proclaimed list will also serve as a guide to United States firms in the selection of agents
and representatives in the other American republics.
REFERENCE—EXECUTIVE ORDER NO. 8389, AS AMENDED;
REGULATIONS APPROVED JULY 26, 1941
Press Release No. 7
July 26, 1941
In view of the unlimited national emergency declared by the President, he has today issued an
Executive Order freezing Japanese assets in the United States in the same manner in which assets
of various European countries were frozen on June 14, 1941. This measure, in effect, brings all
financial and import and export trade transactions in which Japanese interests are invloved under
the control of the Government and imposes criminal penalties for violation of the Order. This
Executive Order, just as the Order of June 14, 1941, is designed among other things to prevent the
use of the financial facilities of the United States and trade between Japan and the United States,
in ways harmful to national defense and American interests, to prevent the liquidation in the
United States of assets obtained by duress or conquest, and to curb subversive activities in the
United States.
At the specific request of Generalissimo Chiang Kai-shek and for the purpose of helping the
Chinese Government, the President has, at the same time, extended the freezing control to Chinese
assets in the United States. The administration of the licensing system with respect to Chinese
assets will be conducted with a view to strengthening the foreign trade and exchange position of
the Chinese Government. The inclusion of China in the Executive Order, in accordance with the
wishes of the Chinese Government, is a continuation of this Government's policy of assisting China.
REFERENCE—GENERAL LICENSE NO. 53
Press Release No. 8
August 6, 1941
The Treasury Department today amended General License No. S3, greatly expanding its scope
of operation.
When first issued on July 17, 1941, the license dealt with inter-American trade transactions and
the financial transactions incidental thereto, involving persons in the other American republics who
were nationals of any of the countries whose assets have been frozen. The amended general license
accords similar privileges to blocked nationals within an area designated as the "generally licensed
trade area.'*
The "generally licensed trade area," as defined, includes:
(1) the American Republics;
(2) the British Commonwealth of Nations;
(3) the Union of Soviet Socialist Republics;
(4) the Netherlands East Indies;
(5) the Netherlands West Indies;
(6) the Belgian Congo and Ruanda-Urundi;
(7) Greenland; and
(8) Iceland.
As in the case of its predecessor, the amended general license will not apply to persons so long
as their names appear on "The Proclaimed List of Certain Blocked Nationals" and will not apply to
financial transactions not incidental to licensed trade transactions.
61
REFERENCE—GENERAL LICENSE NO. 70
Press Release No, 9
August 12,1941
The Treasury Department has issued a general license under the freezing order relating to
Portugal and nationals thereof and their assets in this country.
The Portuguese general license authorizes transactions by the Government of Portugal or the
Central Bank thereof, provided that no other blocked country or national thereof is interested in
such transactions. Such general license also authorizes transactions by nationals of Portugal, provided that the Central Bank of Portugal has first certified in writing to the effect that the Central
Bank has determined that no other blocked country or national thereof is interested in such
transactions.
Treasury officials said that Portugal has given appropriate assurances to this Government consistent with the general license and the purposes of the freezing order.
REFERENCE—REGULATIONS APPROVED JUNE 14, 1941; GENERAL LICENSES NOS. 42 AND 68;
PUBLIC CIRCULARS NOS. 1 AND 4
Press Release No. 10
August 18, 1941
Copies of Form TFR-300 to be used for the census of all foreign-owned property subject to
the jurisdiction of the United States are being forwarded to the Federal Reserve Banks and will
be available for distribution by them to the public within the next few days. This census is being
taken pursuant to the recent freezing orders and will furnish the most comprehensive and accurate
picture of all foreign-owned property in the United States.
By an amendment to Public Circular No. 1 the time for filing such reports has been extended
to September 30, 1941.
Form TFR-300 has been prepared after extensive study by the Treasury in consultation with
State and Justice Departments and other Government agencies. In addition, conferences have
been held with representatives of banks, trust companies, and brokers, of shipping, railroad, and
insurance corporations, and of business and professional groups.
Reports are required concerning all property, subject to the jurisdiction of the United States,
which is foreign-owned or in which a national of a foreign country has an interest, regardless of
whether such property belongs to a foreign country or foreign national whose assets have been
frozen under Executive Order No. 8389. The census will reveal the amount of property in this
country owned by citizens of the British Empire and Latin America as well as that owned by
Japanese, German, Italian, and other European and Asiatic interests. The census will furnish
the most complete information ever obtained with respect to foreign-owned property in this
country.
Form TFR-300 is being issued in nine series adapted for facility in reporting property by
particular groups and classes of persons required to make a report. It has thus been possible to
provide each person obliged to report with a form suited for his purposes. Public Circular No.
4, now also being distributed, contains general instructions covering Form TFR-300 as a whole
and specific instructions as to the use of each series of Form TFR-300. Detailed instructions,
therefore, have not been printed on any series of the form.
A report on Form TFR-300 must be filed by every person in the United States concerning
all property subject to the jurisdiction of the United States and held by him or in his custody, control, or possession in which on either June 1, 1940, or June 14, 1941, a foreign country or national
thereof had any interest. Reports regarding such property must be filed by foreign nationals
who are in this country. Every kind of property interest of a national is required to be reported,
including, among other things, debts owed by anyone to a national of a foreign country and all
contracts with a national of a foreign country. Corporations and other organizations are required
to report all shares of stock, bonds, or other securities issued by them and owned by nationals of
a foreign country. Every agent or representative in this country who knows of property in the
United States belonging to a foreign national for whom he is acting must report such property.
In the case of Chinese or Japanese property, reports are required with respect to property in the
United States on July 26, 1941, as well as on the two earlier dates.
No reports are required regarding the property of foreign nationals who are "generally
licensed nationals" under General License No. 42 or General License No. 68. These general
licenses relate to foreign nationals domiciled and resident in this country continuously since June
17, 1940 or since earlier dates with regard to the nationals of Norway, Denmark, Belgium, Holland and Luxembourg. Nor are reports required to be filed if the total value of all property of
any foreign national which any one person would otherwise be required to report was less than
62
$1,000, except that this exemption does not apply to leases of safe deposit boxes, patents, trade
marks, copyrights, franchises, interests in partnerships or profit-sharing agreements, or property
the value of which cannot readily be determined.
The Federal Reserve Banks will answer questions as to whether a person is required to make
a report and what series of Form TFR-300 should be used.
Failure of any person to file a report required of him will subject him to criminal penalties.
REFERENCE—PUBLIC CIRCULAR NO. 6
Press Release No. 11
September 13, 1941
As a further step to prevent the sale in this country of securities which have been looted
abroad, the Treasury today announced that persons holding blocked foreign bonds should make
application to the appropriate Federal Reserve Bank to have a clearance certificate attached to
such securities. This will also prevent the depletion of blocked dollar balances through devious
transactions in blocked foreign bonds and serve to carry out the other objectives of the freezing
orders.
Hereafter any licenses issued under the freezing orders will limit the redemption, etc., of
bonds, debentures or similar obligations issued by the government of any blocked country or by
corporations organized under the laws of such country to securities bearing a clearance certificate
on Treasury Form TFEL-2.
The Treasury stated that bona fide holders of such securities since prior to September IS,
1941 should experience little difficulty in clearing their securities. Persons acquiring such securities on or after September IS, 1941 which do not bear a clearance certificate may experience considerable difficulty in obtaining the attachment of such form and will be asked to trace the ownership
of such securities since April 8, 1940. It was emphasized that while the owners of such securities
since prior to September 15, 1941 could continue to hold the securities after such date without prejudicing their chances of obtaining the necessary clearance, any one acquiring such securities on or after September IS, 1941 should make certain that Form TFEL-2 had been attached prior
to purchase.
Previous regulations issued by the Department have already imposed restrictions upon the
importation of securities as well as on dealings in securities held abroad or bearing foreign stamps.
Details regarding the new requirement appear in Treasury Department Public Circular No.
6 issued today under the freezing orders.
REFERENCE—REGULATIONS APPROVED JUNE 14, 1941; PUBLIC CIRCULAR NO. 1
Press Release No. 12
September 18,1941
The Treasury Department today announced that, in response to many requests, it has extended
until October 31, 1941, the time for filing the census reports of foreign-owned property on Form
TFR-300. The census was ordered by the Secretary of the Treasury, with the approval of the
President, on June 14, 1941, simultaneously with the issuance of the Executive Order freezing the
assets of all countries in continental Europe not previously blocked.
Treasury officials today again emphasized that under the Order and the Regulations of June
14, 1941, reports on Form TFR-300 are required to be filed with respect to all foreign-owned property in the United States and not merely with respect to the property of blocked countries and
nationals thereof.
Form TFR-300 was made available at all Federal Reserve Banks and at the Treasury Department during the last week in August. Since that time, a large number of questions have been
received by the Department and by the Federal Reserve Banks in regard to various aspects of
the report.
The Foreign Exchange Committee of New York recently published a series of questions and
answers particularly relating to banks, which it had prepared after consultation with the Treasury.
Other groups have likewise presented inquiries which are being considered. It is believed that by
this cooperation between the Treasury and persons obliged to report, both the accuracy of the
reports and the convenience of persons reporting will be promoted.
The Treasury feels that the response to the census report has been gratifying up to the present
time and believes that the extension of time announced today will facilitate the submission of complete and accurate reports and insure ample opportunity for the consideration of all questions
and problems.
63
REFERENCE—GENERAL LICENSE NO. 73
Press Release No. 13
October 9, 1941
At the request of the Chinese Government the Treasury Department today issued a general
license liberalizing the status of certain Chinese partnerships under the freezing orders.
The new general license frees the accounts of a large number of Chinese partnerships
engaged in business within the continental United States, particularly on the west coast. The
need for this general license arose principally from the fact that "silent partners" are quite customary in Chinese partnerships and very frequently one or more of these "silent partners" would
be a resident of China, thus subjecting the whole partnership to freezing control.
The Treasury stated that the new general license also relieves the affected partnerships from
the obligation of filing census reports on Form TFR-300 with respect to their property.
REFERENCE—GENERAL LICENSES NOS. 32 AND 33
Press Release No* 14
October 23, 1941
The Treasury Department today took further strong measures to prevent the Axis from realizing free dollars or other valuable foreign currencies through remittances to Axis controlled areas.
Under today's amendment to General License No. 32 remittances to persons in the Axis countries and in Axis controlled countries cannot be made if such remittances make free dollars or valuable foreign currency available to the Axis. Such remittances are still permitted if only blocked
dollars result from the transaction.
This policy has not as yet been fully applied with respect to remittances to American citizens
in the "frozen" countries. Remittances to such Americans may continue substantially as at present
under General License No. 33.
The Treasury Department also indicated that the same strict policy would be followed in
dealing with applications for special licenses. It was further indicated that amounts made available to American citizens in Axis countries and Axis controlled countries under special licenses
may be drastically curtailed.
REFERENCE—GENERAL LICENSE NO. 9
Press Release No* 15
October 24, 1941
The Treasury Department today announced the amendment of General License No. 9 issued
under the freezing order and relating to the purchase and sale of commodity futures contracts for
the accounts of blocked nationals. The amended license permits transactions only for the purpose of covering short positions or liquidating long positions taken prior to October 25, 1941.
REFERENCE—GENERAL LICENSES NOS, 58 AND 75
Press Release No. 16
November 12, 1941
The Secretary of the Treasury today announced amendments to General License No. 58 relating to trade between the United States and China under the freezing control and the issuance of
a new general license covering remittances to China.
Under today's amendment to General License No. 58 trade between the United States and
China will be cleared through the Stabilization Board of China or its authorized agents. U. S.
Customs authorities have been instructed before clearing shipments to require proof that this condition has been satisfied. The dollars accruing from exports from China to the United States will
be made available to China, and the National Government of China will be aided in controlling
imports.
The foreign exchange position of China will also be strengthened by the new General License
No. 7p covering remittances to China. Pursuant to this license remittances in any amount are
permitted to any part of China, except Manchuria, as long as the United States dollars arising
from such remittances are made available to the Stabilization Board of China upon its demand.
Dollars in Chinese blocked accounts as well as unblocked dollars may be employed in making
such remittances.
Under General License No. 75 any domestic bank in the United States can accept orders for
remittances to China. Such remittances are then effected by a domestic bank paying the dollar
amount of the remittance to a designated agent of the Central Bank of China for the account of
an "appointed bank." These dollars will in turn be made available to the Stabilization Board of
China upon demand against delivery of an equivalent amount of Chinese national currency. The
Chinese Government has announced that the Bank of China and the Philippine Bank of Communications have been named as designated agents of the Central Bank of China.
64
Both the United States and Great Britain have previously entered into stabilization agreements with China whereby dollar and sterling exchange have been made available to the Stabilization Board of China. Such Board was established recently by China and consists of three
Chinese, an American appointed by China on the recommendation of the Secretary of the Treasury, and a British national appointed on the recommendation of the British Treasury.
The term "appointed bank" is defined in General License No. 58 as "any of those banks cooperating with the Stabilization Board of China and buying and selling foreign exchange with the
permission of, and subject to the conditions prescribed by, such Board, the names of which appear
on Schedule A of this general license at the time the transaction is effected." The offices within
Hong Kong and any part of China except Manchuria of the following banks have been named
"appointed banks":
(a)
The Chase Bank
(b)
National City Bank of New York
(c)
Underwriters Bank for the Far East
(d)
American Express Company
(e)
Moscow Narodny Bank, Ltd.
(f)
Thos. Cook & Son (Bankers) Ltd.
(g)
Hongkong & Shanghai Banking Corporation
(h)
Mercantile Bank of India, Ltd.
(i)
David Sassoon & Co., Ltd.
(j)
E. D. Sassoon & Co., Ltd.
(k)
E. D. Sassoon Banking Co., Ltd.
(I)
Chartered Bank of India, Australia & China, Ltd
(m) Nederlandsch Indische Handelsbank
(n)
Nederlandsche Handel Maatschappij
(o)
Shanghai Commercial and Savings Bank, Ltd.
(p)
Bank of East Asia, Ltd.
(q)
National Commercial Bank, Ltd.
(r)
Chekiang Industrial Bank, Ltd.
(s)
Bank of Canton, Ltd.
(t)
Oversea-Chinese Banking Corporation, Ltd.
(u)
Kincheng Banking Corporation
(v)
China Banking Corporation
(w) Bank of China
(x)
Bank of Communications
(y)
Farmers Bank of China
(z)
Central Bank of China
REFERENCE—GENERAL LICENSES NOS. 42 AND 42A
Press Release No. 17
November 27, 1941
The Treasury Department today issued a general license liberalizing the freezing control
restrictions with respect to certain classes of refugees who have been residing within the United
States since June 17, 1940.
General License No. 42, issued on June 14, 1941 freed the accounts of bona fide refugees who
had been both domiciled and resident in the United States since specified dates in 1940. The new
General License No. 42A conferred similar privileges on those refugees who could comply with the
residence and other requirements of General License No. 42 but could not meet the domiciled
requirement.
The Treasury's decision to make this liberalization was prompted by a special study of the
census reports which have been filed on Form TFR-300. It was explained that because of the
difficulties connected with obtaining immigration visas many refugees had been barred from the
privileges of General License No. 42 . It was also pointed out that in many other cases there was
doubt as to whether the refugee could satisfy the domicile requirements of General License No. 42.
It now will be unnecessary to resolve that point because such persons may take advantage of the
new General License No. 42A.
Attention was called to the fact that while the property of persons licensed under General
License No. 42 need not have been reported on census report Form TFR-300 no such exemption
was made under the new General License No. 42A. The new general license expressly states that
such reports are required to have been filed.
65
REFERENCE-PUBLIC CIRCULAR NO. 8
Press Release No. 18
December 8, 1941
The Treasury Department calls the attention of all banking institutions and other interested
persons to the fact that the revocation by the Treasury Department in Public Circular No. 8 of
all outstanding general and specific licenses in so far as they authorize any transaction by, or on
behalf of, or for the benefit of, Japan and her nationals has, among other things, the following
significant immediate effects:
(1) No Japanese national now has the status of a generally licensed national. In this connection, attention is called to the following:
(a) Japanese nationals resident in this country are blocked under the freezing Order,
irrespective of the length of their residence in this country;
(b) No Japanese bank, business enterprise or other organization now has the status of a
generally licensed national, including the Yokohama Specie Bank, Ltd. and all its branches, the
Bank of Taiwan, the Sumitomo Bank of Hawaii, the Sumitomo Bank of California, the
Sumitomo Bank of Seattle, and the Pacific Bank, Honolulu.
(2) No withdrawals whatsoever are allowed from any account in any banking institution, if
Japan or any national of Japan, has any interest in such account. This includes withdrawals for
living expenses as well as for any other purpose
(3) No withdrawals whatsoever are allowed from any safe deposit box by Japan or any national
of Japan, and access is not allowed to any safe deposit box in the contents of which Japan or any
national of Japan has any interest.
(4) No remittances in any amounts whatsoever may be made to Japan or any national of
Japan, wheresoever located, including remittances to United States citizens resident in Japan.
(5) No trade transaction with any part of the world, including trade with Latin America, in
which Japan or any national of Japan has any interest may be effected.
REFERENCE—GENERAL LICENSES NOS. 11A AND 77
Press Release No. 19
December 11, 1941
The Treasury Department today announced regulations governing living expenses and wages
for Japanese nationals in the United States and regulations governing Japanese nationals engaged
in the production, marketing and distributing of food and agricultural products within the United
States.
Under General License No. 11-A any Japanese national in the continental United States may
receive up to $100 per month for living and personal expenses for him and his family. This license
permits such payments from either the national's bank account or from his employer in the form
of wages. Banks and employers making such payments are required to make certain that the
Japanese national is not drawing more than $100 under the license. Thus a Japanese national cannot draw $100 per month in the form of wages and at the same time withdraw $100 per month
from his bank accounts.
Under General License No. 77 Japanese nationals engaged in the business of producing, marketing or distributing food or agricultural products may, with minor exceptions, engage in all
transactions incident to the normal conduct of such business. However, under the license a Japanese national cannot withdraw from his accounts during any one week for such enterprises sums
in excess of his average weekly withdrawals during the last six months. Moreover, the license
covers only Japanese nationals who were previously licensed under General License No. 68. This
action is intended to permit the orderly movement of fresh vegetables and other food in areas such
as the Pacific coast in order to supply the needs of our civilian population and military forces.
66
REFERENCE—SECTION 3(A) TRADING WITH THE ENEMY ACT;
GENERAL LICENSE THEREUNDER
Press Release No. 20
December 13, 1941
The President today issued a general license under Section 3 (a) of the Trading with the enemy
Act permitting any transaction which the Secretary of the Treasury licenses under the freezing control orders.
With the outbreak of the present war, Section 3 (a) of the Trading with the enemy Act became
effective. This section prohibits any person from trading with enemy unless authorized by the
President. As a consequence banking and business institutions throughout the country refused to
put through transactions because they might involve German, Italian or Japanese interests.
The Treasury Department already controls transactions involving German, Italian or Japanese
interests under the freezing orders. Today's action by the President integrates the licensing procedure under Section 3(a) of the Trading with the enemy Act with that of the Treasury Department
under freezing control. The new general license provides that transactions which the Secretary of
the Treasury licenses under the freezing control orders may be effected without regard for the provisions of Section 3(a) of the Trading with the enemy Act.
REFERENCE—GENERAL LICENSE NO. 68A
Press Release No. 21
December 15, 1941
The Treasury Department today further relaxed to some extent and under appropriate safeguards the tight restrictions which had been placed upon Japanese residing in this country. It
will be remembered that on the outbreak of war the Treasury, as a precautionary measure, placed
a complete stoppage on all Japanese financial and commercial transactions and took custody of
many Japanese enterprises.
On December 11, the Treasury issued regulations governing living expenses and wages for
Japanese nationals in the United States and regulations governing Japanese nationals engaged
in the production, marketing, and distributing of food and agricultural products.
The general license issued today by the Treasury unblocks the accounts of Japanese nationals
who have resided continuously within the continental United States since June 17, 1940 and permits business enterprises within the continental United States owned and controlled by such
Japanese nationals to continue to operate, except in those cases in which Treasury representatives are maintained on the premises or an official Treasury notice is posted indicating that such
premises are under Government control. It is anticipated that Treasury representatives and
posted notices will be removed from the premises of many Japanese enterprises in which they are
now maintained, thus allowing such enterprises to resume normal operations under such general
license. It is further anticipated that special business operating licenses will be issued to many
Japanese enterprises in which Treasury representatives are continued to be maintained allowing
such enterprises to operate under Government surveillance.
Representatives in this country of concerns located abroad or owned and controlled by persons located abroad are excluded from the privileges of the general license.
The Japanese nationals who are given the benefits of today's license are subjected to certain
reporting requirements and other restrictions which will constitute safeguards against the abuse
of such benefits.
REFERENCE—PUBLIC CIRCULAR NO. 8A
Press Release No. 22
December 20,1941
The Treasury Department today reinstated certain general licenses under the freezing Order
in their application to Japanese nationals. It will be remembered that on December 7, 1941, all
general and specific licenses were revoked in so far as they concerned Japanese nationals.
Public Circular No. 8A, issued today, authorizes Japanese nationals to pay taxes and fees to the
Federal and State governments, to deposit their funds in blocked accounts in banks, and to engage
in certain other limited types of financial transactions under proper safeguards.
67
REFERENCE—PUBLIC CIRCULAR NO. 9
Press Release No. 23
December 24, 1941
The Minister of Denmark to the United States has informed the Secretary of the Treasury that
coupons falling due January 1, 1942, on Kingdom of Denmark 6 percent External Gold Bonds, due
January 1, 1942 will not be paid in dollars if held by Denmark or persons within Denmark. The
Danish Minister has requested the assistance of the Secretary of the Treasury in making this limitation effective.
In view of this request, the Treasury Department today issued Public Circular No. 9, which
revokes all outstanding licenses and authorizations to the extent that they would otherwise permit
sale, presentation for payment or redemption, or other disposition on behalf of Denmark or persons
within Denmark, of such coupons and other Danish securities.
The text of the letter from the Danish Minister is as follows:
"I beg to inform you that the Kingdom of Denmark is desirous of paying the coupons falling due on January 1, 1942, of the Kingdom of Denmark 20-year 6 percent External Gold Bonds.
It is planned to exclude from payment in dollars the coupons presented on behalf of Denmark
or persons within Denmark.
"It will facilitate this program if appropriate restrictions are imposed upon transactions
and dealings for the account of Denmark or persons within Denmark in Danish securities.
Accordingly, I would appreciate your imposing the necessary restrictions."
REFERENCE—EXECUTIVE ORDER NO. 8389, AS AMENDED
Press Release No. 24
December 27, 1941
The President last night issued an Executive Order freezing Hong Kong assets in the United
States. This action was taken as the result of the fall of Hong Kong into Japanese hands. Under
the new Executive Order all financial and trade transactions in which Hong Kong interests are
involved are brought under the control of the Government and criminal penalties for any violations
are imposed.
The new Executive Order also provides for the automatic freezing of the assets of any other
territory in case it should be occupied or overrun by the military, naval or other forces of the Axis.
REFERENCE—PUBLIC CIRCULAR NO. 10
Press Release No. 25
December 27, 1941
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.
REFERENCE—PUBLIC CIRCULAR NO. 11; GENERAL LICENSE NO. 80
Press Release No. 26
January 5, 1942
In view of the situation created by the temporary enemy occupation of important parts of the
Philippine Islands, the Treasury Department today issued Public Circular No. 11 calling attention
to the fact that Philippine assets have been automatically frozen under the December 26, 1941
amendment to the freezing Orders.
The new public circular prescribed that for the purposes of the freezing Orders the Philippine Islands should be regarded as if they were a separate blocked country and that January 1, 1942
would be regarded as the effective date of the freezing regulations as applied to the Philippines.
This was done to facilitate the administration of freezing control over Philippine assets and also
to provide the public with specific standards to guide their compliance with the freezing regulations relating to the Philippines. For all practical purposes this had the same effect as though
freezing control had been specifically extended to the Philippine Islands on January 1, 1942.
The public circular also announced that census reports on Form TFR-300 were required to
be filed with respect to Philippine assets. Details regarding this requirement will be announced
later. Certain general licenses relating to the Philippine Islands were revoked and others were
amended. New general licenses were issued dealing with problems arising out of freezing Philippine assets. These general licenses followed the general pattern of documents issued in the past
in connection with extending freezing control to a new country.
In view of General License No. 80 issued today the freezing restrictions will not affect Philippine citizens within the United States or within the generally licensed trade area,
68
REFERENCES-GENERAL RULING NO. 10
Press Release No. 27
January 14, 1942
Secretary Morgenthau disclosed today that prompt action by American officials in the
Philippines prevented many millions of dollars worth of securities, coin, currency, bullion, jewelry
and other property from falling into the hands of the Japanese. This is the first application of the
"scorched earth policy" which any country has as yet made to this class of valuables.
In anticipation of the temporary occupation of Manila and other parts of the Philippines and
remembering the experience of unprepared European countries that permitted hundreds of millions
of dollars of valuables to fall into the hands of Germany, the Secretary of the Treasury, in
cooperation with the Secretary of the Interior and at the direction of the President, vested in
the U. S. High Commissioner the sweeping powers of Title III of the First War Powers Act of
1941 and authorized him to take all necessary steps to prevent bullion, currency, coin, checks,
securities, and similar valuables from falling into enemy hands. The High Commissioner was
authorized to destroy any of these assets or otherwise dispose of them rather than to permit the
Japanese to acquire them.
Although it is too early to state the amount of valuables within the Philippines which, were
turned over to or impounded by the High Commissioner, it is certain that the amount runs into
many millions. No information has come to the Department of any significant amount of such
valuables falling into enemy hands.
Secretary Morgenthau pointed out that High Commissioner Sayre had been assisted in
executing this program by Treasury Department representatives who had been detailed from
Washington last July to assist the High Commissioner in administering the freezing control in
the Philippines. The Secretary commended the courage and ability of those people in carrying out
this program.
The Treasury today, acting in cooperation with the Department of the Interior and at the
direction of the President, issued a general ruling under the freezing regulations imposing a strict
control over Philippine securities and impounding Philippine paper currency within the United
States. These measures, together with those taken simultaneously by the Philippine Government,
are designed to choke off the market for any assets which the Japanese may subsequently discover
in their looting operations in the Philippines.
REFERENCE-GENERAL RULING NO. 10
Press Release No. 28
January 14, 1942
At the direction of the President, the Treasury Department acting in cooperation with the
Department of the Interior today issued a general ruling under the freezing regulations imposing
a strict control over Philippine securities and impounding all Philippine paper currency within the
United States.
These measures, taken at the request of the Philippine Government, are designed to thwart
any attempt by the Axis to dispose of looted Philippine assets in the United States. Simultaneously
the Philippine Government took action to prevent looted assets being liquidated in markets outside
the United States. It was pointed out that not only does this interfere with the Axis war effort
but in addition it may contribute materially to minimizing Axis looting in the Philippines by
removing the incentive for such action.
Under today's general ruling all Philippine paper currency within the United States must be
deposited in blocked currency accounts in banks on or before February 1, 1942. Currency placed
in such account may be removed only with permission of the Treasury Department under a
freezing control license. On or before February IS, 1942, banks must report all Philippine currency
in their possession. All dealings in such currency are prohibited. This is intended to destroy any
possible "black market" in the United States for looted Philippine currency which might otherwise
be smuggled into the country.
The general ruling also curbs all dealing in securities issued by, or the obligation of, either
the Philippine Government or any corporation organized under Philippine law unless a "clearance
certificate" known as Treasury Department Form TFEL-2 has been attached. Persons within the
United States holding any such securities will be able to have the clearance certificates attached
to their securities before February 1, 1942, with a minimum of inconvenience since the Federal
Reserve Banks will automatically attach the certificates upon presentation of the securities
accompanied by their description.
After February 1, 1942 the clearance certificates will be attached to Philippine securities only
after the holder has satisfactorily explained his possession of the securities and the reasons a
clearance certificate was not attached prior to February 1, 1942.
69
The Treasury Department called attention to the notice of the Philippine Government to all
holders of Philippine securities and currency which was issued today. This notice directed all
holders of such securities and currency in all countries except enemy countries to deposit their
holdings with banks and forward a registration report through their bank to the New York office
of the Philippine National Bank. The full text of such notice is as follows:
"In order to protect bona fide holders of Philippine currency and securities from the
effects which would otherwise result from the disposition of such securities and currency
which may have been looted during the temporary occupation of parts of the Philippine
Islands, the following notification is hereby given on behalf of the government of the
Commonwealth of the Philippines.
"All holders of Philippine paper currency elsewhere than within the Philippine Islands
are notified to deposit such currency on or before February 1, 1942 for registration and
safekeeping in a reputable bank located outside, and organized under the laws of a country
other than, an enemy country, or territory occupied or controlled by an enemy. Depositors
of such currency should obtain an appropriate receipt from such bank identifying the currency
by kind, denomination and serial number. Banks receiving such currency for such deposit or
holding such currency for their own account are hereby notified to hold it in safekeeping
pending further instruction. Each such bank should immediately forward to the New York
agency of the Philippine National Bank, 25 Broadway, New York, New York, a report in three
counterparts, certifying the names and addresses of the depositors of such currency, the date
of deposit, the amount so deposited by each depositor and the description (including serial
number) of the currency so deposited. Such reports should be placed in the mail on or before
February IS, 1942. Each counterpart should, if feasible, be dispatched by separate means.
"All holders, outside the United States and elsewhere than within the Philippine Islands,
of securities issued by, or the obligation of, either the government of the Commonwealth of
the Philippines, including political subdivisions thereof, or any corporation or other organization organized under the laws of that government are notified to follow a similar procedure.
Banks receiving such securities for registration and safekeeping should identify them as
completely as possible in the receipts given to depositors and in their reports which are
forwarded to the New York agency of the Philippine National Bank. Such reports should
include the name and address of the depositor, date of deposit, and the description should
include the name of the issuing party, the issue, the total number of securities, the serial or
certificate numbers, and the name of the registered owner, if any, and in appropriate cases,
the denomination.
"The government of the Commonwealth of the Philippines has requested the United
States Treasury Department and the Department of the Interior to make appropriate
provision for the registration of Philippine Government and corporate securities located
within the United States, and to adopt such regulatory measures as will assist in carrying
out the purposes of this notification with respect to both currency and securities. Compliance
with the provisions of General Ruling No. 10 issued by the United States Treasury Department,
under Executive Order No. 8389, as amended, shall be deemed to be compliance with the
requirements of this notice.
"All Philippine securities and currency not registered pursuant to this notice will be
presumed by the government of the Commonwealth of the Philippines, in the absence of clear
proof to the contrary, to have come under the control of the enemy.
J. M. ELIZALDE
Resident Commissioner of the Philippines
to the United States/'
REFERENCES-GENERAL RULING NO. 10
Press Release No. 29
January 30} 1942
[The text of Press Release No. 29 appears in the footnote under General Ruling No. 10 at page 18.]
70
SECTIONS 2, 3 (a) AND 3(c) OF TRADING WITH THE ENEMY ACT
[PUBLIC—NO. 91—65TH CONGRESS]
[40 STAT. L. 411]
SEC. 2. That the word "enemy," as used herein, shall be deemed to mean, for the purposes of
such trading and of this Act—
(a) Any individual, partnership, or other body of individuals, of any nationality, resident within the territory (including that occupied by the military and naval forces) of any nation with which
the United States is at war, or resident outside the United States and doing business within such
territory, and any corporation incorporated within such territory of any nation with which the
United States is at war or incorporated within any country other than the United States and
doing business within such territory.
(b) The government of any nation with which the United States is at war, or any political or
municipal subdivision thereof, or any officer, official, agent, or agency thereof.
(c) Such other individuals, or body or class of individuals, as may be natives, citizens, or
subjects of any nation with which the United States is at war, other than citizens of the United
States, wherever resident or wherever doing business, as the President, if he shall find the safety of
the United States or the successful prosecution of the war shall so require, may, by proclamation,
include within the term "enemy."
The words "ally of enemy," as used herein, shall be deemed to mean—
(a) Any individual, partnership, or other body of individuals, of any nationality, resident
within the territory (including that occupied by the military and naval forces) of any nation which
is an ally of a nation with which the United States is at war, or resident outside the United States
and doing business within such territory, and any corporation incorporated within such territory
of such ally nation, or incorporated within any country other than the United States and doing
business within such territory.
(b) The government of any nation which is an ally of a nation with which the United States
is at war, or any political or municipal subdivision of such ally nation, or any officer, official, agent,
or agency thereof.
(c) Such other individuals, or body or class of individuals, as may be natives, citizens, or
subjects of any nation which is an ally of a nation with which the United States is at war, other
than citizens of the United States, wherever resident or wherever doing business, as the President,
if he shall find the safety of the United States or the successful prosecution of the war shall so
require, may, by proclamation, include within the term "ally of enemy/*
The word "person" as used herein, shall be deemed to mean an individual, partnership, association, company, or other unincorporated body of individuals, or corporation of body politic.
The words "United States," as used herein, shall be deemed to mean all land and water, continental or insular, in any way within the jurisdiction of the United States or occupied by the military
or naval forces thereof.
The words "the beginning of the war," as used herein, shall be deemed to mean midnight ending the day on which Congress has declared or shall declare war or the existence of a state of war.
The words "end of the war," as used herein, shall be deemed to mean the date of proclamation
of exchange of ratifications of the treaty of peace, unless the President shall, by proclamation,
declare a prior date, in which case the date so proclaimed shall be deemed to be the "end of the
war" within the meaning of this Act.
The words "bank or banks/' as used herein, shall be deemed to mean and include national
banks, State banks, trust companies, or other banks or banking associations doing business under
the laws of the United States, or of any State of the United States*
71
The words "to trade," as used herein, shall be deemed to mean—
(a) Pay, satisfy, compromise, or give security for the payment or satisfaction of any debt or
obligation,
(b) Draw, accept, pay, present for acceptance or payment, or indorse any negotiable instrument or chose in action.
(c) Enter into, carry on, complete, or perform any contract, agreement, or obligation.
(d) Buy or sell, loan or extend credit, trade in, deal with, exchange, transmit, transfer, assign,
or otherwise dispose of, or receive any form of property.
(e) To have any form of business or commercial communication or intercourse with.
SEC. 3. That it shall be unlawful—
(a) For any person in the United States, except with a license of the President, granted to
such person, or to the enemy, or ally of enemy, as provided in this Act, to trade, or attempt to
trade, either directly or indirectly, with, to, or from, or for, or on account of, or on behalf of, or
for the benefit of, any other person, with knowledge or reasonable cause to believe that such other
person is an enemy or ally of enemy, or is conducting or taking part in such trade, directly or
indirectly, for, or on account of, or on behalf of, or for the benefit of, an enemy or ally of enemy.
*
*
*
*
SEC. 3. (c) For any person (other than a person in the service of the United States Government or of the Government of any nation, except that of an enemy or ally of enemy nation, and
other than such persons or classes of persons as may be exempted hereunder by the President or
by such person as he may direct), to send, or take out of, or bring into, or attempt to send, or take
out of, or bring into the United States, any letter or other writing or tangible form of communication, except in the regular course of the mail; and it shall be unlawful for any person to send, take,
or transmit, or attempt to send, take, or transmit out of the United States, any letter or other
writing, book, map, plan, or other paper, picture, or any telegram, cablegram, or wireless message,
or other form of communication intended for or to be delivered, directly or indirectly, to an enemy
or ally of enemy: Provided, however, That any person may send, take, or transmit out of the United
States anything herein forbidden if he shall first submit the same to the President, or to such officer
as the President may direct, and shall obtain the license or consent of the President, under such
rules and regulations, and with such exemptions, as shall be prescribed by the President.
SECTION S(b) OF TRADING WITH THE ENEMY ACT
(As amended by Title HI of First War Powers Act)
[PUBLIC—NO. 354—77TH CONGRESS]
(b) (1) During the time of war or during any other period of national emergency declared by
the President, the President may, through any agency that he may designate, or otherwise, and under
such rules and regulations as he may prescribe, by means of instructions, licenses, or otherwise—
(A) investigate, regulate, or prohibit, any transactions in foreign exchange, transfers of
credit or payments between, by, through, or to any banking institution, and the importing,
exporting, hoarding, melting, or earmarking of gold or silver coin or bullion, currency or
securities, and
(B) investigate, regulate, direct and compel, nullify, void, prevent or prohibit, any acquisition holding, withholding, use, transfer, withdrawal, transportation, importation or exportation of, or dealing in, or exercising any right, power, or privilege with respect to, or transactions involving, any property in which any foreign country or a national thereof has any
interest,
72
by any person, or with respect to any property, subject to the jurisdiction of the United States;
and any property or interest of any foreign country or national thereof shall vest, when, as, and
upon the terms, directed by the President, in such agency or person as may be designated from
time to time by the President, and upon such terms and conditions as the President may prescribe
such interest or property shall be held, used, administered, liquidated, sold, or otherwise dealt
with in the interest of and for the benefit of the United States, and such designated agency or
person may perform any and all acts incident to the accomplishment or furtherance of these purposes ; and the President shall, in the manner hereinabove provided, require any person to keep
a full record of, and to furnish under oath, in the form of reports or otherwise, complete information relative to any act or transaction referred to in this subdivision either before, during, or after
the completion thereof, or relative to any interest in foreign property, or relative to any property in
which any foreign country or any national thereof has or has had any interest, or as may be otherwise
necessary to enforce the provisions of this subdivision, and in any case in which a report could be
required, the President may, in the manner hereinabove provided, require the production, or if
necessary to the national security or defense, the seizure, of any books of account, records, contracts, letters, memoranda, or other papers, in the custody or control of such person; and the President may, in the manner hereinabove provided, take other and further measures not inconsistent
herewith for the enforcement of this subdivision.
(2) Any payment, conveyance, transfer, assignment, or delivery of property or interest therein,
made to or for the account of the United States, or as otherwise directed, pursuant to this subdivision or any rule, regulation, instruction, or direction issued hereunder shall to the extent thereof
be a full acquittance and discharge for all purposes of the obligation of the person making the
same; and no person shall be held liable in any court for or in respect to anything done or omitted
in good faith in connection with the administration of, or in pursuance of and in reliance on, this
subdivision, or any rule, regulation, instruction, or direction issued hereunder.
(3) As used in this subdivision the term "United States" means the United States and any
place subject to the jurisdiction thereof, including the Philippine Islands, and the several courts of
first instance of the Commonwealth of the Philippine Islands shall have jurisdiction in all cases,
civil or criminal, arising under this subdivision in the Philippine Islands and concurrent jurisdiction with the district courts of the United States of all cases, civil or criminal, arising upon the
high seas: Provided, however, That the foregoing shall not be construed as a limitation upon the
power of the President, which is hereby conferred, to prescribe from time to time, definitions, not
inconsistent with the purposes of this subdivision, for any or all of the terms used in this subdivision.
Whoever willfully violates any of the provisions of this subdivision or of any license, order,
rule or regulation issued thereunder, shall, upon conviction, be fined not more than $10,000, or, if
a natural person, may be imprisoned for not more than ten years, or both; and any officer, director,
or agent of any corporation who knowingly participates in such violation may be punished by a
like fine, imprisonment, or both. As used in this subdivision the term "person" means an individual, partnership, association, or corporation.
73
UNITED STATES TREASURY DEPARTMENT
Office of the Secretary
PUBLIC CIRCULAR NO- 4
UNDER EXECUTIVE ORDER NO. 8389, APRIL 10,1940, AS AMENDED
AND REGULATIONS ISSUED PURSUANT THERETO
AUGUST 16, 1941
INSTRUCTIONS FOR PREPARATION OF REPORTS ON FORM
TFR-300 OF ALL FOREIGN-OWNED PROPERTY SUBJECT
TO THE JURISDICTION OF THE UNITED STATES
Relating to Reports to be Filed on Form TFR-300 with Respect to All
Property Subject to the Jurisdiction of the United States on the Opening of
Business on June 1, 1940, and With Respect to All Property Subject
to the Jurisdiction of the United States on the Opening of Business on
June 14, 1941, in Which, on the Respective Dates, Any Foreign
Country or Any National Thereof Had Any Interest of Any
Nature Whatsoever, Direct or Indirect, and With Respect to
All Property Subject to the Jurisdiction of the United
States on the Opening of Business on July 26, 1941, in
Which on Said Date China or Japan or Any National
of Either Thereof Had Any Such Interest
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1941
TABLE OF CONTENTS
Page
Section
Section
I. Introduction
II. General Instructions
A. Property to be reported
B. Who must make report
C. What Series of Form TFR-300 to use—Description of the Series
D. Separation of reports for different countries or nationals
E. Time and place of filing report
F. When no report need be filed
G. Penalties.,
H. Information regarding preparation of reports
Section III. Property classes:
Class A—Bullion, currency, and deposits
Class B—Financial securities
Class C—Notes and drafts; debts to and claims by national
Class D—Miscellaneous personal property; personal property liens
Class E—Real property; mortgages; other rights to land
Class F—Patents, trade-marks, and copyrights; franchises
Class G—Estates and trusts
Class H—Partnership and profit-sharing agreements
Class I—Insurance policies; annuities
Class J—Other property
Section IV* Instructions for Series A
Section
V. Instructions for Series B
Section VI. Instructions for Series C
Section VII. Instructions for Series D
Section VIII. Instructions for Series E
_Section IX. Instructions for Series F
Section X. Instructions for Series G
Section XI. Instructions for Series H
Section XII. Instructions for Series I
SectionXIIL Table of Exchange Rates
1
1
1
3
3
4
5
5
5
6
6
6
7
7
8
8
8
9
9
9
9
11
15
17
18
21
23
26
27
30
INSTRUCTIONS FOR PREPARATION OF REPORTS OF ALL
FOREIGN-OWNED PROPERTY
SECTION I—INTRODUCTION
Reports of all property subject to the jurisdiction of the United States on either or both
June 1, 1940, and June 14, 1941, in which on either or both dates any foreign country whatever or
national thereof had an interest, are required by Section 130.4 of the Regulations of April 10,
1940, as amended, issued pursuant to Executive Order No. 8389, as amended. Additional
reports are required of all property subject to the jurisdiction of the United States on July 26,
1941, in which on said date China or Japan or any national of either thereof had any interest.
Form TFR-300, on which all such property must be reported, has been prepared and issued in
nine series, each designated by a serial letter. Each series TFR-300 Series A through TFR-300
Series I, inclusive, is adapted for facility in reporting the property called for therein, and is
designed for the use of particular groups and classes of persons under duty to report. For
convenience the series will hereinafter be referred to by their serial letters. (?. e., "TFR-300
Series A" will be referred to as "Series A"; "TFR-300 Series B" as "Series B," etc.)
Section II of this Circular contains general instructions applicable to all the series, indicating
briefly the purpose and use of each thereof.
Section III consists of a classification of all property, designated by Classes A to J, inclusive,
and within each classification specific types of property to be reported are designated by subheadings numbered 1 to 30, inclusive. The classes and numbered types of property thereunder are for uniformity in reporting and are applicable in each series where such a classification is required. However, the designation of such classes and numbered types of property
should not be regarded as exempting from the reporting requirements any property not includible
therein.
Sections IV to XII are each devoted to specific instructions pertaining, respectively, to one
of the Series A through I, inclusive. Section XIII gives instructions relating to exchange rates.
BEFORE ATTEMPTING TO PREPARE ANY SERIES, a person required to report
should read completely Sections I, II, and III of this Circular. He should then determine
what series of Form TFR-300 he is obliged to use and examine the Section of this Circular
setting forth specific instructions for that particular series. One person may be obliged to
employ more than one series in order completely to supply the information required, and in
that event should examine the Section pertaining to each such series.
Copies of Executive Order No. 8389, as amended, and the Regulations issued pursuant
thereto, this Circular, and all of the series of Form TFR-300 may be obtained from any Federal
Reserve Bank, the Governor or High Commissioner of any territory or possession of the United
States, and the Secretary of the Treasury, Washington, D. C.
SECTION II—GENERAL INSTRUCTIONS
A. Property to be reported,—Except as noted in paragraph F hereof, Section 130.4 (a) of
the Regulations of April 10, 1940, as amended, issued under Executive Order No. 8389, as
amended, requires that reports be filed with respect to ALL PROPERTY subject to the jurisdiction of the United States on the opening of business on June 1, 1940, and with respect to
ALL PROPERTY subject to the jurisdiction of the United States on the opening of business
on June 14, 1941, in which on the respective dates, or either of them, any foreign country or
national thereof had any interest of any nature whatsoever, direct or indirect, and with respect
to ALL PROPERTY subject to the jurisdiction of the United States on July 26, 1941, in which
(1)
on said date China or Japan or any national of either thereof had any such interest. The reports
must be made whether or not such property is or has been blocked or subjected to any other
restriction whatever by or under the Executive Order, as amended, and regardless of whether
a report on Form TFR-100 with respect to such property shall have been previously filed.
Subject to the exceptions in Instruction F following, no person who is a national is excused
from reporting in his own behalf concerning his property or interest in property because of any
doubt he may have as to his status as a national. A person required to report concerning
property of another should regard such other as a national for the purposes hereof, if he has
any reasonable cause to believe that such other is or might be a national. If anyone fails to
report concerning property of a national because he has no knowledge, notice, or other reasonable
cause to believe that such person is a national, he should file a report, with an explanation,
whenever he acquires knowledge, or receives notice, or has reasonable cause to believe that such
person is a national concerning whose property a report is required. Similarly, where a doubt
exists as to whether or not a national had an interest in certain property, and also where there
is reason to believe that a national had such an interest but the identity of the national is in
doubt, all such property should be regarded as coming within the purview hereof.
Property is classified in Section III of this Circular. The terms "United States," "person,"
"foreign country/' and "national" are defined as follows in section 5 of Executive Order No.
8389, as amended:
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B. The term "United States" means the United States and any place subject to the jurisdiction thereof; the term "continental United States" means the states of the United States,
the District of Columbia, and the Territory of Alaska.
C. The term "person" means an individual, partnership, association, corporation, or other
organization.
D. The term "foreign country" shall include, but not by way of limitation,
(i) The state and the government thereof on the effective date of this Order as well as
any political subdivision, agency, or instrumentality thereof or any territory, dependency,
colony, protectorate, mandate, dominion, possession, or place subject to the jurisdiction
thereof,
(ii) Any other government (including any political subdivision, agency, or instrumentality thereof) to the extent and only to the extent that such government exercises or
claims to exercise dejure or de facto sovereignty over the area which on such effective date
constituted such foreign country, and
(iii) Any person to the extent that such person is, or has been, or to the extent that
there is reasonable cause to believe that such person is, or has been, since such effective
date, acting or purporting to act directly or indirectly for the benefit or on behalf of
any of the foregoing.
E. The term "national" shall include,
(i) Any person who has been domiciled in, or a subject, citizen or resident of a foreign
country ct any time on or since the effective date of this Order,
(ii) Any partnership, association, corporation or other organization, organized under
the laws of, or which on or since the effective date of this Order had or has had its principal
place of business in such foreign country, or which on or since such effective date was or
has been controlled by, or a substantial part of the stock, shares, bonds, debentures, notes,
drafts, or other securities or obligations of which, was or has been owned or controlled by,
directly or indirectly, such foreign country and/or one or more nationals thereof as
herein defined,
(iii) Any person to the extent that such person is, or has been, since such effective
date, acting or purporting to act directly or indirectly for the benefit or on behalf of any
national of such foreign country, and
(iv) Any other person who there is reasonable cause to believe is a "national" as
herein defined.
In any case in which by virtue of the foregoing definition a person is a national of more than
one foreign country, such person shall be deemed to be a national of each such foreign country.
In any case in which the combined interests of two or more foreign countries designated in
this Order and/or nationals thereof are sufficient in the aggregate to constitute, within the
meaning of the foregoing, control or 25 per centum or more of the stock, shares, bonds, debentures, notes, drafts, or other securities or obligations of a partnership, association, corporation
or other organization, but such control or a substantial part of such stock, shares, bonds, debentures, notes, drafts, or other securities or obligations is not held by any one such foreign
country and/or national thereof, such partnership, association, corporation or other organization shall be deemed to be a national of each of such foreign countries. The Secretary of
the Treasury shall have full power to determine that any person is or shall be deemed to be a
"national*7 within the meaning of this definition, and the foreign country of which such person
is or shall be deemed to be a national. Without limitation of the foregoing, the term "national"
shall also include any other person who is determined by the Secretary of the Treasury to be,
or to have been, since such effective date, acting or purporting to act directly or indirectly
for the benefit or under the direction of a foreign country designated in this Order or national
thereof, as herein defined.
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For the purpose of Form TFR-300, "national" shall include "foreign country" wherever
appropriate.
B. Who must make report.—A report must be filed by:
(1) Every national of a foreign country, in the United States, with respect to all property
whatsoever subject to the jurisdiction of the United States on June 1, 1940, or June
14, 1941, in which on either or both dates he had any interest of any nature whatsoever, direct or indirect;
(2) Every person in the United States with respect to all property whatsoever held by him
or in his custody, control, or possession, directly or indirectly, in trust or otherwise,
and all debts or other obligations whatsoever owed by or asserted against him, and
all contracts of any nature whatsoever to which he was a party, subject to the jurisdiction of the United States on June 1, 1940, or June 14, 1941, in which on either or
both dates any foreign country or any national thereof had any interest of any nature
whatsoever, direct or indirect;
(3) Every partnership, trust, association, corporation, or other organization organized or
existing under the laws of the United States or of any state, territory, or district of
the United States, or having its principal place of business in the United States,
with respect to any shares of its stock, including any right or claim to ownership
or control or participation in ownership or control thereof or profits or income derived
therefrom, or any equity in any of the foregoing, whether or not expressed by written
agreement or evidenced by any instrument, and with respect to all bonds, debentures,
notes, or other funded obligations or any equity therein, and with respect to any
other outstanding securities or equity therein, in any of which any foreign country
or any national thereof had on either or both June 1, 1940, and June 14, 1941, any
interest of any nature whatsoever, direct or indirect;
(4) Every agent or representative in the United States for any foreign country or for any
national thereof, having any information with respect to property subject to the
jurisdiction of the United States on June 1, 1940, or June 14, 1941, in which on
either or on both dates the foreign country or national thereof for which he was agent
or representative had any interest of any nature whatsoever, direct or indirect, but
such an agent or representative who files a report in behalf of [the national under
paragraph (1) above need not file a duplicate report under this paragraph.
In addition to the requirements of paragraphs (1) through (4) above, separate reports shall
similarly be made with respect to any property subject to the jurisdiction of the United States
on July 26, 1941, in which on said date China or Japan or any national of either thereof had any
interest whatsoever, direct or indirect.
C. What Series oj Form TFR-800 to use.—Nine different series of Form TFR-300 have been
provided. Some persons reporting may be obliged to use more than one series. The brief
description set forth below indicates the persons who should use each particular series, and the
circumstances under which each should be used. This description of each series is intended
only to facilitate the selection of the right and proper series and is not intended as limiting or
restricting the reporting requirements contained in Executive Order No. 8389, as amended, and
the Regulations issued pursuant thereto.
Description of the Series
(1) Series A shall be used (i) by individual nationals not engaged in business, to report
for themselves, and (ii) by other persons to report property interests of such nationals,
except as to property which the person reporting is required to report on one or more
of Series C through H. An individual national employed by another person or engaged
in rendering service in a recognized profession is deemed for the purposes hereof not
to be "engaged in business."
(2) Series B shall be used (i) by all nationals to report for themselves, except individuals
not engaged in business, and (ii) by other persons to report property interests of such
nationals or of foreign countries, except as to property which the person reporting is
required to report on one or more of Series C through H. Trustees and other representatives of estates and trusts (other than trustees of business trusts in which the
interests of beneficiaries were represented by financial securities) shall report the
property of the trust on this Series, when report is required (see Instruction 2 under
Section V of this Circular), but shall report the interests under the trust of beneficiaries
who are nationals, on Series A or B, as appropriate. Reports of the property of
business trusts in which the interests of beneficiaries were represented by financial
secuiities shall, when a report is required, be made on this Series, but the interests of
beneficiaries who are nationals shall be reported on Series C.
(3) Series C shall be used by organizations, only to report holdings of financial securities of
all types issued by them.
(4) Series D shall be used by banks and safe deposit companies, only to report safe deposit
boxes to which they do not have access and the contents of which are unknown
to them. In any case where a bank or safe deposit company has access to and knowledge of the contents of any such box, other appropriate Series shall be used for reporting property contained therein.
(5) Series E shall be used by banks, only to report deposit accounts, collection items,
cashier's and certified checks, bank acceptances, and letters of credit.
(6) Series F shall be used by banks, only to repoit financial securities in their custody or
held by them as collateral.
(7) Series G shall be used by brokers, only to report balances, securities, and commodities,
and securities and commodities contracts, held for customers.
(8) Series H shall be used by insurers, only to report insurance policies, annuities, pensions,
etc., and claims and indebtedness arising under insurance policies.
(9) Series I shall be used by any person, only to report property subject to the jurisdiction
of the United States on July 26, 1941, in which on said date China or Japan or any
national of either thereof had any interest. A report on this Series is required in
addition to any report with respect to property of China, Japan, and nationals of
either thereof required to befiledon any of Series A through H. Series I is to be used
to report any property as of July 26, 1941, irrespective of the Series which the person
reporting may have been required to employ as of June 14, 1941.
D. Separation of reports for different countries or nationals.—A separate report shall be made
with respect to each foreign country or national which has any interest in any property to be
reported, but all items of property of each such person covered by any one series shall be included
in one report on that series. For example, if the person reporting owes debts to five different
nationals he will makefiveseparate reports, listing on each report all of his debts to the particular
national for whom that report is made. If he owes one debt jointly to five nationals, he will
also make five separate reports, entering the whole debt on each. If it is known or there is
reasonable cause to believe that a national other than the national in whose name any property
is carried has an interest in or adverse claim upon the property, the property must be shown on
a report for each such national interested or adverse claimant as well as for the national in whose
name it is carried. Any duplication in reporting the same property or debt on several reports,
or duplication by reason of several persons reporting the same property or debt, shall not excuse
anyone from rendering all reports required of him.
E. Time and place of filing report.—Reports must be executed and filed in quadruplicate on
or before September 30, 1941, with the Federal Reserve Bank of the district or the Governor or
High Commissioner of the territory or possession of the United States in which the person filing
the report resides or has a principal place of business or principal office or agency, or if such person
has no legal residence or place of business or principal office or agency in a Federal Reserve
district or a territory or possession of the United States, then with the Federal Reserve Bank of
New York or the Federal Reserve Bank of San Francisco. Persons reporting should retain a
copy of each report filed by them.
F. When no report need befiled,—Noreport need be filed if either of the following conditions
exists:
(1) If the total value of all property of any national which any one person would otherwise
be required to report was on both June 1, 1940, and June 14, 1941, and, in case of
property required to be reported on Series I, on July 26, 1941, less than $1,000, provided that this exemption shall not apply to the lease of a safe deposit box, to patents,
trade-marks, copyrights, and franchises, to interests in partnerships and profit-sharing
agreements, nor to property the value of which cannot readily be determined, and
provided further, that when reports on several series for one national would be required from any one person, the exemption applies only if the total of all property on
all the series is less than $1,000. In arriving at the value of $1,000, no deduction shall
be made for offsets, liens, or other deductions from gross value; or
(2) If the national concerning whose property a report would otherwise be required, is a
generally licensed national pursuant to General License No. 42 or General License
No. 68, under Executive Order No. 8389, as amended.
General License No. 42 reads in part:
A general license is hereby granted licensing as generally licensed nationals individuals
who have been domiciled in and residing only in the United States at all times on and since
the effective date of the Order and at all times on and since June 17, 1940, if such effective
date is subsequent to June 17, 1940: provided, however, that this license shall not be deemed to
license as a generally licensed national any individual who is a national of a foreign country
by reason of any fact other than that such individual has been a subject or citizen of a foreign
country at any time on or since such effective date.
The "effective dates'' of the Order which are not "subsequent to June 17, 1940" are, as to
Norway and Denmark and nationals thereof, April 8, 1940, as to the Netherlands, Belgium,
and Luxembourg and nationals thereof, May 10, 1940, and as to France, including Monaco,
and nationals thereof, June 17, 1940.
General License No. 68 reads in part:
A general license is hereby granted licensing as generally licensed nationals individuals
who are nationals of China and Japan and who have been residing only in the United States
at all times on and since June 17, 1940; provided, however, that this license shall not be deemed
to license as a generally licensed national any individual who is a national of China or Japan
by reason of any fact other than that such individual has been a subject or citizen of China or
Japan at any time on or since such date.
G. Penalties,—
(1) Section 5 (b) of the Act of October 6, 1917 (40 Stat. 415), as amended, applicable
hereto, provides in part:
"* * * Whoever willfully violates any of the provisions of this subdivision or of any license, order, rule or regulation issued thereunder, shall, upon
conviction, be fined not more than $10,000, or, if a natural person, may be im«.
prisoned for not more than ten years, or both; and any officer, director, or agent,
of any corporation who knowingly participates in such violation may bo punished by a like fine, imprisonment, or both."
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(2) Section 130.4 (c) (1) of the Regulations of April 10, 1940, as amended, issued under
Executive Order No. 8389, as amended, provides:
"All spaces in the report must be properly filled in. Reports found not
to be in proper form, or lacking in essential details, shall not be deemed to have
been filed in compliance with the Order."
H. Information regarding preparation of reports.—Anyone desiring information as to whether
or not he is required to make a report or what Series of Form TFR-300 he should use may
apply to any Federal Reserve Bank.
SECTION III—PROPERTY CLASSES
Before preparing any report read this Section in detail.—Section 130.4 (a) of the Regulations
of April 10, 1940, as amended, issued pursuant to Executive Order No. 8389, as amended,
requires reports on Form TFR-300 of all property subject to the jurisdiction of the United States
in which any foreign country or national thereof had an interest on either or on both June 1,
1940, and June 14, 1941. In this Section, property is classified for purposes of the reports.
The types of property specified in Series A, B, and I of the Form are identical with those in this
Section and are identically numbered. The classification is very closely followed in all the other
series. It is imperative that all property be entered under the correct type upon the appropriate
series. Series A, B, and I require that the person reporting state whether or not he has reported the
value of all property he is called upon to report therein.
Class A—Bullion, currency, and deposits.—(1) Bullion, both gold and silver; (2) Currency
and coin, United States and foreign; (3) Demand deposits payable in the United States in United
States dollars or foreign currency, mcluding any and all demand deposits or accounts maintained
with any bank or broker, or others, in the national's own name or jointly with one or more other
persons, or on which he has authority to draw, or maintained in some other name for the present
or future benefit of the national, or in which the national has an interest, whether or not he has
the right to draw thereon; (4) Other deposits payable in the United States in United States dollars
or foreign currency, maintained with any bank, broker, or others, including savings accounts,
compound interest accounts, accounts represented by certificates of deposit, postal savings
accounts, and any and all other accounts, other than demand deposits, maintained in the
national's own name or jointly with one or more other persons, or on which he has authority to
dtaw, or maintained in some other name for the present or future benefit of the national, or in
which the national has an interest, whether or not he has the right to draw thereon.
Class B—Financial securities—(5) United States Government obligations, including all
United States bonds, registered or bearer, notes, bills, certificates of indebtedness, savings
stamps, matured coupons, attached or detached, and every other such direct obligation of ihe
United States Government, and all obligations evidenced byfinancialsecurities guaranteed as to
principal or interest by the United States Government, but not obligations not so guaranteed as
to principal or interest; (6) State, municipal, and other local government obligations, including
bonds, registered or bearer, matured coupons, attached or detached, notes, certificates of indebtedness, and any other such obligations of any state, territory, district, or possession of the United
States, and of any agency or instrumentality or subdivision thereof, and of all municipal corporations, including, without limitation, cities, towns, townships, counties, parishes, irrigation districts,
school, water, drainage, and tax districts, special authorities, and any other similar obligations
and including certificates of deposit with respect to any of the foregoing; (7) Bonds of domestic
corporations, including mortgage bonds, registered or bearer, and matured coupons, attached or
detached, debentures, notes, income bonds, and any other evidences of funded debt, past due
or to become due, and all receiver's or trustee's certificates and similar instruments, and any
other obligation evidenced by an instrument, negotiable or otherwise, representing funded
corporate debt, executed or issued by or in the name of any corporation organized under the laws
of the United States or of any state, territory, district, or possession thereof, including all such
obligations of any agency or instrumentality of the United States not guaranteed as to principal
or interest by the United States Government and including certificates of deposit with respect
to any of the foregoing; (8) Common stocks of domestic corporations, of whatever class, voting or
nonvoting, including debenture stock, participating stock, and any other type or kind of stock
[other than preferred stock], interests in voting trusts, stock pools, and similar interests, and
any trustee's certificates, by whatever name called, representing shares or beneficial interests in
any business trust or other type of unincorporated business organization except a partnership; (9) Preferred stocks of domestic corporations, including all stock, voting or nonvoting, issued
by any domestic corporation, to which any preference of any kind attaches, over any other issue
of stock of that same corporation; (10) Foreign securities held in the United States, including
mortgage and other bonds, registered or bearer, and matured coupons, attached or detached,
debentures, notes, and any other evidences of funded debt, past due or to become due, negotiable
or otherwise, executed or issued either within or without the United States by a foreign government or any subdivision, instrumentality, or agency thereof, whether or not incorporated, or by
any corporation or other association or organization, business or otherwise, organized and existing under the laws of any country other than the United States, representing funded debt
thereof, and all stock, common or preferred of all types or kinds, and any other instrument by
whatever name called, representing shares or beneficial interests in any such corporation, organization, or association and including certificates of deposit with respect to any of the foregoing;
(11) Warrants, scrip, rights, and options; other securities, warrants, scrip, rights, options, or
other instruments evidencing the right to receive, purchase, or acquire any financial security or
interest therein, absolutely or upon contingency, and all other contracts relating to the purchase
or sale of financial securities, issued or unissued; and any other financial securities whatsoever
or rights therein, commonly dealt in by bankers, brokers, and investment houses in the United
States or elsewhere.
Class C—Notes and drafts; debts to and claims by national.—(12) Checks, drafts,
acceptances, and notes, including all checks, cashier's or official bank checks, sight drafts, time
drafts, banker's acceptances, trade acceptances, promissory notes, and any and all other notes,
drafts, or bills of exchange, and payment orders and remittances; (13) Letters of credit, including
all similar instruments or agreements, wherein the obligation of any bank thereunder arises
directly or indirectly at the request of, or for the account of, a national or extends to any national
named in the letter of credit, or otherwise known, who has any rights, contingent or absolute, to
receive any payments in any amount pursuant to the terms of the letter of credit or in reimbursement for any unused portion thereof: (14) Debts, claims, demands, and contracts, including book
accounts, accounts receivable, judgments, awards; indebtedness and claims arising under contracts, policies of insurance, and surety and indemnity bonds; draw-backs, rebates, and refunds;
and including all other debts, claims, and demands due or past due for the payment of money
whether or not secured in any manner whatsoever [other than any represented by an instrument
evidencing funded debt, or classified under some other type], due or claimed to be due to a
national from any person or corporation residing or doing business in the United States or
subject to the jurisdiction thereof, except where the debt was payable only on special demand
and the place where due demand therefor could be made is not within the United States; and any
and all contracts and rights under contracts, not otherwise classified, to which a national was a
party or in which a national had any interest whatever, present or future, vested or contingent,
executory or partly executed, liquidated or unliquidated, regardless of the nature of the contract
or the nature and extent of the national's interest therein.
Class D—Miscellaneous personal property; personal property liens—(15) Warehouse
receipts, bills of lading, and any and all other instruments, negotiable or otherwise, representing
claims to or on personal property; (16) Options and futures in commodities, traded on any commodity exchange, including any interest in, or present or future claims to, any commodities
or the proceeds of the sale of any commodities; (17) Goods and merchandise for business use,
except jewelry, etc., including stocks of raw materials, agricultural products, goods in process,
finished goods in stock or on consignment, goods on vessels or otherwise in transit, other than
jewelry, precious stones, and precious metals; (18) Jewelry, precious stones, and precious metals,
other than bullion, whether held for personal use, or as stock in trade, or for other commercial
purposes; (19) Machinery, equipment, and livestock, for business use, all machinery or equip-
8
ment on hand, stored, or in use, automobiles [business], trucks, automotive or otherwise, and
other vehicles, office equipment and furnishings, and whatever else of like or similar type,
customarily classified as machinery and equipment, vessels of any type and tonnage, charter
parties, and all other interests represented by instrument or otherwise in the ownership, rights
to possession, use, or control of any vessel [other than maritime or other liens thereon]; farm
machinery and equipment, livestock; and all other tangible personal property used in the
operation of any business or occupation; (20) Objects of art and furnishings for personal use,
including all art objects, coin and stamp collections, household furniture and furnishings, automobiles [personal], and all other tangible personal property not used for commercial purposes; (21)
Liens on and claims to personal property', not otherwise classified, including trust receipts, bills
of sale, contracts for conditional sale or resale, lease-sale arrangements, repurchase agreements,
chattel mortgages, pledges; maritime, cattle, timber, and crop liens; and all other instruments
not otherwise classified evidencing any lien on, or claim to, personal property, and all other liens
on or claims to personal property, not represented by any instrument by whatever name called,
arising by agreement or by operation of law.
Class E—Real property; mortgages; other rights to land—(22) Lands and buildings
for personal use, including only property used exclusively as a dwelling by the national and his
family and not more than one other family; (23) Lands and buildings other than for personal
use, including all property used as a dwelling other than that classified under type 22 preceding,
all lands and the buildings, structures, and other improvements thereon used for commercial,
manufacturing, mercantile, agricultural, and other business purposes, and interests therein;
ground rents, leaseholds, together with rents, accrued or to accrue, tax warrants, easements,
mineral rights, oil rights, timber and other rights in or to land or the products thereof or a
share therein, royalties, and any other rights in the lands of another; (24) Mortgages on real
property; other rights to land, mortgage bonds, mortgage notes [other than corporate mortgage
bonds or notes represented byfinancialsecurities], mortgage participation certificates, guaranteed
or otherwise, deeds of trust, and any other bond, note, or other instrument secured by a lien on
any real property or interest therein; contracts for the purchase and sale of real property, whether
or not partially executed, options, and any and all other rights or interests in or liens, vested or
contingent, upon real property or upon an interest in real property.
Class F—Patents, trade-marks, and copyrights; franchises—(25) Patents, trade-marks,
copyrights, and inventions, including patents, trade-marks, registered or unregistered, copyrights, inventions, and secret processes, or any present, future, or contingent interest therein,
and agreements pertaining thereto; all rights incidental to the ownership of patents, trade-marks,
or copyrights, including applications therefor and licenses, by definition or otherwise, immunities,
and assignments, relating thereto, and any other contracts affecting or involving the foregoing,
such as, but not by way of limitation, the right to receive royalties, including any royalties due
and unpaid, royalties paid in advance, reciprocal licensing arrangements and contracts by which
any information in the nature of technical data, know-how, or otherwise, is transmitted or
exchanged, or any right therein by which any license or privilege is granted or may be exercised,
to examine the operations of any plant, factory, or other productive unit, to examine or supervise
the books thereof, to inspect any finished product, or to have the right of visitation or any other
such right incidental to or separate from the right to receive royalties or other compensation;
(26) Franchises, concessions, licenses, and permits, by any of which any special right or privilege
may be exercised affecting the commencement, continuation, or conduct of a business, or as an
incident thereto.
Class G—Estates and trusts—(27) Interests in estates and trusts, each and every right
or interest, present or future, absolute or contingent, in or to any of the property or estate of a
deceased person, which may belong to the national or in which he has an interest, whether the
same exists by reason of the provisions of a last will and testament or by operation of law in
case of the intestacy of the deceased, and all other rights or interests, present or future, absolute,
revocable or contingent, belonging to the national or in which he has an interest, in or to any
property or fund held or controlled by a trustee or other fiduciary by whatever name described.
g
Class H—Partnership and profit-sharing agreements—(2$) Interests under partnership
and profit-sharing agreements, all partnership agreements, general, special, limited, or other
type, agreements for joint adventures; profit-pooling and profit-sharing agreements and any
and all other rights to receive, or share in, profits of partnerships, business trusts, or other nonincorporated business organizations [not represented by a financial security], whether or not
the rights granted under such agreement are security for a debt due, or as a manner or method
of liquidating such debt or otherwise.
Class I—Insurance policies; annuities—(29) Surrender value of insurance policies;
present value of annuities, of all types, including pensions and endowments and pension and
endowment contracts, determined in accordance with standard actuarial practice.
Class J—Other property—(30) Other property, not classifiable under types 1 to 29, including
any and all other property, real, personal, or mixed, tangible or intangible, or interest or interests
therein, present, future, or contingent; debts due qr to become due, claims, demands, actions,
causes or things in action, or interest therein, not specified, mentioned, or referred to in any of the
foregoing property classes designated "Class A" to "Class I", inclusive.
SECTION IV—INSTRUCTIONS FOR SERIES A
1. Reading instructions.—Read these instructions in full before beginning to prepare Series A.
If you have not also read carefully Sections I, II, and III of this Circular, do so before reading
these instructions. File all reports in quadruplicate,
2. Scope of Series A.—Tins Series is to be used:
(a) By individual nationals not engaged in business to report for themselves, and
(b) By other persons to report property interests of such nationals, except as to property
which the person reporting is required to report on one or more of Series C through H.
An individual national employed by another person or engaged in rendering service in a
recognized profession is deemed not to be "engaged in business", and therefore his property
should be reported on this Series. For the scope of each Series of Form TFR-300, see Instruction C in Part II of this Circular.
3. Answers required.—Each question must be answered and all of the specific information
called for must be given. When there is nothing to report under any question or if information
is lacking, state "no", "none", or "unknown", as the case may be, with an explanation if required,
except that in Part C spaces not needed for reporting should be left blank. No person is excused
from furnishing information he reasonably should have.
4. Nationality of person concerning whose property report is being made.—Enter in this space
the name of each country of which the person whose property is being reported is a national,
as defined in Section 5E of Executive Order No. 8389, as amended.
5. Part B.—
(a) General.—If this report is being made by the national for himself, this Part need not
be filled out further than to insert the name of the national on the line provided for the name of
the person reporting.
(b) Name.—If the person reporting is an individual doing business under a trade name,
give both the actual name and the trade name.
(c) Nationality.—If the person reporting is a national as defined in Section 5E of Executive
Order No. 8389, as amended, state the name of each country of which he is a national.
6. Part C.—Schedule I.—This Schedule requires the valuation of all the property of the
national within each property type contained in the classification set out in Section III of this
Circular, which must be followed strictly, but property not falling under any of the other types of
the classification must be reported under type 30. No property shall be reported under type 30,
Class J, if it constitutes property reportable as any other type in any other class.
Enter in Column (a) the total value of the items of each type of property held on June 14,
1941, at the market price at the opening of business on June 14, 1941, or if such price is not
available, at the estimated value on that date. In estimating value, the last sale price or bid,
if reasonably close to June 14, 1941, may be used as a basis. Property, the value of which was
expressed in a foreign currency, or which was to be paid or liquidated in a foreign currency, shall
10
be valued at the dollar value if dollar market value existed therefor; if not, the foreign currency
value thereof shall be converted into dollars, in accordance with the instructions relating to
exchange rates given in Section XIII of this Circular. Enter in Column (b) the total value of
the items of each type of property reported as being held on June 1, 1940. The June 14, 1941,
unit value shall be used in bo1h Column (a) and Column (6). In other words, if the same number
of units of a particular kind of property was held on both June 14, 1941, and June 1, 1940,
enter the same amount in Column (b) as in Column (a). If the number of units of a kind of
property held on June 1, 1940, was different from the number held on June 14, 1941, likewise
use the same per unit value in Column (b) as is used in Column (a). In any case where property
was held only on June 1,1940, none of it being held on June 14,1941, the value should be reported
on the basis of the value on June 14, 1941, unless such value is not determinate, in which event
the value of such property on June 1, 1940, should be entered in Column (b). In the latter
event an appropriate notation should be made that the June 1, 1940, value was used.
All values should be given in dollars. Do not enter fractions of a dollar.
With respect to goods delivered to a common carrier or other carrier for hire, on or prior
to June 1,1940, or June 14, 1941, and in transit on either day, (a) a national reporting for himself
shall report the goods if title therein had then been acquired, and if not, his contract right or
other interest in the goods, (b) all persons (other than carriers for hire) who had received such
goods from a national for the national's account, or had forwarded such goods to or for the
account of a national, or to whom such goods had been consigned for a national shall report
such goods or interest therein, (c) common carriers and other carriers for hire having temporary
custody of the goods solely for transportation and actually engaged on June 1, 1940, and June
14, 1941, respectively, in transporting the same, need make no report of such goods. Goods
held by a carrier in a warehouse, or otherwise stored under its control, must be reported by the
carrier.
Producers and sellers of goods who are not themselves nationals need not report unfilled
orders received from or given to a national, but they must report long-term merchandise contracts with nationals. Such orders, as well as such contracts, must be reported by nationals
themselves.
7. Part C—Schedule II.—This Schedule requires a statement of the indebtedness of the
national payable to persons in the United States, within each indebtedness type as classified and
described in the Schedule. State under each type number only the total amount of indebtedness
of each type being reported. Nationals reporting for themselves should enter all their indebtedness of each type. Persons reporting concerning nationals should enter only the indebtedness
owed by the national to them.
All values should be given in dollars. Do not enter fractions of a
dollar. Indebtedness payable in a foreign currency should be converted into dollars in accordance with the instructions relating to exchange rates given in Section XIII of this Circular.
Note that a person whose sole relation to a national is that the national owes him an unsecured
debt need not file any report whatever on Form TFR-300.
8. Tart C—Schedule III.—List in this Schedule, in the order in which the property types are
given in Schedule I of this part, each item of property of the value of $1,000 or more either on
June 1, 1940, or on June 14, 1941, or both, concerning which report is being made. Property
items included in Class F, i. e.t patents, trade-marks, copyrights, and franchises, and in Class H,
i. e.f partnership and profit-sharing agreements, shall be listed even though valued at less than
81,000. However, no reference whatever should be made to any invention with respect to which
a secrecy order has been issued by the Commissioner of Patents pursuant to the Act of October
6, 1917 (40 Stat. 394), as amended. Also list all items of property the value of which is not
readily determinable A property item is any unit of property commonly bought, sold, assigned,
released, or alienated, except that the total of essentially similar units of the same kind is regarded
as one item, such as a number of certificates each for shares of stock of the same issue, or a
number of separate bonds of the same issue, or several head of cattle. The total number of
certificates or instruments, if available, shall be stated with regard to financial securities and
appropriate designation shall be made of other units of property, but in other respects the property may, when practicable, be treated entirely as one item. Several bank accounts with the
11
same institution, or several debts payable by the same debtor shall be itemized separately in this
Schedule if the aggregate amount thereof exceeds SI,000 even though each individual item is
less than $1,000. Inventories of non-identical items commonly making up one group, such as
household furniture and furnishings, shall not be reported as one item. Except as provided in
this paragraph, property items of a lesser value than $1,000 should not be listed specifically in
this Schedule, although the value of each must be included in determining the total value of
property of each type in Schedule I.
Enter in Column (a) the number of the property type in which the item is included. Enter
in Column (b) a short description or identification of the property item. In case of property,
such as a patent, commonly referred to by number or other similar designation, state briefly the
object or nature of the property in addition to the number or other designation. With regard to
property other than debts and claims, enter in Column (c) the name and address of the person
with whom the property was deposited or by whom it was held, and give the number or other
designation of any safe deposit box or similar receptacle in which the property was kept. With
regard to debts to and claims by the national, state the name and address of the debtor. If the
property is held by or owed by the person reporting, it will suffice to state "Person reporting"
in place of the name and address. Enter in Columns (d) and (e) the value of each property
item on June 14, 1941, and June 1, 1940, as determined in accordance with the instructions for
valuation given above for Schedule I.
Additional sheets identical in form with Schedule III are provided for the use of persons
reporting who find the space in Schedule III insufficient.
9. Part D.—All the information called for in the questions under this part must be given
as of both June 1, 1940, and June 14, 1941, for each of the property items listed in Part C,
Schedule III. If a property item was held on only one date, give the information as of that
date. In the answers each item of property shall be designated by the number of its type and
by its description in Part C, Schedule III.
10. Affidavit —
(a) Necessity and manner of execution.—The report will not be accepted unless it is properly
signed and sworn (affirmed) to before an officer authorized to administer oaths, whose seal
must be affixed. The affidavit need be attested only on the original of the report, but the
affidavits on copies must be fully conformed, except as to the notarial seal.
(6) Who shall execute.-—Affidavits in behalf of partnerships shall be executed by a partner.
Affidavits in behalf of any organization shall be executed by the president, vice president, secretary, or some other principal officer authorized to make the report on behalf of the organization.
SECTION V—INSTRUCTIONS FOR SERIES B
1. Reading instructions.—Read these instructions in full before beginning to prepare Series B.
If you have not also read carefully Sections I, II, and III of this Circular, do so before reading
these instructions. File all reports in quadruplicate.
2. Scope of Series B.—This Series is to be used:
(a) By all nationals to report for themselves, except individuals not engaged in business,
and
(b) By other persons to report property interests of such nationals or of foreign countries
except as to property which the person reporting is required to report on one or more of Series
C through Series H.
A person employed by another or engaged in rendering service in a recognized profession is
deemed not to be "engaged in business", and therefore his property should be reported on
Series A. For the scope of all Series of Form TFR-300, see Instruction C in Part II of this
Circular.
Trustees and other representatives of estates and trusts (other than trustees of business
trusts in which the interests of beneficiaries were represented by financial securities) in which an
existing national, or nationals, as beneficiary had any interest, vested or contingent, obliged to
be reported, including interests in income, shall report the property of the trust on this Series
when the total national interests on either or both June 1, 1940, and June 14, 1941, had an
12
immediate value, determined in accordance with standard actuarial practice, of over $50,000,
or when the national interests exceeded ten percent of comparable interests in the trust, regardless of the value of the interests. If the trust is itself a national for any reason, report must be
made for the trust on Series B, irrespective of whether a national was a beneficiary. The report
for the trust should contain on a suitable attached sheet a brief but definite description of the
rights of all existing beneficiaries who were nationals. In any event a trustee shall report any
reportable interest of a beneficiary under a" trust on Series A or B, as appropriate, with a clear
reference to the report for the trust on Series B, when such a report is required. A description
of the rights of the beneficiary, similar to that required on reports for trusts, should in any case
be given on the report for the beneficiary. None of the assets of the trust should be entered on
the report for the beneficiary but the total amount of such assets should be given with the
description of the beneficiary's rights. If more than one national was a beneficiary, a separate
report must be made for each.
Similar principles should be applied with respect to partnerships in which a national is a
partner of any sort.
Trustees of business trusts in which the interests of beneficiaries are represented by financial
securities need report the property of the trust only when the trust is itself a national, but the
interests of beneficiaries of such a trust who are nationals shall in any event be reported on
Series C.
3. Answers required.—Each question must be answered and all of the specific information
called for must be given. When there is nothing to report under any question or if information
is lacking, state "no," "none," or "unknown," as the case may be, with an explanation if required, except that in Part C spaces not needed for reporting should be left blank. No person
is excused from furnishing information he reasonably should have. All information required
must be given in the manner prescribed by the Series and by this Circular, and so far as possible,
in the spaces provided on the Series. The filing of a balance sheet or similar statement may
not be substituted for a report on the Scries itself.
4. Nationality of person concerning whose property report is being made.—Enter in this space
the name of each country of which the person whose property is being reported is a national, as
defined in Section 5E of Executive Order No. 8389, as amended. Reports for estates and trusts,
other than business trusts in which the interests of the beneficiaries were represented by financial
securities, shall state the country or countries of which the trust itself is a national, if it is a
national, and shall then state the country or countries of which each beneficiary of the trust is
a national. (See Instruction 2.)
5. Part A.—In addition to the other information required, state the business of the national
and the country, state, district, territory, or possession under the laws of which it is incorporated,
or if unincorporated, in which it has its principal place of business. If the national is an individual doing business under a trade name, give that name in addition to the actual name of tho
national.
6. PartB —
(a) General.—If this report is being made by the national for itself, this Part need not be
filled out further than to insert the name of the national on the line provided for the name of
the person reporting. If the national is a partnership, corporation, or other entity, the report
will be deemed to have been made by the notional for itself when it is executed in accordance
with Instruction 11 (6).
(b) Name.—If the person reporting is an individual doing business under a trade name,
give both the actual name and the trade name.
(c) Nationality.—If the person reporting is a national as defined in Section 5E of Executive Order No. 8389, as amended, state the name of each country of which it is a national.
7. Part C—Schedule I.—This Schedule requires the valuation of all the property of the national within each property type contained in the classification set out in Part III of this Circular,
which must be followed strictly, but property not falling under any of the other types of the
classification must be reported under type 30. No property shall be reported under type 30,
Class J, if it constitutes property reportable as any other type in any other class.
13
Enter in Column (a) the total value of the items of each type of property held on June 14,
1941, at the market price at the opening of business on June 14,1941, or if such price is not available, at the estimated value on that date. In estimating value, the last sale price or bid, if
reasonably close to June 14, 1941, may be used as a basis. Property, the value of which was
expressed in a foreign currency, or which was to be paid or liquidated in a foreign currency, shall
be valued at the dollar value if dollar market value existed therefor; if not, the foreign currency
value thereof shall be converted into dollars, in accordance with the instructions relating to
exchange rates given in Section XIII of this Circular. Enter in Column (b) the total value of
the items of each type of property reported as being held on June 1, 1940. The June 14, 1941,
unit value shall be used in both Column (a) and Column (&)• In other words, if the same number
of units of a particular kind of property was held on both June 14, 1941, and June 1, 1940, enter
the same amount in Column (b) as in Column (a). If the number of units of a kind of property
held on June 1, 1940, was different from the number held on June 14, 1941, likewise use the same
per unit value in Column (b) as is used in Column (a). In any case where property was held only
on June 1, 1940, none of it being held on June 14, 1941, the value should be reported on the basis
of the value on June 14, 1941, unless such value is not determinable, in which event the value of
such property on June 1, 1940, should be entered in Column (b). In the latter event an appropriate notation should be made that the June 1, 1940, value was used.
All values should be given in dollars. Do not enter jractions of a dollar.
If, however, in the regular course of its business, the national prepared inventories of merchandise, and machinery and equipment, or either, between December 31, 1940, and July 1, 1941,
and between December 31, 1939, and July 1, 1940, or during either of the foregoing periods,
and if the information required to be furnished in Part C, Schedule I, is not available from other
existing records of the national, such prepared inventories and the values indicated thereon
may be used in Part C, Schedule I, with appropriate notation of such use.
In respect to goods delivered to a common carrier or other carrier for hire, on or prior to
June 1, 1940, or June 14, 1941, and in transit on either day, (a) a national reporting for itself
shall report the goods if title therein had then been acquired, and if not, its contract right or
other interest in the goods, (b) all persons (other than carriers for hire) who had received such
goods from a national for the national's account, or had forwarded such goods to or for the
account of a national, or to whom such goods had been consigned for a national shall report such
goods or interest therein, (c) common carriers and other carriers for hire having temporary
custody of the goods solely for transportation and actually engaged on June 1, 1940, and June
14, 1941, respectively, in transporting the same, need make no report of such goods. Goods
held by a carrier in a warehouse, or otherwise stored under its control, must be reported by the
carrier.
Producers and sellers of goods who are not themselves nationals need not report unfilled
orders received from or given to a national, but they must report long-term merchandise contracts
with nationals. Such orders, as well as such contracts, must be reported by nationals themselves,
8. Part C—Schedule II.—This Schedule requires a statement of the indebtedness of the national payable to persons in the United States, within each indebtedness type as classified and
described in the Schedule. State under each type number only the total amount of indebtedness
of each type being reported. Nationals reporting for themselves should enter all their indebtedness of each type. Persons reporting concerning nationals should enter only the indebtedness
owed by the national to them. All values should be given in dollars. Do not enter Jractions oj
dollar. Indebtedness payable in a foreign currency should be converted into dollars in accordance with the instructions relating to exchange rates given in Section XTTI of this Circular.
Note that a person whose sole relation to a national is that the national owes him an unsecured
debt need not file any report whatever on Form TFR-300.
A national reporting for itself must file a financial statement (consisting, wherever possible,
of balance sheet, profit-and-loss statement, and surplus reconciliations) for each of its fiscal years
ending nearest to June 14, 1941, and June 1, 1940, respectively, if such statements have been
prepared by or for the national in the course of its business. A person reporting concerning a
401092°—41
3
14
national shall file financial statements of the national if such statements have been received.
The filing of such statements may not be substituted for a report on the Series itself but is merely
in addition thereto. (Compare Instruction 3.)
9. Part C—Schedule III.—List in this Schedule, in the order in which the property types
are given in Schedule I of this Part, each item of property of the value of $1,000 or more either
on June 1, 1940, or on June 14, 1941, or both, concerning which report is being made. Property
items included in Class F, i. e.f patents, trade-marks, copyrights, and franchises, and in Class H,
i. e., partnership and profit-sharing agreements, shall be listed even though valued at less than
$1,000. However, no reference whatever should be made to any invention with respect to
which a secrecy order has been issued by the Commissioner of Patents pursuant to the Act of
October 6, 1917 (40 Stat. 394), as amended. Also list all items of property, the value of which is
not readily determinable. A property item is any unit of property commonly bought, sold,
assigned, released, or alienated, except that the total of wholly similar units of the same kind is
regarded as one item, such as a number of certificates each for shares of stock of the same issue,
or a number of separate bonds of the same issue, or several head of cattle. The total number of
certificates or instruments, if available, shall be stated with regard to financial securities and
appropriate designation shall be made for other units of property, but in other respects the
property may be treated entirely as one item. Several bank accounts with the same institution,
or several debts payable by the same debtor, shall be itemized separately in this Schedule if
the aggregate amount thereof exceeds $1,000, even though each individual item is less than
$1,000. Inventories of non-identical items commonly making up one group should not be reported as one item. Except as provided in this paragraph, property items of a lesser value than
$1,000 should not be listed specifically in this Schedule, although the value of each must be
included in the total value of property of each type in Schedule I.
Enter in Column (a) the number of the property type in which the item is included. Enter
in Column (b) a short description or identification of the property item. In case of property,
such as a patent, commonly referred to by number or other similar designation, state briefly
tho object or nature of the property in addition to the number or other designation. With regard
to property other than debts and claims, enter in Column (c) the name and address of the person
with whom the property was deposited or by whom it was held, and give the number or other
designation of any safe deposit box or similar receptacle in which the property was kept. With
regard to debts to and claims by the national, state the name and address of the debtor. If the
property is held by or owed by the person reporting, it will suffice to state "Person reporting"
in place of the name and address. Enter in Columns (d) and (e) the value of each property item
on June 14, 1941, and June 1, 1940, as determined in accordance with the instructions for valuation given above for Schedule I.
Additional sheets identical in form with Schedule III are provided for the use of persons
reporting who find the space in Schedule III insufficient.
10. Part D.—All the information called for in the questions under this part must be given as
of both June 1, 1940, and June 14, 1941, for each of the property items listed in Part C, Schedule
III. If a property item was held on only one date, give the information as of that date.
In the answers each item of property shall be designated by the number of its type and by its
description in Part C, Schedule III.
11. PartE —
(a) Trustees.—Trustees and other representatives of trusts and estates should answer the
questions in this Part only with respect to the trusts or estates and not with respect to the
trustees or representatives themselves in their individual capacities. Questions 8 through 16
need be answered only by those trustees who have employed trust assets in a business or in control of a business.
(b) Question 11.—For the purposes of this report, an "affiliate" of a specified person is a
person that directly, or indirectly through one or more intermediaries, controls, or is under
common control with, a person specified. A "subsidiary" of a specified person is a person
controlled by such person directly, or indirectly through one or more intermediaries.
15
12. Affidavit—
(a) Necessity and manner of execution.—The report will not be accepted unless it is properly
signed and sworn (affirmed) to before an officer authorized to administer oaths, whose seal must
be affixed. The affidavit need be attested only on the original of the report, but the affidavits
on copies must be fully conformed except as to the notarial seal.
(6) Who shall execute.—Affidavits in behalf of partnerships shall be executed by a partner.
Affidavits in behalf of any organization shall be executed by the president, vice president, secretary, or some other principal officer authorized to make the report on behalf of the organization.
SECTION VI—INSTRUCTIONS FOR SERIES C
General.
1. Reading instructions.—Kead these instructions in full before beginning to prepare Series
C. If you have not also read carefully Sections I, II, and III of this Circular, do so before
reading these instructions. File all reports in quadruplicate.
2. Scope of Series O.—
(a) Subdivision of Series.—This Series is to be used by organizations, including partnerships, trusts, associations, and corporations, organized or existing under the laws of the United
States or any State, territory, or district of the United States, or having their principal place of
business in the United States, only to report financial securities issued by them in which a
national had an interest on either or both June 1, 1940, and June 14, 1941. Securities outstanding on one date but not on the other must be reported. The Series is divided into two
parts: Series CM is to be used to report information concerning each issue of securities in general;
Series C-2 is to be used to report the interests of particular nationals in securities of an issue
described in Series C-l. A separate set of reports in quadruplicate on Series C-l and Series
C-2 must be rendered for each issue of securities. For the scope of all Series of Form TFR-300,
see Instruction C under Section II of this Circular.
(6) Property to be reported.—Keport on this Series financial securities as defined in Class B
of Section III of this Circular and unpaid interest and dividends on such securities. Bearer
securities must be reported when the organization reporting has any reason to believe that a
national had an interest in them, as through a mailing address for dividends or for remittance of
interest. This Series is not to bo used to report the interest of partners under the partnership
contract, or obligations of other business enterprises which do not constitute financial securities.
Instructions for Series C-L
3. Part A.—In the space provided under Part A, the organization reporting should state
(a) its name;, (b) its address; (c) its business; (d) the state or country of which it is a citizen
or under the laws of which it is incorporated, or if unincorporated, in which it has its principal
place of business; and (e) if the organization reporting is a national, as defined in Section 5E
of Executive Order No. 8389, as amended, the name of each country of which it is a national.
The information may be given by any method producing a readily legible impression, including
a rubber stamp.
4. Part B—Question 2.—In answering this question, state:
(a) In the case of stock, the full designation of the class of stock, and, if not included therein,
the rate of dividends, if fixed, and whether cumulative or noncumulative, and whether
convertible;
(6) In the case of funded debtt the full designation of the issue, and, if not included therein,
the rate of interest and the date of maturity, and if the debt matures serially, a brief
indication should be given of the serial maturities, for example, "maturing serially
from 1936 to 1941"; and
(c) In the case of any other security, an analogous designation,
5. Part B—Question 5.—For the purposes of this report, an "affiliate1* of a specified person
is a person that directly, or indirectly through one or more intermediaries, controls, or is under
common control with, a person specified. A "subsidiary" of a specified person is a person
controlled by such person directly, or indirectly through one or more intermediaries.
16
6. Part B—Question 7.—State the market price at the opening of business on June 14, 1941,
or if sucli price is not available, at the last sale price or bid, if reasonably close to June 14, 1941,
clearly indicating the date and the nature of the value used. If there is no market for the security,
state the estimated or book value and indicate which is being used. If the book value on June 14,
1941, cannot be readily ascertained from the records of the organization reporting, the value
shown in a statement, audit, or report made between December 31, 1940, and June 14, 1941, may
be used, but when no such statement, audit, or report is available the book or estimated value on
June 14, 1941, must be used. If the value used is based on such a statement, audit, or report, so
indicate and state the date thereof. The value should be given in dollars. Do not disregard
cents. Securities, the value of which was expressed in a foreign currency, or which were to be
paid or liquidated in a foreign currency, shall be valued at the dollar value if dollar market value
existed therefor; if not, the foreign currency value thereof shall be converted into dollars, in
accordance with the instructions relating to exchange rates given in Section XIII of this Circular.
7. Part C.—This Part requires a summary of the information furnished on Series C-2*
Duplication should be avoided, i. e., units of a security issue included on more than one report
on that Series (Compare Instruction D under Section II of this Circular) should be taken into
account only once under this question, except when nationals of different countries are interested
in the same units of a security issue. If a person interested m securities was a national of more
than one foreign country, report the securities only with respect to the country of which he
was a national because of citizenship, or when he had no nationality through citizenship, only
with respect to the countiy with which his relationships determinative of nationality were
most extensive.
Enter in Column (c) (1) the total value of items held on June 14, 1941, at the price or value
stated under question 7 in Part B. Enter in Column (c) (2) the total value of the items reported
as being held on June 1, 1940. The entries in Column (c) (2) should, however, represent values
of such items on the same basis as was used in Column (c) (1), that is, the price or value stated in
Question 7 should be applied to the items reported as being held on June 1, 1940. Thus, where
the same items are reported for both dates, enter the same amount in Column (c) (2) as in Column
(c) (1). Disregard fractions of a dollar in the totals, but not in the price or value used in computation.
8. Part C—Alternative data.—If desired, the organization reporting may give the security
holdings of nationals, but not the values of those holdings, as of the nearest date before June 1,
1940, on which a record was established of the holders of securities of the issue, provided, however, that such date shall not be prior to December 31, 1939. In such case, state the date in
the space provided under Part C.
9. Affidavit—
(a) Series covered.—The affidavit provided on Series C-l covers Series C-2 as well. Only
one affidavit need be executed by any reporting organization for each issue of securities regardless of the number of persons with respect to whose interests in securities of that issue reports
are being made on Series C-2. The affidavit need be attested only on the original of the report,
but the affidavits on the copies must be fully conformed, except as to the notarial seal The
reports submitted on Series C-2 shall be numbered consecutively and the numbers shall bo
stated in the affidavit.
(b) Necessity and manner oj execution.—The report will not be accepted unless it is properly
signed and sworn (affiimed) to before an officer authorized to administer oaths, whose seal must
be affixed.
(c) Who shall execute.—Affidavits in behalf of partnerships shall be executed by a partner*
Affidavits in behalf of other organizations shall be executed by the president, vice president, secretary, or some other principal officer authorized to make the report on behalf of the organization.
Instructions for Series C-2.
10. Nationality of person concerning whose security interests report is being made.—Enter in
this space the name of each country of which the person whose security interests are being reported is a national, as defined in Section 5E of Executive Order No. 8389, as amended.
17
11. Part B.—In the space provided under this part, enter precisely the same information
given under Part A of Series C-l in compliance with Instruction 3.
12. Part C.—Enter without any change whatever the information given under questions
1,2, and 7 of Part B of Series C-l, viz., (a) type of security, (b) full title of the issue, (c) market
price or estimated value as of June 14, 1941.
13. Part D.—
(a) Column (a).—Enter in this Column the exact name or names in which the securities were
held, as appear on the records of the organization issuing securities except that no entry need be
made if the securities were held in exactly the same name as given in Part A. List separately
each different designation under which securities in which the national had an interest were
carried.
(6) Column (c).—Use without any change whatever the unit price or value stated under
question 7 of Part B of Series C-l. The principles given in the second paragraph of Instruction
7 are applicable to this Column.
(c) Column (d).—In case stock or a similar security is reported, enter in this Column any
amount due and owing to the national by reason of any dividend declared to stockholders of
record on or prior to either June 1, 1940 (or alternative date), or June 14, 1941. Do not include
a dividend for which a check had been mailed in the regular course of business, unless the check
had been returned undelivered, in which event the dividend must be included. In case funded
debt or a similar obligation is reported, enter the amount of interest due and payable unless the
security was in default.
14. Part D—Alternative data,—Instruction 8 is applicable to this portion of the Series.
15. Part E.—All the information called for in the questions under this Part must be given
as of both June 1, 1940, and June 14, 1941, for each of the items listed in Part D. If a property
item was held on only one date, give the information as of that date. When the reporting
organization has no knowledge regarding the matters required under any heading, it must so
indicate clearly, but no person reporting is excused from furnishing required information it
reasonably should have. In the answers, each security or certificate shall be designated by its
line number in Part D and by the name in which it was held.
SECTION VII—INSTRUCTIONS FOR SERIES D
1. Reading instructions.—Read these instructions in full before beginning to prepare Series D.
If you have not also read carefully Sections I and II of this Circular, do so before reading these
instructions. File all reports in quadruplicate.
2. Scope of Series D.—This Series is to be used by banks and safe deposit companies, only to
report safe deposit boxes. In any case where a bank or safe deposit company has access to
and knowledge of the contents of any such box, other appropriate Series shall be used for reporting
property contained therein. For the scope of all Series of Form TFR-300, see Instruction C
under Part II of this Circular.
3. Definitions.—For purposes of this Series, the term—
(a) "bank" shall mean any branch or office within the United States of any national banking
association, bank, private banker, trust company, or savings bank, organized under
the banking laws of the United States, or of any state, territory, district, or possession
thereof, or authorized under such laws to conduct the business of banking subject to
supervision and examination pursuant to such laws;
(6) "safe deposit company" shall mean any branch or office within the United States of any
individual, partnership, corporation, association, or other business entity, authorized,
under the laws of the United States or of any state, territory, district or possession
thereof, to engage in a regular business of leasing or licensing safe deposit boxes;
and the term shall not include stock brokers, dealers in precious metals and jewels, or
any other persons engaged in buying or selling property as agents or otherwise, who
may afford safe keeping facilities to their principals or customers, nor shall it include
hotels or innkeepers affording safe keeping facilities; and
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(c) "safe deposit box" shall include vaults and any other receptacles for the safe keeping of
property customarily employed by safe deposit companies, but shall not include warehouses or storehouses.
4. Nationality of person concerning whose property report is being made.—-Enter in this space
the name of each country of which the person whose property is being reported is a national, as
defined in Section 5E of Executive Order No. 8389, as amended.
5. Part B.—In the space provided under Part B, the person reporting should state (a) its
name; (b) its address; (c) its business; (d) the state or country of which it is a citizen or under
the laws of which it is incorporated, or if unincorporated, in which it has its principal place of
business; and (e) if the person reporting is a national as defined in Section 5E of Executive Order
No. 8389, as amended, the name of each country of which it is a national. The information may
be given by any method producing a readily legible impression, including a rubber stamp.
6. Part C.—In listing safe deposit boxes in which a person other than the one with respect
to whose property report is being made has an interest, the person reporting should not lose sight
of the requirement that a separate report must be made for each national having any interest
in any particular property. (Instruction D, Section II of this circular.) If the national for
whom report is being made had an interest only in a safe deposit box or boxes reportable solely
in one subdivision of this Part, write "none" or "unknown", as may be appropriate, in the other
subdivision.
7. Part D.—All the information called for in the questions under this Part must be given as
of both June 1, 1940, and June 14, 1941, for each of the safe deposit boxes listed in Part C. If a
box is listed as of only one date, give the information as of that date. When the person reporting has no knowledge regarding the matters required under any heading, it must so indicate clearly, but no person reporting is excused from furnishing required information it reasonably
should have. In the answers, each safe deposit box shall be designated by the number of its
subdivision and its line number in Part C and by the name in which it was carried if the name
differs from that of the national of whose property report is being made.
8. Part E.—If the answer to any of the questions in this part is unknown or is negative, so
state, but no person reporting is excused from furnishing required information it reasonably
should have.
9. Affidavit.—
(a) Number of affidavits.—Only one affidavit, on the form supplied with this Series, need
be executed by any person reporting, regardless of the number of persons concerning whose
property reports are being made. The affidavit need be attested only with respect to the
original set of reports, but the affidavit with respect to each set of copies must be fully conformed, except as to the notarial seal. The reports submitted shall be numbered consecutively
and the numbers shall be stated in the affidavit.
(6) Necessity and manner of execution.—The report will not be accepted unless it is properly
signed and sworn (affirmed) to before an officer authorized to administer oaths, whose seal must
be affixed.
(c) Who shall execute.—Affidavits in behalf of partnerships shall be executed by a partner.
Affidavits in behalf of an organization shall be executed by the president, vice president, secretary,
or some other principal officer authorized to make the report on behalf of the organization.
SECTION VIII—INSTRUCTIONS FOR SERIES E
1. Reading instructions.—Read these instructions in full before beginning to prepare Series
E. If you have not also read carefully Sections I, II, and III of this Circular, do so before reading
these instructions. File all reports in quadruplicate.
2. Scope of Scries E.—This Series is to be used by banks only to report deposit accounts,
collection items, cashier's and certified checks, bank acceptances, and letters of credit. For the
scopo of all Series of Form TFR-300, see instruction C under Section II of this Circular.
3. Definition.—For the purposes of this Series, the term "bank" shall mean any branch or
office within the United States of any national banking association, bank, private banker, trust
19
company, or savings bank, organized under the banking laws of the United States, or of anystate, territory, district, or possession thereof, or authorized under such laws to conduct the
business of banking subject to supervision and examination pursuant to such laws.
4. Nationality of person concerning whose property report is being made.—Enter in this space
the name of each country of which the person whose property is being reported is a national,
as defined in Section 5E of Executive Order No. 8389, as amended. Compare the second paragraph of Instruction 13 following, with regard to separation of reports for different nationals
having an interest in the same property.
5. Part B.—In the space provided under Part B, the person reporting should state (a) its
name; (b) its address; (c) its business; (d) the state or country of which it is a citizen or under the
laws of which it is incorporated or, if unincorporated, in which it has its principal place of business; and (e) if the person reporting is a national as defined in Section 5E of Executive Order
No. 8389, as amended, the name of each country of which it is a national. The information
may be given by any method producing a readily legible impression, including a rubber stamp.
6. Part C—Schedule I.—-This Schedule requires statement of the amount of the property of
the national in each property type being reported. Types 1, 2, 4, 5, and 6 are classified in accordance with property typos in Section III of this Circular, which must be followed strictly.
The numbers in parentheses after the property types in this Part correspond to the type numbers
in Section III of the Circular. Type 3 does not correspond to any one type in Section III, but
includes any kind of property whatever received for collection by the reporting bank. All values
should be given in dollars. Do not enter fractions of a dollar. Property, the value of which was
expressed in a foreign currency, shall be converted into dollars in accordance with the instructions
relating to exchange rates given in Section XIII of this Circular. The following detailed instructions should be observed:
(a) Propeity types 1 and 2—Deposits.—Under these types give the total balance of the
credit accounts of the national. The amount of items received for collection for the account of
the national and credited to his account, whether provisionally or finally, should be included
under these types. Include also sight or cash items in process of collection for deposit, but the
amount of any other kinds of items received for collection and not credited should be reported
under type 3.
(b) Property type 3—Collection items.—Under this type give the total amounts of any items
of property whatever, other than sight or cash items in process of collection for deposit, deposited
by the national for credit to his account and not credited on either or both June 1, 1940, and June
14, 1941, and any items of property received for collection and remittance to the national or to
his order for which remittance had not been made on either or both June 1, 1940, and June 14,
1941. The bank within the United States initially receiving an item for collection must report
the item; its sub-agents need not report. If the information as of June 1, 1940, is not readily
available, it may be omitted, with appropriate indication of the fact under the Column for
that date.
(c) Property type 4—Cashier's and certified checks.—Under this type give the total amount
of all cashier's, or other official bank checks, and all certified checks, both as hereinafter described,
which were outstanding on cither or both June 1, 1940, and June 14, 1941. Include cashier's or
other official bank checks of the reporting bank purchased by the national and, when appropriate
records are available, such checks issued to his order. As to certified checks, include checks on
the national's account, and, when appropriate records are available, checks payable to the order
of the national from an account with the reporting bank, certified by the reporting bank. If
any of the information called for as of June 1, 1940, is not readily available, it may be omitted
with appropriate indication of the fact under the Column for that date.
(d) Property type 5—Bank acceptances.—Under this type give the total amount of all drafts
accepted by the reporting bank drawn by or payable to the national which were outstanding as
of either or both June 1, 1940, and June 14, 1941. Include drafts drawn and accepted under or
pursuant to the terms of any letter of credit. If the information called for as of June 1, 1940, is
not readily available, it may be omitted, with appropriate indication of the fact under the Column
for that date.
20
(e) Property type 6—Letters of credit.—Under this type give the total unexpended or unused
and then available amount of all letters of credit, whether or not prepaid, including travelers'
checks, outstanding on either or both June 1, 1940, and June 14, 1941, under which the national
had any rights, contingent or absolute, to receive any payments in any amount pursuant to the
terms of the letter of credit or in reimbursement for any unused portion thereof. In determining
the unexpended or unused available amount of a letter of credit deduct from the face amount
thereof or from the upper limit of credit, if greater than the face amount thereof, the amount of
any drafts drawn and accepted thereunder, whether or not paid. No deduction or other adjustment should be made for any cash or other collateral or for any contingent liability under the
letter of credit on the part of the person at whose request the credit was opened. Cash collateral
should be reported under deposits. Other collateral should be reported on Series F if it consists
solely of financial securities, but if not, on either Series A or B, as appropriate.
If the information called for as of June 1, 1940, is not readily available, it may be omitted,
with appropriate indication of the fact under the Column for that date.
7. Part C—Schedule II—(1) Demand deposits.—Itemize in this portion of the Schedule
the deposits totalled under property type 1 in Schedule I. (See instruction 6 (a).) If an account
was opened before January 1, 1935, enter in the appropriate space, "Prior to 1/1/35." Debit accounts should be listed under Question 5 in Part E.
8. Part C—Schedule II—(2) Time or savings deposits.—Itemize in this portion of the
Schedule the deposits totalled under property type 2 in Schedule I. (See instruction 6 (a).)
If an account was opened before January 1, 1935, enter in the appropriate space, "Prior to
1/1/35." Debit accounts should be listed under Question 5 in Part E.
9. Part C—Schedule II—(3) Collection items.—Itemize in this portion of the Schedule the
uncollected items totalled under property type 3 in Schedule I. (See instruction 6 (b).) In the
column "Description of item," give a description of each item sufficient to insure its ready
identification.
10. Part C—Schedule II—(4) Cashier's and certified checks.—Itemize in this portion of the
Schedule the checks totalled under property type 4 in Schedule I. (See instruction 6 (c).)
11. Part C—Schedule II—(5) Bank acceptances.—Itemize in this portion of the Schedule the
acceptances totalled under property type 5 in Schedule I. (See instruction 6 (d).) If an
accepted draft was drawn under a letter of credit, identify the letter of credit in the space provided for description of the acceptance.
12. Part C—Schedule II.—(6) Letters of credit.—Itemize in this portion of the Schedule the
letters of credit totalled under property type 6 in Schedule I. (See instruction 6 (e).) In the
column "Description of item," state (a) the type of the letter of credit, as for example whether
"confirmed" or "unconfirmed," revocable or irrevocable, or revolving (cumulative or noncumulative); (b) the terms of payment, as for example "at sight" or "acceptance, thirty, sixty, and
ninety days"; (c) the person who could draw under the letter of credit; (d) the person at whose
request the letter of credit was opened, (i. e. the settlor, purchaser, etc.); and (e) any other relevant terms or conditions of the letter of credit. The information should be given in the order
specified.
If the national concerning whom report is being made was liable to the reporting bank for
any drafts which thereafter might be drawn by the national and accepted under the unused
portion of the letter of credit, enter under the caption "Contingent liability of national under
letters of credit" the excess of the total "unused balance", as stated in this portion of the Schedule
over the total unused prepayment, if any, for the letter of credit. Liability of the national for
acceptances actually outstanding and for the unused portion of letters of credit not required to
be reported in this Schedule should be included under Question 4 in Part E.
13. Part D.—All the information called for ha the questions under this Part must be given
as of both June 1, 1940, and June 14, 1941, for each of the property items listed in Part C. If a
property item was held on only one date, give the information as of that date. Interests additional to those of the national which are clearly revealed in Part C need not be again described.
If the person reporting has no knowledge regarding the matters required under any heading,
it must so indicate clearly, but no person reporting is excused from furnishing required information it reasonably should have. In the answers; each property item shall be designated
21
by its type number and line number in Part C and by the name in which it was carried if the
name differs from that of the national.
In preparing this Part, the bank reporting should not lose sight of the requirement that
a separate report must be made for each national having any interest in any particular property (Instruction D, Section II, of this Circular). Such a report is additional to and does
not excuse the giving of the information called for in this Part. If the bank knows or has
reason to believe that any national other than the person in whose name a deposit account or
other property was carried had any interest in or claim to the account or other property, a
report must be filed for that national if his identity is known or can be ascertained in the immediate exercise of reasonable diligence, regardless of whether a report is required for the person
in whose name the account or property was carried.
14. Part E.—If the answer to any of the questions in this Part is unknown or is negative,
so state, but no person reporting is excused from furnishing required information it reasonably
should have. With respect to Question 4, see Instruction 12.
15. Affidavit—
(a) Number of affidavits.—Only one affidavit, on the form supplied with this Series, need
be executed by any person reporting, regardless of the number of persons concerning whose
property reports are being made. The affidavit need be attested only with respect to the original
set of reports, but the affidavit with respect to each set of copies must be fully conformed, except
as to the notarial seal. The reports submitted shall be numbered consecutively and the numbers
shall be stated in the affidavit.
(b) Necessity and manner of execution.—The report will not be accepted unless it is properly
signed and sworn (affirmed) to before an officer authorized to administer oaths, whose seal must
be affixed.
(c) Who shall execute.—Affidavits in behalf of partnerships shall be executed by a partner.
Affidavits in behalf of an organization shall be executed by the president, vice president, secretary, or some other principal officer authorized to make the report on behalf of the organization.
SECTION IX—INSTRUCTIONS FOR SERIES F
1. Reading Instructions.—Read these instructions in full before beginning to prepare Series
F. If you have not also read carefully Sections I, II, and III of this Circular, do so before reading
these instructions. File all reports in quadruplicate.
2. Scope of Series F.—This Series is to be used by banks, only to report financial securities,
as defined in Section III of this Circular, in their custody or held by them as collateral. For
the scope of all Series of Form TFR-300, see instruction C under Section II of this Circular.
Reports by a bank as trustee or other representative of a trust or estate shall in no case be
made on this Series. (See Instruction 2 of Section V of this Circular.)
3. Definitions.—For the purposes of this Series, the term—
(a) "Bank" shall mean any branch or office within the United States of any national
banking association, bank, private banker, trust company, or savings bank, organized under the
banking laws of the United States, or of any state, territory, district, or possession thereof, or
authorized under such laws to conduct the business of banking subject to supervision and examination pursuant to such laws.
(6) "Custody" shall include customer's securities accounts, security depot or deposit
accounts, safe-keeping accounts, safe deposit boxes to which the bank has access and the contents of which are known to the bank, and any other form of custody in which a bank holds
securities as agent, either alone or jointly with others.
4. Nationality of person concerning whose property report is being made.—Enter in this space
the name of each country of which the person whose property is being reported is a national, as
defined in Section 5E of Executive Order No. 8389, as amended. Compare the second paragraph of Instruction 8 following, with regard to separation of reports for different nationals
having an interest in the same property.
5. Part B.—In the space provided tinder Part B, the person reporting should state (a) its
name; (b) its address; (c) its business; (d) the state or country of which it is a citizen or under
22
the laws of which it is incorporated, or if unincorporated, in which it has its principal place of
business; and (e) if the person reporting is a national as defined in Section 5E of Executive
Order No. 8389, as amended, the name of each country of which it is a national. The information may be given by any method producing a readily legible impression, including a rubber
stamp.
6. Paii C.—Schedule /.—This Schedule requires the valuation of the property in each type
being reported, as classified in Classes A and B of Section III of this Circular, which must be
followed strictly. The numbers in parentheses after the property types in Schedule I correspond
to the type numbers in Classes A and B of Section III.
Enter in Column (a) the total value of the items of each type of property held on June 14,
J941, at the market price at the opening of business on June 14, 1941, or if such price is not
available, at the estimated value on that date. In estimating value, the last sale price or bid, if
reasonabry close to June 14, 1941, may be used as a basis. Property, the value of which was
expressed in a foreign currency, or which was to be paid or liquidated in a foreign currency, shall
be valued at the dollar value if dollar market value existed therefor; if not, the foreign currency
value thereof shall be converted into dollars, in accordance with the instructions relating to
exchange rates given in Section XIII of this Circular. Enter in Column (b) the total value of
the items of each type of property reported as being held on June 1, 1940. The June 1/+, 1941,
unit value shall be used in both Column (a) and Column (6). In other words, if the same number
of units of a particular kind of property was held on both June 14, 1941, and June 1, 1940, enter
the same amount in Column (b) as in Column (a). If the number of units of a kind of property
held on June 1, 1940, was different from the number held on June 14, 1941, likewise use the same
per unit value in Column (b) as is used in Column (a). In any case where property was held
only on June 1, 1940, none of it being held on June 14, 1941, the value should be reported on
the basis of the value on June 14, 1941, unless such value is not determinable, in which event
the value of such property on June 1, 1940, should be entered in Column (b). In the latter
event an appropriate notation should be made that the June 1, 1940, value was used.
All values should be given in dollars. Do not enter fractions of a dollar.
If the securities held in a custody or collateral account on June 1, 1940, cannot be ascertained with reasonable facility from the records of the bank, the securities, but not the values
thereof, shown in the latest statement, audit, or reconcilement, if any, of the account made between
December 31, 1939, and June 1, 1940, may be used in the Schedule. If values given in Column (b) of the Schedule are based on a statement, audit, or reconcilement of a date other than
June 1, 1940, so indicate and state the date thereof in the space provided below the Schedule.
7. Part C—Schedule II.—List in this Schedule, in the order in which the property types
are given in Schedule I of this Part, each item of property of the value of $1,000 or more on
either June 1, 1940, or June 14, 1941, or both, concerning which this report is being made. Also
list all items of property the value of which is not readily determinable. A property item is
any unit of property commonly bought, sold, assigned, released, or alienated, except that the
total of essentially similar units of the same kind is regarded as one item, such as a number
of certificates each for shares of stock of the same issue, or a number of separate bonds of the
same issue. In such a case, the total number of certificates, etc., shall be stated if feasible, but
otherwise the property may be treated entirely as one item. Except as provided in this paragraph, property items of a lesser value than $1,000 shall not be listed specifically in this Schedule,
although the value of each must be included in determining the total value of property of each
type in Schedule I.
Enter in Column (a) the number of the property type in which the item is included. Enter
in Column (b) a short description or identification of the property item. Enter in Columns (c)
and (d) the value of each property item on June 14, 1941, and June 1, 1940, as determined in
accordance with the instructions for valuation given for Schedule I above. If property items
appearing in any statement, audit, or reconcilement relied on under Schedule I are listed in
Schedule II, appropriate indication must be made.
Additional sheets similar in form to Schedule II are provided for the use of persons reporting who find the space in Schedule II insufficient.
23
8. Part D.—All the information called for in the questions under this Part must be given as
of both June 1, 1940, and June 14, 1941, for all of the securities listed in Part C, Schedule II.
If a property item was held on only one date, give the information as of that date. When
the person reporting has no knowledge regarding the matters required under any heading, it
must so indicate clearly, but no person reporting is excused from furnishing required information it reasonably should have. In the answers, each security shall be designated by its type
number and description in Schedule II.
In preparing this Part, the bank reporting should not lose sight of the requirement that a
separate report must be made for each national having any interest in any particular property.
(Instruction D, Section II, of this Circular.) Such a report is additional to and does not excuse
the giving of the information called for in this Part. If the bank knows or has reason to believe
that any national other than the person in whose name a security account was maintained
had any interest in or claim to the securities in the account, a report must be filed for that
national if his identity is known or can be ascertained in the immediate exercise of reasonable
diligence, regardless of whether a report is required for the person in whose name the account
was held. When the interest or claim of such an additional national was clearly confined to some
particular portion of the securities contained in the account, a report is necessary only as to that
portion, but otherwise the report must include all securities in the account. If any securities held
by the bank as collateral were pledged under a hypothecation agreement executed by a national,
a report must be made of the securities for that national, and if the person primarily liable to
the bank is also a national, another report of the securities must be filed for him.
9. Part E.—If the answer to any of the questions in tin's part is unknown or is negative
so state, but no person reporting is excused from reporting what it reasonably should know.
10. Affidavit.—
(a) Number of affidavits.—Only one affidavit, on the form supplied with this Series, need be
executed by any person reporting, regardless of the number of persons concerning whose property reports are being made. The affidavit need be attested only with respect to the original
set of reports, but the affidavit with respect to each set of copies must be fully conformed, except
as to the notarial seal. The reports shall be numbered consecutively and the numbers shall be
stated in the affidavit.
(b) Necessity and manner oj execution.—The report will not be accepted unless it is properly
signed and sworn (affirmed) to before an officer authorized to administer oaths, whose seal must
be affixed.
(c) Who shall execute.—Affidavits in behalf of partnerships shall be executed by a partner.
Affidavits in behalf of any other organization shall be executed by the president, vice president,
secretary, or some other principal officer authorized to make the report on behalf of the
organization.
SECTION X—INSTRUCTIONS FOR SERIES G
1. Beading instructions.—Read these instructions in full before beginning to prepare Series
G. If you have not also read carefully Sections I, II, and III of this Circular, do so before
reading these instructions. File all reports in quadruplicate.
2. Scope oj Series G.—This series shall be used by brokers, only to report credit balances,
securities, and commodities, and securities and commodities contracts, held for customers, as
such property is defined in Section III of this Circular. For the scope ol all Series of Form
TFR-300, see Instruction C under Section II of this Circular.
3. Nationality of person concerning whose property report is being made.—Enter in this space
the name of each country of which the person whose property is being reported is a national, as
defined in Section 5E of Executive Order No. 8389, as amended.
4. Part B.—In the space provided under Part B, the person reporting should state: (a)
its name, (b) its address; (c) its business; (d) the state or country of which it is a citizen or
under the laws of which it is incorporated or, if unincorporated, in which it has its principal
place of business; and (e) if the person reporting is a n a t i o n a l s defined in Section 5E of Executive Order No. 8389, as amended, the name of each country of which it is a national. This
24
information may be given by any method producing a readily legible impression, including a
rubber stamp.
5. Part C.—Schedule 7.—Tins Schedule requires the valuation of the property of the national
in each property type being reported, as classified in Classes A, B, and D in Section III of this
Circular. The numbers in parentheses after the property types in Part C, Schedule I, correspond
to the type numbers in Section III.
Enter in Column (a) the total value of the items of each type of property held on June 14,
1941, at the market price at the opening of business on June 14, 1941, or if such price is not available, at the estimated value on that date. In estimating value, the last sale price or bid, if
reasonably close to June 14, 1941, may be used as a basis. Property, the value of which was
expressed in a foreign currency, or which was to be paid or liquidated in a foreign currency,
shall be valued at the dollar value if dollar market value existed therefor; if not, the foreign
currency value thereof shall be converted into dollars, in accordance with the instructions
relating to exchange rates given in Section XIII of this Circular. The value of contracts included in type 9, viz., puts and calls and similar contracts, in type 10, vis., unissued securities
contracts, and in type 12, vi2., options and futures in commodities, should represent the national's
equity in the contract, that is, it should be based upon the difference between the market price
of the property covered by the contract, on either date for which report is required, and the
delivery piice specified in the contract, without regard to any amounts actually paid for the
contract. Enter in Column (b) the total value of the items of each type of property reported as
being held on June 1, 1940.
The June 14, 1941, unit value shall be used in both Column (a) and
Column (6). In other words, if the same number of units of a particular kind of property was
held on both June 14, 1941, and June 1, 1940, enter the same amount in Column (b) as in Column
(a). If the number of units of a kind of property held on June 1, 1940, was different from the
number held on June 14, 1941, likewise use the same per-unit value in Column (b) as is used in
Column (a). In any case where property was held only on June 1, 1940, none of it being held
on June 14, 1941, the value should be reported on the basis of the values on June 14, 1941, unless
such value is not determinable, in which event the value of such property on June 1, 1940, should
be entered in Column (b). In the latter event an appropriate notation should be made that the
June 1, 1940, value was used.
All values should be given in dollars. Do not enter fractions of a dollar.
No deduction shall be made for debit balances or other offsets or claims by the broker
reporting, that is, if the national had two accounts with the broker, one of which showed a
credit balance and the other a debit balance, the full amount of the credit balance must be
entered. Debit balances should be entered in Schedule II of this Part.
If the securities or other property held for a customer on June 1,1940, cannot be ascertained
from the records of the broker, the securities, but not the values thereof, shown in the latest
statement, audit, or reconcilement, if any, of the account made between December 31, 1939,
and June 1, 1940, may be used in the Schedule. In case of inactive accounts, audited not
more often than once in six months, the statement, audit, or reconcilement nearest to June 1,
1940, made between December 31, 1939, and July 1, 1940, may be used. If values given in
Column (b) of the Schedule are based on a statement, audit, or reconcilement of a date other
than June 1, 1940, so indicate and state the date thereof in the space provided below the
Schedule.
6. Part C—Schedule II.—Enter in Column (a) the total amount of indebtedness in dollars
as of June 14,1941, and in Column (b) the total amount in dollars as of June 1,1940. Unrealized
losses on puts, calls, and similar contracts on which the national is obligated, as well as unrealized
losses on unissued securities, should be entered under Type 15 of this Schedule.
7. Part C—Schedule III.—JAst in this Schedule, in the order in which the property types
are given in Schedule I of this Part, each item of property of the value of $1,000 or more on
either June 1, 1940, or June 14, 1941, or both, concerning which this report is being made. Also
list all items of property, the value of which is not readily determinable. A property item is
any unit of property commonly bought, sold, assigned, released, or alienated, except that the
total of essentially similar units of the same kind is regarded as one item, such as a number of
certificates each for shares of stock of the same issue, or a number of separate bonds of the same
25
issue. In such a case, the total number of certificates, etc., shall be stated if feasible, but otherwise the property may be treated entirely as one item. Several credit balances payable to the
same customer shall be itemized separately in this Schedule if the aggregate amount thereof
exceeds $1,000, even though each individual balance is less than $1,000. Except as provided
in this paragraph, property items of a lesser value than $1,000 shall not be listed specifically
in this Schedule, although the value of each must be included in determining the total value
of property of each type in Schedules I and II.
Enter in Column (a) the number of the property type in which the item is included. Enter
in Column (b) a short description or identification of the property item. Enter in Columns
(c) and (d) the value of each property item on June 14, 1941, and June 1, 1940, as determined
in accordance with the instructions for valuation given for Schedule I above. If property items
appearing in any statement, audit, or reconcilement relied on under Schedule I are listed in
Schedule II, appropriate indication must be made.
Additional sheets similar in form to Schedule III are provided for the use of persons reporting who find the space in Schedule III insufficient.
8. Part C—Schedule IV.—Enter in this Schedule each item of indebtedness in excess of
$1,000 on either June 1, 1940, or June 14, 1941, or both, taken into account in Schedule II of
this Part. Indebtedness items of a lesser amount than $1,000 shall not be listed separately in
this schedule, although the value of each must be included in determining the totals of indebtedness types in Schedule II.
Enter in Column (a) the type of indebtedness in which the item is included. Enter in
Column (b) a short description or identification of the indebtedness item, including whether its
terms were time or demand. Enter in Columns (c) and (d) the amount of each indebtedness
item owed, as of June 14, 1941, and June 1, 1940.
All amounts should be given in dollars. Do not enter fractions of a dollar.
9. Part D.—All the information called for in the questions under this Part must be given
as of both June 1, 1940, and June 14, 1941, for each of the property items listed in Part C,
Schedule III. If a property item was held on only one date, give the information as of that
date. When the person reporting has no knowledge regarding any of the matters required under
any heading, it must so indicate clearly, but no person reporting is excused from furnishing
required information it reasonably should have. In the answers each item of property shall
be designated by its type number and description in Part C, Schedule III.
In preparing this Part, the broker reporting should not lose sight of the requirement that a
separate report must be made for each national having any interest in any particular property.
(Instruction D, Section II, of this Circular.) Such a report is additional to and does not excuse
the giving of the information called for in this Part. If the broker knows or has reason to believe
that any national other than the person in whose name a security account was maintained had
any interest in or claim to the securities in the account, a report must be filed for that national
if his identity is known or can be ascertained by the immediate exercise of reasonable diligence,
regardless of whether a report is required for the person in whose name the account was held.
When the interest or claim of such an additional national was clearly confined to some particular portion of the securities contained in the account, a report is necessary only as to that
portion, but otherwise the report must include all securities in the account. If any securities
held by the broker as collateral were pledged under a hypothecation agreement executed by a
national, a report must be made of the securities for that national, and if the person primarily
liable to the broker is also a national, another report of the securities must be filed for him.
10. Part E.—If the answer to any of the questions in this part is unknown, so state, but
no person reporting is excused from furnishing required information it reasonably should have.
11. Affidavit—
(a) Number of affidavits.—Only one affidavit, on the form supplied with this Series, need
be executed by any person reporting, regardless of the number of persons concerning whose
property reports are being made. The affidavit need be attested only with respect to the original
set of reports, but the affidavit with respect to each set of copies must be fully conformed, except
as to the notarial seal. The reports submitted shall be numbered consecutively and the number
shall be stated in the affidavit.
26
(b) Necessity and manner of execution,—The report will not be accepted unless it is properly
signed and sworn (affirmed) to before an officer authorized to administer oaths, whose seal must
be affixed.
(c) Who shall execute.—Affidavits in behalf of partnerships shall be executed by a partner.
Affidavits in behalf of any organization shall be executed by the president, vice president, secretary, or some other principal officer authorized to make the report on behalf of the organization.
SECTION XI—INSTRUCTIONS FOR SERIES H
1. Beading instructions.—Read these instructions in full before beginning to prepare Series HIf you have not also read carefully Sections I, II, and III of this Circular, do so before reading
these instructions. File all reports in quadruplicate.
2. Scope of Series H.—This Series is to be used by insurers, only to report insurance policies,
annuities, pensions, etc., and claims and indebtedness arising under insurance policies. For
the scope of all Series of Form TFR-300, see Instruction C of Section II of this Circular.
3. Definitions.—For the purpose of this Series, the term—
(a) "insurer" shall mean any person, licensed or otherwise authorized under the laws of
the United States, or of any state, territory, district, or possession thereof, to engage in the business of issuing policies of insurance, including, but not by way of limitation, individuals, partnerships, associations, corporations, stock companies, mutual companies, mutual benefit companies,
fraternal orders, and voluntary unincorporated associations of employees or other groups formed
for the purpose of relieving sick and aged members and dependents of deceased members, and
shall also mean employers authorized to act as self-insurers under workmen's compensation or
similar laws, and organizations providing pensions and the like for their own employees or those
of another person without the interposition of another insurer as defined above;
(6) "insurance policy" shall include when appropriate, but not by way of limitation, fidelity
and surety bonds, annuity and endowment contracts, and contracts of reinsurance;
(c) "ascertained value" shall mean the value at a given date to the beneficiary of a paid-up
or partly paid-up contract, such as an annuity contract, to make a payment or payments in the •
future, computed in accordance with standard actuarial practice.
4. Nationality of person concerning whose property report is being made.—Enter in this space
the name of each country of which the person whose property is being reported is a national, as
defined in Section 5E of Executive Order No. 8389, as amended.
5. Part B.—In the space provided under Part B, the person reporting should state (a) its
name; (b) its address; (c) its business; (d) the state or country of which it is a citizen or under
the laws of which it is incorporated or, if unincorporated, in which it has its principal place of
business; and (e) if the person reporting is a national as defined in Section 5E of Executive Order
No. 8389, as amended, the name of each country of which it is a national. The information
may be given by any method producing a readily legible impression, including a rubber stamp.
6. Part C.—This Part requires statement of the amount of the property of the national in
each property type being reported. The types are classified in accordance with the property
types in Section III of this Circular, which must be followed strictly. The numbers in parentheses after the property types in this Part correspond to the type numbers in Section III of the
Circular.
All values should be given in dollars. Do not enter fractions of a dollar.
7. Part D —
(a) Subdivision (1).—Enter in this subdivision insurance policies with a cash surrender or
paid-up value upon which the national had any right whatever to realize or draw. (Property
type 1 in Part C, above.) The interest in an unmatured policy of a beneficiary who has no right
to draw upon cash surrender or paid-up value prior to maturity should not be reported. Do
not include policies of insurance, such as fire insurance, having no immediate value other than
unearned or return premiums.
(6) Subdivision (2).—Enter in this subdivision annuity contracts, pensions, and other contracts and policies with an ascertained value as defined in Instruction 3, in which the national
had any interest. (Property type 2 in Part C, above.) Such contracts shall be entered in this
subdivision whether or not payment under them had begun on either June 1, 1940, or June 14,
1941.
27
Give the values without deduction for loans or advances under or against the policy.
Such loans or advances should be entered after Question 3 in Part E.
8. Part E.—All the information called for in the questions in this Part must be given as of
both June 1, 1940, and June 14, 1941, for all of the property listed in Part D. If a property item
was held on only one date, give the information as of that date. When the person reporting
has no knowledge regarding the matters required under any heading, it must so indicate clearly,
but no person reporting is excused from furnishing required information it reasonably should
have. In the answers each item of property shall be designated by its line number and by the
name of the insured set forth in Part D.
9. Part F.—Enter in this part claims and indebtedness arising under insurance policies,
whether or not admitted by the insurer, in which the national had any interest. (Property type
3 in Part C, above.) Include those resulting from an election by the insured to take cash
surrender value and the like, and those representing proceeds of a policy left with the insurer
and the like, as well as claims or indebtedness arising because of the occurrence of a contingency
covered by a policy. Do not include annuities in any way, except annuity installments actually
accrued but unpaid. State the amount of claims and indebtedness without deduction for loans
or offsets due or claimed to be due to the insurer. Such loans or offsets should be listed in
question 2 under Part G.
10. Part G.—All the information called for in the questions in this Part must be given as of
both June 2, 1940, and June 14, 1941, for all of the property listed in Part F. If a property item
was held on only one date, give the information as of that date. When the person reporting has
no knowledge regarding the matters required under any heading, it must so indicate clearly, but
no person reporting is excused from furnishing required information it reasonably should have.
In the answers each item of property shall be designated by its line number and by the name of
the insured set forth in Part F.
11. Affidavit—
(a) Number of Affidavits,—Only one affidavit, on the form supplied with this Series, need
be executed by any person reporting, regardless of the number of persons with respect to whose
property reports are being made. The affidavit need be attested only with respect to the original
set of reports, but the affidavit with respect to each set of copies must be fully conformed except
as to the notarial seal. The reports submitted shall be numbered consecutively and the numbers shall be stated in the affidavit.
(b) Necessity and manner of execution.—The report will not be accepted unless it is properly
signed and sworn (affirmed) to before an officer authorized to administer oaths, whose seal must
be affixed.
(c) Who shall execute.—Affidavits in behalf of partnerships shall be executed by a partner.
Affidavits in behalf of any organization shall be executed by the president, vice president,
secretary, or some other principal officer authorized to make the report on behalf of the organization.
SECTION XII—INSTRUCTIONS FOR SERIES I
1. Reading instructions.—Read these instructions in full before beginning to prepare Series I.
If you have not also read carefully Sections I, II, and III of this Circular, do so before reading
these instructions. File all reports in quadruplicate.
2. Scope of Series /.—This Series is to be used by any person, only to report property subject
to the jurisdiction of the United States on July 26, 1941, in which on said date China or Japan
or any national of either thereof had any interest. For the purpose of this Series, "national"
shall mean, except where inappropriate, a national of China or a national of Japan. A report
on this Series is required in addition to any report with respect to property of China, Japan,
and nationals of either thereof required to be filed on any of Series A through H. Series I is
to be used to report any property as of July 26, 1941, irrespective of the Series which the person
reporting may have been required to employ as of June 14, 1941. For the scope of all Series
of Form TFR-300, see Instruction C in Section III of this Circular.
Trustees and other representatives of estates and trusts (other than trustees of business
trusts in which the interests of beneficiaries were represented by financial securities) in which
28
an existing national, or nationals, as beneficiary had any interest, vested or contingent, obliged
to be reported, including interests in income, shall report the property of the trust on this Series
when the total national interests on July 26, 1941, had a value, determined in accordance with
standard actuarial practice, of over $50,000, or when the national interests exceeded ten percent
of comparable interests in the trust, regardless of the value of the interests. If the trust is
itseli a national for any reason, report must be made for the trust, irrespective of whether a
national was a beneficiary. The report for the trust should contain on a suitable attached sheet
a brief but definite description of the rights of all existing beneficiaries who were nationals. In
any event a trustee shall report any reportable interest of a beneficiary under a trust on a separate report on this Series, with a clear reference to the report for the trust, when such a report
is required. A description of the rights of the beneficiary, similar to that required on reports for
trusts, should in any case be given on the report for the beneficiary. None of the assets of
the trust should be entered on the report for the beneficiary but the total amount of such assets
should be given with the description of the beneficiary's rights. If more than one national was
a beneficiary, a separate report must be made for each.
Similar principles should be applied with respect to partnerships in which a national is a
partner of any sort.
Trustees of business trusts in which the interests of beneficiaries are represented by financial
securities need report the property of the trust only when the trust is itself a national, but the
interests of beneficiaries of such a trust who are nationals shall in any event be reported on
this Series.
3. Nationality of person concerning whose property report is being made.—Enter in this space
the name of each country whatever of which the person whose property is being reported is a
national, as defined in Section 5E of Executive Order No. 8389, as amended.
4. Part A,—In addition to the other information required, state the profession, occupation,
or business of the national and the country, state, district, territory, or possession under the
laws of which it is incorporated, or if unincorporated, in which it has its principal place of business. If the national is an individual doing business under a trade name, give that name in
addition to the actual name of the national.
5. PartB.—
(a) General.—If this report is being made by the national for itself, this Part need not be
filled out further than to insert the name of the national on the line provided for the name of
the person reporting. If the national is a partnership, corporation, or other entity, the report
will be deemed to have been made by the national for itself when it is executed in accordance
with Instruction 8 (b).
(6) Name.—If the person reporting is an individual doing business under a trade name,
give both the actual name and the trade name.
(c) Nationality.—If the person reporting is a national as defined in Section 5E of Executive
Order No. 8389, as amended, state the name of each country of which it is a national. Reports
for estates and trusts, other than business trusts in which the interests of the beneficiaries were
represented by financial securities, shall state the country or countries of which the trust itself
is a national, if it is a national, and shall then state the country or countries of which each beneficiary of the trust is a national. (See Instruction 2.)
(d) Relationship of person reporting.—Without limitation of the information required of other
persons reporting, organizations reporting holdings of financial securities issued by them shall
clearly indicate the fact in this space.
6. Part C—Schedule I.—This Schedule requires the valuation of the property of the national
within each property type contained in the classification set out in Section III of this Circular,
which must be followed strictly, but property not falling under any of the other types of the
classification must be reported under type 30. No property shall be reported under type 30,
class J, if it constitutes property reportable as any other type in any other class.
Enterin the column for property holdings the total value of the items of each type of property
held on July 26, 1941, at the market price at the opening of business on July 26, 1941, or, if such
price is not available, at the estimated value on that date. In estimating value, the last sale
29
price or bid, if reasonably close to July 26, 1941, may be used as a basis. AH values should be
given in dollars. Do not enter fractions of a dollar. Property, the value of which was expressed
in a foreign currency, or which was to be paid or liquidated in a foreign currency, shall be valued
at the dollar value if dollar market value existed therefor; if not, the foreign currency value
thereof shall be converted into dollars, in accordance with the instructions relating to exchange
rates given in Section XIII of this Circular.
In respect to goods delivered to a common carrier or other carrier for hire, on or prior to
July 26, 1941, and in transit on that day, (a) a national reporting for itself shall report the
goods if title therein had then been acquired, and if not, its contract right or other interest in
the goods, (b) all persons (other than carriers for hire) who had received such goods from a
national for the national's account or had forwarded such goods to or for the account of a national,
or to whom such goods had been consigned for a national, shall report such goods or interest
therein, (c) common carriers and other carriers for hire having temporary custody of the goods
solely for transportation and actually engaged on July 26, 1941, in transporting the same,
need make no report of such goods. Goods held by a carrier in a warehouse, or otherwise
stored under its control, must be reported by the carrier.
Producers and sellers of goods who are not themselves nationals need not report unfilled
orders received from or given to a national, but they must report long-term merchandise contracts with nationals. Such orders, as well as such contracts, must be reported by nationals
themselves.
7. Part C—Schedule II.—List in this Schedule, in the order in which the property types
are given in Schedule I of this Part, each item of property of the value of $1,000 or more on
July 26, 1941, concerning which report is being made.
Property items included in Class F, i. e.y patents, trade-marks, copyrights, and franchises,
and in Class H, i. e., partnership and profit-sharing agreements, shall be listed even though valued
at less than $1,000. However, no reference should be made to any invention with respect to
which a secrecy order has been issued by the Commissioner of Patents pursuant to the Act of
October 6, 1917 (40 Stat. 394), as amended. Also, list all items of property the value of which
is not readily determinable. A property item is any unit of property commonly bought, sold,
assigned, released, or alienated, except that the total of essentially similar units of the same
kind is regarded as one item, such as a number of certificates each for shares of stock of the
same issue, or a number of separate bonds of the same issue, or several head of cattle. The
total number of certificates or instruments shall be stated, if feasible, with regard to financial
securities, and appropriate designation shall be made for other units of property, but in other
respects the property may, when practicable, be treated entirely as one item. Several bank
accounts with the same institution, or several debts payable by the same debtor shall be itemized
separately in this Schedule if the aggregate amount thereof exceeds $1,000 even though each
individual item is less than $1,000. Inventories of non-identical items commonly making up
one group, such as household furniture and furnishings, shall not be reported as one item.
Except as provided in this paragraph, property items of a lesser value than $1,000 should not
be listed specifically in this Schedule, although the value of each must be included in determining
the total value of property of each type in Schedule I.
Enter in Column (a) the number of the property type in which the item is included. Enter
in Column (b) a short description or identification of the property item. In case of property, such
as a patent, commonly referred to by number or other similar designation, state briefly the object
or nature of the property in addition to the number or other designation. With regard to property other than debts and claims, enter in Column (c) the name and address of the person with
whom the property was deposited or by whom it was held, and give the number or other designation of any safe deposit box or similar receptacle in which the property was kept. With regard
to debts to and claims by the national, state the name and address of the debtor. If the property
is held or owed by the person reporting, it will suffice to state "Person reporting" in place of
the name and address. Enter in Column (d) the value of each property item on July 26, 1941,
as determined in accordance with the instructions for valuation given above for Schedule I.
Additional sheets identical in form with Schedule II are provided for the use of persons
reporting who find the space in Schedule II insufficient.
30
8. Affidavit—
(a) Necessity and manner of execution.—The report will not be accepted unless it is properlysigned and sworn (affirmed) to before an officer authorized to administer oaths, whose seal must
be affixed. The affidavit need be attested only on the original of the report, but the affidavits
on copies must be fully conformed, except as to the notarial seal.
(b) Who shall execute.—Affidavits in behalf of partnerships shall be executed by a partner.
Affidavits in behalf of any organization shall be executed by the president, vice president,
secretary, or some other principal officer authorized to make the report on behalf of the organization.
SECTION Xin—TABLE OF EXCHANGE RATES
Where the value of property is expressed in terms of foreign currency, such values should be
converted into dollars at the rates of exchange set forth below. Where no rate is given for a
country, the latest rate next before June 14, 1941, as generally quoted by foreign exchange
dealers or other recognized sources of information, shall be used. Such rate should be clearly
stated in the report. The exchange rates given in this table are for use only in preparing reports
on Form TFR—300 and are not intended to be used or relied upon in any other connection or for
any other purpose whatsoever.
COUNTRY
Argentina
Australia
Belgium
Bolivia
Brazil
British India
Bulgaria
Canada
Chile
China-.
Colombia
Cuba
Denmark
Ecuador
Egypt
Finland
France
French Indo China
Germany
Greece
Hong Kong
Hungary
Italy..
Monetary Unit
Peso
Pound
Belga
Boliviano
Milreis
Rupee
Lev
Dollar..
Peso
Yuan
Peso.
_.Peso
_._*_
Krone
SucrePound
Pound
Markka
Franc
Piaster..
_
Reichsmark
Drachma
Dollar
_
Pengo
Lira
U.S.
Cents
per
Unit
Monetary Unit
COUNTRY
23.7
323.0
17. 0
2.2
4.9
30. 0
1.2
91.0
3.2
5.3
57.0
100.0
19.3
6.7
406.0
403.0
2.0
2.3
23.0
40.0
.7
24.4
19.8
5.3
Japan
Mexico
Netherlands
Netherlands East Indies
Netherlands West Indies...
New Zealand
Norway
Panama
Peru
Philippine Islands
Poland
Portugal
Rumania
Russia
South Africa
Spain
Straits Settlement
Sweden Switzerland
Turkey
United Kingdom
Uruguay
«.
Venezuela
Yugoslavia
U.S.
Cents
per
Unit
Yen.
Peso-
23.4
20.6
Guilder.
53.0
Pound.
KroneBalboaSol
Peso....
Zioty...
Escudo.
Leu
Ruble.-.
Pounds.
Peseta__
Dollar..
323. 0
23. 0
100. 0
15.4
50. 0
19. 0
4.0
.5
19.0
398 0
9.0
47. 0
23.8
23.2
75.0
403. 0
41.0
31.4
2.0
Franc-..
Pound..
Pound...
Peso
BolivarDinar...
E. H. FOLEY, Jr.
Acting Secretary oj the Treasury.
O
UNITED STATES TREASURY DEPARTMENT
Office of the Secretary
PUBLIC CIRCULAR NO. 4A
UNDER EXECUTIVE ORDER N O .
8389, APRIL 10,1940, AS AMENDED
AND REGULATIONS ISSUED PURSUANT THERETO
JANUARY 16, 1942
INSTRUCTIONS FOR PREPARATION OF REPORTS ON FORM
TFR-300, SERIES J, BY CERTAIN NATIONALS OF JAPAN
+ • +
Relating to Reports To Be Filed on Form TFR-300, Series J, With Respect to
All Property Subject to the Jurisdiction of the United States on the
Opening of Business on June 1, 1940, and With Respect to All
Property Subject to the Jurisdiction of the United States
on the Opening of Business on January 1, 1942, in
Which, on the Respective Dates, Certain
Nationals of Japan Had Any Interest
of Any Nature Whatsoever,
Direct or Indirect
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1942
TABLE OF CONTENTS
Page
Section
I. General instructions
A. Heading instructions.__
B. Persons required to report
C. Property to be reported
D. When no report need be
filed
E. Time and place of filing report
F. Penalties,
G. Information regarding preparation of reports
Section II. Property classes:
Class A—Bullion, currency, and deposits.
Class B—Financial securities
_.
Class C—Notes and drafts; debts to and claims by national.
Class D—Miscellaneous personal property; personal property liens
Class E—Eeal property; mortgages; other rights to land
Class F—Patents, trade-marks, and copyrights; franchises
„_,
Class G—Estates and trusts..
Class H—Partnership and profit-sharing agreements
Class I—Insurance policies; annuities
Class J—Other property
Section III. Detailed instructions for filling out form
Section IV. Table of exchange rates
1
1
1
2
2
3
3
3
3
4
4
5
5
6
6
6
6
6
6
10
INSTRUCTIONS FOR PREPARATION OF REPORTS OF FOREIGNOWNED PROPERTY
SECTION I.—GENERAL INSTRUCTIONS
A. Reading instructions.—Read this Circular in full before beginning to prepare Series J.
B. Persons required to report—
(1) Basic requirement—Except as provided in Instruction D hereof, reports on Series J
of Form TFR-300 shall be filed by all nationals of Japan within the United States and its territories and possessions, except Hawaii and the Philippine Islands, who under General License
No. 68 have hitherto been excused from filing reports on Form TFR-300. General License
No. 68 is hereby revoked so far as it would exempt nationals of Japan from reporting on Series J.
Paragraph (3) of General License No. 68A with respect to reports on Form TFR-300 by nationals
of Japan shall be deemed to require reports only on Series J.
(2) Corporations and other organisations, including trusts and estates.—A corporation or
other organization which is a national because of control by or an interest of a person or persons
now required to report under Sub-instruction (1) hereof shall report its property on Series J.
In addition to all other organizations, this requirement shall extend to trusts and estates and
partnerships. In any event, report shall be made concerning a trust or an estate if the interests
of nationals who themselves come within the provisions of Sub-instruction (1) exceed 25 per
centum of comparable interests in the trust, regardless of the value of the interests, and a partnership shall report if the interests of such nationals who are partners exceed 25 per centum of
comparable interests in the partnership. Organizations, including trusts and estates and partnerships, are not required to file reports in the names of their stockholders, members, or beneficiaries concerning the stock, membership, or beneficial interests.
(3) Definition of "person" and of "national".—The terms "person" and "national" are
defined as follows in Section 5 of Executive Order No. 8389, as amended:
C. The term "person*7 means an individual, partnership, association, corporation, or other
organization.
*
*
*
*
*
*
*
E. The term "national" shall include,
(i) Any person who has been domiciled in, or a subject, citizen or resident of a foreign country at any time on or since the effective date of this Order,
(ii) Any partnership, association, corporation or other organization, organized under
the laws of, or which on or since the effective date of this Order had or has had its principal
place of business in such foreign country, or which on or since such effective date was or
has been controlled by, or a substantial part of the stock, shares, bonds, debentures, notes,
drafts, or other securities or obligations of which, was or has been owned or controlled by,
directly or indirectly, such foreign country and/or one or more nationals thereof as herein
defined,
(iii) Any person to the extent that such person is, or has been, since such
effective date, acting or purporting to act directly or indirectly for the benefit or on behalf
of any national of such foreign country, and
(iv) Any other person who there is reasonable cause to believe is a "national", as
herein defined.
In any case in which by virtue of the foregoing definition a person is a national of more
than one foreign country, such person shall be deemed to be a national of each such foreign
country. In any case in which the combined interests of two or more foreign countries designated in this Order and/or nationals thereof are sufficient in the aggregate to constitute, within
the meaning of the foregoing, control or 25 per centum or more of the stock, shares, bonds,
(1)
debentures, notes, drafts, or other securities or obligations of a partnership, association,
corporation or other organization, but such control or a substantial part of such stock, shares,
bonds, debentures, notes, drafts, or other securities or obligations is not held by any one such
foreign country and/or national thereof, such partnership, association, corporation or other
organization shall be deemed to be a national of each of such foreign countries. The Secretary
of the Treasury shall have full power to determine that any person is or shall be deemed to
be a "national" within the meaning of this definition, and the foreign country of which such
person is or shall be deemed to be a national. Without limitation of the foregoing, the term
"national" shall also include any other person who is determined by the Secretary of the
Treasury to be, or to have been, since such effective date, acting or purporting to act directly
or indirectly for the benefit or under the direction of a foreign country designated in this Order
or national thereof, as herein defined.
It should be noted that the definition of "national" in subdivisions (i) and (iv) of subsection E of the Executive Order includes a citizen of the United States who has been or has purported to be a subject or citizen of a foreign country at any time on or since the effective date
of the Order.
The effective date specified in Section 3 (k) of the Executive Order with respect to Japan
and nationals thereof is June 14, 1941.
(4) Doubt concerning nationality,—No person who is a national of Japan and who is required to report on Series J is excused from reporting because of any doubt he may have as to
his status as a national.
(5) Nationals who should have filed reports previously,—Nationals of Japan who have not
been entitled to the benefits of General License No. 68, but who nevertheless have failed to
file reports of their property on Form TFR-300 should do so at once. Such persons shall report
on Series A or Series B, as appropriate, and on Series I, in accordance with the instructions
contained in Public Circular No. 4, and shall not report on Series J.
(6) Nationals who have previously reported their own property.—-Nationals of Japan who have
reported their own property on Series I, and on Series A or Series B, when appropriate, as required
by Public Circular No. 4, should not report on Series J.
C. Property to be reported.—
(1) General requirement—Every national required to report on Series J shall report with
respect to ALL PROPERTY subject to the jurisdiction of the United States on the opening of
business on June 1, 1940, and with respect to ALL PROPERTY subject to the jurisdiction of
the United States on the opening of business on January 1, 1942, in which on the respective
dates the national had any interest of any nature whatsoever, direct or indirect. Property
located in any of the territories and possessions of the United States, including Hawaii and the
Philippine Islands, must be entered. The reports must be made whether or not the property
is or has been blocked or subjected to any other restriction whatever by or under Executive
Order No. 8389, as amended. Section II oj this Circular provides a classification of property jor
the purpose oj reporting.
(2) Property jointly owned.—Every national required to report on Series J who has any
interest in any reportable property shall report the full amount of such property and not merely
his interest. For example, if the person reporting owns a parcel of real estate jointly, he should
report the entire value of the real estate. Appropriate provision is made on Series J for an
indication of the existence of other interests. Any duplication by reason of several persons reporting the same property shall not excuse anyone from rendering the report required from him
with respect to the property.
(3) Doubt concerning ownership of property.—No national of Japan Avho had an interest in
any property required to be reported on Series J is excused from reporting because of any doubt
he may have as to the existence of the interest or of the property.
D. When no report need be filed.—
(1) Total value of property less than $1,000.—No report need be filed if the total value of all
property which a national would otherwise be required to report was on both June 1, 1940, and
January 1, 1942, less than $1,000, provided that this exemption shall not apply to employment
and agency agreements, understandings, and contracts, to patents, trade-marks, copyrights and
franchises, to interests in partnerships and profit-sharing agreements, nor to property the value
of which cannot be readily determined. If a person had property of a kind which must be reported without exemption, by virtue of the proviso in the preceding sentence, he must include
in his report all other property in which he had an interest, regardless of the value of such other
property. In arriving at the value of $1,000, no deduction shall be made for offsets, liens, or other
deductions from gross value.
(2) General License No. 28.—The requirement for reporting contained in Instruction B above
does not extend to nationals of Japan entitled to the benefits of General License No. 28, applying
to citizens of the United States who are nationals of foreign countries only by reason of domicile or
residence therein.
E. Time and'placeoffiling report.—
(1) General.—Reports must be executed and filed in quadruplicate on or before February
15, 1942 with the Federal Eeserve Bank of the district, or the Governor of the territory or
possession of the United States, in which the person filing the report resides or has a principal
place of business or principal office or agency. Each person reporting should retain, for himself,
an additional copy of his report.
(2) Extension oj time under General License No, 68A.—The time for filing reports required
under paragraphs (3) and (4) of General License No. 68A has been extended to February 15,
1942.
F. Penalties.—
(1) Section 5(b) of the Act of October 6; 1917 (40 Stat. 415), as amended, applicable hereto,
provides in part:
* * * Whoever willfully violates any of the provisions of this subdivision or of any
license, order, rule or regulation issued thereunder, shall, upon conviction, be fined not more
than $10,000, or, if a natural person, may be imprisoned for not more than ten years, or both;
and any officer, director, or agent of any corporation who knowingly participates in such
violation may be punished by a like fine, imprisonment, or both.
(2) Section 130.4 (c) (1) of the Regulations of April 10, 1940, as amended, issued under
Executive Order No. 8389, as amended, provides:
All spaces in the report must be properly filled in. Reports found not to be in proper form,
or lacking in essential details, shall not be deemed to have been filed in compliance with the
Order.
G. Information regarding preparation of reports.—Anyone desiring information concerning
Series J may apply to any Federal Eeserve Bank.
SECTION II—PROPERTY CLASSES
Before preparing your report read this Section in detail.—This Circular requires reports on
Form TFE-300, Series J, of all property subject to the jurisdiction of the United States, in which
certain nationals of Japan, as specified in Instruction B under Section I of this Circular, had any
interest on either or on both June 1, 1940, and January 1, 1942. In this Section property is
classified for purposes of reporting* It is imperative that all property be entered under the correct
type upon Series J, which requires that the person reporting state whether or not he has reported
the value of all property he is called upon to report therein, including property held hi the name of
another in which he had any interest whatsoever.
Class A—Bullion, currency, and deposits.—(1) Bullion, both gold and silver; (2) Currency
and coin. United States and foreign; (3) Demand deposits payable in the United States in United
States dollars or foreign currency, including any and all demand deposits or accounts maintained
with any bank or broker, or others, in the national's own name or jointly with one or more other
persons, or on which he has authority to draw, or maintained in some other name for the present
or future benefit of the national, or in which the national has an interest, whether or not he has
the right to draw thereon; (4) Other deposits payable in the United States in United States dollars
or foreign currency, maintained with any bank, broker, or others, including savings accounts,
437488—42
2
compound mterest accounts, accounts represented by certificates of deposit, postal savings
accounts, and any and all other accounts, other than demand deposits, maintained in the
national's own name or jointly with one or more other persons, or on which he has authority to
draw, or maintained in some other name for the present or future benefit of the national, or in
which the national has an interest, whether or not he has the right to draw thereon.
Class B—Financial securities—(5) United States Government obligations, including all
United States bonds, registered or bearer, notes, bills, certificates of indebtedness, savings
stamps, matured coupons, attached or detached, and every other such direct obligation of the
United States Government, and all obligations evidenced by financial securities guaranteed
as to principal or interest by the United States Government, but not obligations not so guaranteed as to principal or mterest; (6) State, municipal, and other local government obligations,
including bonds, registered or bearer, matured coupons, attached or detached, notes, certificates of indebtedness, and any other such obligations of any state, territory, district, or possession of the United States, and of any agency or instrumentality or subdivision thereof, and of
all municipal corporations, including, without limitation, cities, towns, townships, counties,
parishes, irrigation districts, school, water, drainage, and tax districts, special authorities, and
any other similar obligations and including certificates of deposit with respect to any of the
foregoing; (7) Bonds of domestic corporations, including mortgage bonds, registered or bearer,
and matured coupons, attached or detached, debentures, notes, income bonds, and any other
evidences of funded debt, past due or to become due, and all receiver's or trustee's certificates
and similar instruments, and any other obligation evidenced by an instrument, negotiable or
otherwise, representing funded corporate debt, executed or issued by or in the name of any
corporation organized under the laws of the United States or of any state, territory, district,
or possession thereof, including all such obligations of any agency or instrumentality of the
United States not guaranteed as to principal or interest by the United States Government and
including certificates of deposit with respect to any of the foregoing; (8) Common stocks of
domestic corporations, of whatever class, voting or nonvoting, including debenture stock, participating stock, and any other type or kind of stock [other than preferred stock], interests in
voting trusts, stock pools, and similar interests, and any trustee's certificates, by whatever
name called, representing shares or beneficial interests in any business trust or other type of
unincorporated business organization except a partnership; (9) Preferred stocks of domestic corporations, including all stock,' voting or nonvoting, issued by any domestic corporation, to
which any preference of any kind attaches, over any other issue of stock of that same corporation; (10) Foreign securities held in the United States, including mortgage and other bonds, registered or bearer, and matured coupons, attached or detached, debentures, notes, and any other
evidences of funded debt, past due or to become due, negotiable or otherwise, executed or
issued either within or without the United States by a foreign government or any subdivision,
instrumentality, or agency thereof, whether or not incorporated, or by any corporation or other
association or organization, business or otherwise, organized and existing under the laws of any
country other than the United States, representing funded debt thereof, and all stock, common
or preferred of all types or kinds, and any other instrument by whatever name called, representing shares or beneficial interests in any such corporation, organization, or association and
including certificates of deposit with respect to any of the foregoing; (11) Warrants, scrip, rights,
and options; other securities, warrants, scrip, rights, options, or other instruments evidencing
the right to receive, purchase, or acquire any financial security or interest therein, absolutely
or upon contingency, and all other contracts relating to the purchase or sale of financial securities, issued or unissued; and any other financial securities whatsoever or rights therein, commonly dealt in by bankers, brokers, and investment houses in the United States or elsewhere.
Class C—Notes and drafts; debts to and claims by national.—(12) Checks, drafts,
acceptances, and notes, including all checks, cashier's or official bank checks, sight drafts, time
drafts, banker's acceptances, trade acceptances, promissory notes, and any and all other notes,
drafts, or bills of exchange, and payment orders and remittances; (13) Letters of credit, including
all similar instruments or agreements, wherein the obligation of any bank thereunder arises
directly or indirectly at the request of, or for the account of, a national or extends to any national
named in the letter of credit, or otherwise known, who has any rights, contingent or absolute, to
receive any payments in any amount pursuant to the terms of the letter of credit or in reimbursement for any unused portion thereof; (14) Debts, claims, demands, and contracts, including book
accounts, accounts receivable, judgments, awards; indebtedness and claims arising under contracts, policies of insurance, and surety and indemnity bonds; draw-backs, rebates, and refunds;
and including all other debts, claims, and demands due or past due for the payment of money
whether or not secured in any manner whatsoever [other than any represented by an instrument
evidencing funded debt, or classified under some other type], due or claimed to be due to a
national from any person or corporation residing or doing business in the United States or
subject to the jurisdiction thereof, except where the debt was payable only on special demand
and the place where due demand therefor could be made is not within the United States; and any
and all contracts and rights under contracts, not otherwise classified, to which a national was a
party or in which a national had any interest whatever, present or future, vested or contingent,
executory or partly executed, liquidated or unliquidated, regardless of the nature of the contract
or the nature and extent of the national's interest therein.
Class D—Miscellaneous personal property; personal property liens—(15) Warehouse
receipts, bills of lading, and any and all other instruments, negotiable or otherwise, representing
claims to or on personal property; (16) Options and futures in commodities, traded on any commodity exchange, including any interest in, or present or future claims to, any commodities or
the proceeds of the sale of any commodities; (17) Goods and merchandise for business use, except
jewelry, etc., including stocks of raw materials, agricultural products, goods in process, finished
goods in stock or on consignment, goods on vessels or otherwise in transit, other than jewelry,
precious stones, and precious metals; (18) Jewelry, precious stones, and precious metals, other
than bullion, whether held for personal use, or as stock in trade, or for other commercial purposes; (19) Machinery, equipment, and livestock, for business use, all machinery or equipment
on hand, stored, or in use, automobiles [business], trucks, automotive or otherwise, and other
vehicles, office equipment and furnishings, and whatever else of like or similar type, customarily
classified as machinery and equipment, vessels of any type and tonnage, charter parties, and
all other interests represented by instrument or otherwise in the ownership, rights to possession,
use, or control of any vessel [other than maritime or other liens thereon]; farm machinery and
equipment, livestock; and all other tangible personal property used in the operation of any
business or occupation; (20) Objects of art and furnishings for personal use, including all art
objects, coin and stamp collections, household furniture and furnishings, automobiles [personal], and all other tangible personal property not used for commercial purposes; (21) Liens
on and claims to personal property, not otherwise classified, including trust receipts, bills of sale,
contracts for conditional sale or resale, lease-sale arrangements, repurchase agreements, chattel
mortgages, pledges; maritime, cattle, timber, and crop liens; and all other instruments not
otherwise classified evidencing any lien on, or claim to, personal property, and all other liens
on or claims to personal property, not represented by any instrument by whatever name called,
arising by agreement or by operation of law.
Class E—Real property; mortgages; other rights to land—(22) Lands and buildings
for personal use, including only property used exclusively as a dwelling by the national and his
family and not more than one other family; (23) Lands and buildings other than for personal
use, including all property used as a dwelling other than that classified under type 22 preceding,
all lands and the buildings, structures, and other improvements thereon used for commercial,
manufacturing, mercantile, agricultural, and other business purposes, and interests therein;
ground rents, leaseholds, together with rents, accrued or to accrue, tax warrants, easements,
mineral rights, oil rights, timber and other rights in or to land or the products thereof or a
share therein, royalties, and any other rights in the lands of another; (24) Mortgages on real
property; other rights to land, mortgage bonds, mortgage notes [other than corporate mortgage
bonds or notes represented byfinancialsecurities], mortgage participation certificates, guaranteed
QT otherwise, deeds of trust, and any other bond, note, or other instrument secured by a lien on
6
any real property or interest therein; contracts for the purchase and sale of real property, whether
or not partially executed, options, and any and all other rights or interests in or liens, vested or
contingent, upon real property or upon an interest in real property.
Class F—Patents, trade-marks, and copyrights; franchises—(25) Patents, trade-marks,
copyrights, and inventions, including patents, trade-marks, registered or unregistered, copyrights, inventions, and secret processes, or any present, future, or contingent interest therein,
and agreements pertaining thereto; all rights incidental to the ownership of patents, trade-marks,
or copyrights, including applications therefor and licenses, by definition or otherwise, immunities,
and assignments, relating thereto, and any other contracts affecting or involving the foregoing,
such as, but not by way of limitation, the right to receive royalties, including any royalties due
and unpaid, royalties paid in advance, reciprocal licensing arrangements and contracts by which
any information in the nature of technical data, know-how, or otherwise, is transmitted or
exchanged, or any right therein by which any license or privilege is granted or may be exercised,
to examine the operations of any plant, factory, or other productive unit, to examine or supervise
the books thereof, to inspect any finished product, or to have the right of visitation or any other
such right incidental to or separate from the right to receive royalties or other compensation;
(26) Franchises, concessions, licenses, and permits, by any of which any special right or privilege
may be exercised affecting the commencement, continuation, or conduct of a business, or as an
incident thereto.
Class G—Estates and trusts—(27) Interests in estates and trusts, each and every right
or interest, present or future, absolute or contingent, in or to any of the property or estate of a
deceased person, which may belong to the national or in which he has an interest, whether the
same exists by reason of the provisions of a last will and testament or by operation of law in
case of the intestacy of the deceased, and all other rights or interests, present or future, absolute,
revocable or contingent, belonging to the national or in which he has an interest, in or to any
property or fund held or controlled by a trustee or other fiduciary by whatever name described.
Class H—Partnership and profit-sharing agreements—(28) Interests under partnership
and profit-sharing agreements, all partnership agreements, general, special, limited, or other
type, agreements for joint adventures; profit-pooling and profit-sharing agreements and any
and all other rights to receive, or share in, profits of partnerships, business trusts, or other nonincorporated business organizations [not represented by a financial security], whether or not
the rights granted under such agreement are security for a debt due, or as a manner or method
of liquidating such debt or otherwise.
Class I—Insurance policies; annuities—(29) Surrender value of insurance policies;
present value of annuities, of all types, including pensions and endowments and pension and
endowment contracts, determined in accordance with standard actuarial practice.
Class J—Other property—(30) Other property, not classifiable under types 1 to 29, including
any and all other property, real, personal, or mixed, tangible or intangible, or interest or interests
therein, present, future, or contingent; debts due or to become due, claims, demands, actions,
causes or things in action, or interest therein, not specified, mentioned, or referred to in any of the
foregoing property classes designated "Class A" to "Class I", inclusive.
SECTION ni—DETAILED INSTRUCTIONS FOR FILLING OUT FORM
1. Persons required to report.—Series J is to be used by certain nationals of Japan to report
for themselves, as provided in Instruction B under Section I of this Circular.
2. Instructions applicable to entire Series.—
(a) Reading Circular.—Eead this Circular in full before beginning to prepare Series J. If
you have not already read Sections I and II of this Circular, do so before reading this Section.
(b) Answers required.—Each question on the Series must be answered and all the specific
information called for must be given. When there is nothing to report under any question or if
information is lacking, state "No," "None," or "Unknown," as the case may be, with an explanation if required, except that in Part B spaces not neededforreporting should be left blank. You
are not excused from furnishing any information you reasonably should have.
(c) Number of copies required,—File your report in quadruplicate. You should retain, for
yourself, an additional copy of the report.
(d) Language to be Used.—All reports must be filled out in English.
3. Nationality.—
(a) In general.—In this space state the name of each country, other than Japan, of which
you are a national, as defined in Section 5E of Executive Order No. 8389, as amended. If you
are a national of a foreign country by reason of any fact other than that you have been a subject
or citizen of a foreign country, Question 5 in Part D requires you to state the facts determining
your nationality.
(6) Trusts and Estates.—Reports for trusts and estates, other than business trusts in which
the interests of the beneficiaries were represented by financial securities, shall state the country
or countries of which the trust itself is a national, and in any event shall state the country or
countries of which each beneficiary of the trust is a national.
4. Part A.—
(a) Name.—A person doing business under a trade name should give that name in addition
to his actual name.
(b) Address.—A person having more than one address should state his principal address
within the United States.
(c) Type of organization.—Individuals not engaged in business may insert a dash (—).
Other persons should indicate the legal nature of their organization, e. g.} individual proprietorship, partnership, corporation, business trust, etc.
(d) Citizenship.—A person other than an individual should enter the name of the state,
district, territory, or possession under the laws of which it is incorporated, or if unincorporated,
in which it has its principal place of business. Persons who are citizens of more than one
country must state the name of each country, including the United States when that is one of
the countries.
5. Part B—Schedule I.—
(a) General.—This Schedule requires the valuation of all your property within each property
type contained in the classification of Section II of this Circular, which must be followed strictly,
but property not falling under any of the other types of the classification must be reported under
type 30. No property shall be reported under type 30 if it constitutes property reportable as
any other type.
(6) Shares in building and loan associations,—Shares in building and loan associations,
savings and loan associations, and similar organizations shall be reported under property type 4,
which for the purpose shall be deemed to designate such shares.
(c) Valuation.—Enter in Column (a) the total value of the items of each type of property
held on January 1, 1942, at the market price at the close of business on December 31, 1941, or,
if such price is not available, at the estimated value on January 1, 1942. In estimating value,
the last sale price or bid, if reasonably close to January 1, may be used as a basis. Enter in
Column (b) the total value of the items of each type of property reported as being held on June
1, 1940. The January 1, 1942 unit value shall be used in both Column (a) and Column (b).
In other words, if the same number of units of a particular kind of property was held on both
June 1, 1940, and January 1, 1942, enter the same amount in Column (b) as in Column (a).
If the number of units of a kind of property held on June 1, 1940, was different from the number
held on January 1, 1942, use the same per unit value with respect to Column (b) as is used regarding Column (a), but apply the unit value to the number of units actually held on June 1,
1940. In any case where property was held only on June 1, 1940, none of it being held on January 1, 1942, the value should still be reported on the basis of the unit value on January 1, 1942,
unless such value is not determinable, in which event the value of the property on June 1, 1940,
should be entered in Column (b). When the June 1, 1940, value is used, an appropriate notation should be made.
All amounts reported should be given in dollars, to the nearest dollar. Do not enter fractions of a
dollar on the report. However, in determining the value of a property item consisting of more
8
than one unit, fractions of a dollar in the unit value should not be disregarded. For example, if
you held ten shares of a particular stock and the value of each share was $116%, so that the
exact value was $1,163.75, you should enter $1,164 on the report.
(d) Value expressed in foreign currency.—Property, the value of which was expressed in a
foreign currency, or which was to be paid or liquidated in a foreign currency, shall be valued
at the dollar value if dollar market value existed for such property itself; if not, the foreign
currency value thereof shall be converted into dollars, in accordance with the instructions
relating to exchange rates given in Section IV of this Circular.
(e) Property oj indeterminable value.—In reporting property of indeterminable value, enter
"indeterminable" under the appropriate property type in Schedule I and describe the property
in Schedule III, as required by Instruction 7, below. When property of determinable value and
property of indeterminable value are to be reported under one property type in Schedule I, the determinable amount should be entered under the property type without indication
of the property having indeterminable value, but descriptions of the items should be given in
Schedule III in accordance with Instruction 7.
(f) Inventories.—If in the regular course of its business, a national engaged in business
prepared inventories of merchandise, and machinery and equipment, or either, between July 1,
1941, and January 1, 1942, and between December 31, 1939, and July 1, 1940, or during either
of the foregoing periods, and if the information required to be furnished in Schedule I is not
available from other existing records of the national, such inventories prepared nearest to the
respective reporting dates and the values indicated thereon may be used in preparing Schedule
I, with appropriate notation of such use, including the dates of the inventories.
(g) Orders for goods.—You must report all unfilled orders for goods or merchandise, whether
given by or to you, except that any order specifying a total price of less than $1,000 may be
disregarded. Such orders required to be reported may be shown as of indeterminable value.
(A) Foreign Patents.—A patent issued by a foreign government need not be reported, nor
need any license issued under the patent to a person not within the United States but any
license issued to a person within the United States must be reported, except when all obligations
of any sort on the part of the licensee had been fully performed or discharged, or except when
all payments under the license were to be made solely in a foreign currency from funds held
abroad. Moreover, licensing arrangements or contracts in relation to such a patent involving
the exchange of information or data of any sort, or providing for the future issuance of licenses
which themselves would have been reportable must be reported.
6. Part B—Schedule II.—
(a) Indebtedness*—This Schedule requires a statement of your indebtedness payable to
persons in the United States, within each indebtedness type as classified and described in the
Schedule. State under each type number only the total amount of indebtedness of each type
being reported. All amounts should be given in dollars, to the nearest dollar. Do not enter fractions
of a dollar. Indebtedness payable in foreign currency should be converted into dollars in accordance with the instructions relating to exchange rates given in Section IV of this Circular.
(b) Financial statement.—A national other than an individual not engaged in business must
file a financial statement (consisting wherever possible of balance sheet, profit-and-loss statement,
and surplus reconciliations) for each of its fiscal years ending nearest to January 1, 1942, and
June 1, 1940, respectively, if such statements have been prepared by or for the national in the
course of its business.
7. Part B—Schedule IIL~
(a) Property items to be listed.—List in this Schedule, in the order in which the property types
are given in Schedule I of this Part, each item of property of the value of $1,000 or more either
on June 1, 1940, or on January 1, 1942, or both, concerning which report is being made. Employment and agency contracts (including agreements and understandings), patents, trademarks, copyrights, and franchises, and partnership and profit-sharing agreements, shall be listed
9
even though valued at less than $1,000. However, no reference whatever should be made to
any invention with respect to which a secrecy order has been issued by the Commissioner of
Patents pursuant to the Act of October 6, 1917 (40 Stat. 394), as amended. Also list all items of
property, the value of which is not readily determinable. Except as provided in this paragraph,
property items of a value less than $1,000 should not be listed in this Schedule, although the
value of each must be included in the total value of property of each type in Schedule I.
(6) Definition of property item.—A property item is any unit of property commonly bought,
sold, assigned, released, or alienated, except that the total of wholly similar units of the same
kind is regarded as one item, such as a number of certificates each for shares of stock of the same
issue, or a number of bonds of the same issue, or several head of cattle. The total number of
units of such property shall be stated, but in other respects the property may be treated entirely
as one item. Several bank accounts with the same institution, or several debts payable by the
same debtor, shall be itemized separately in this Schedule if the aggregate amount thereof exceeds $1,000, even though each individual item is less than $1,000.
(c) Method of listing.—Enter in Column (a) the number of the property type in which the
item is included. Enter in Column (b) a short description or identification of the property item.
In case of property, such as a patent, commonly referred to by number or other similar designation, state briefly the object or nature of the property in addition to the number or other designation. With regard to property other than debts and claims, enter in Column (c) the name and
address of the person with whom the property was deposited or by whom it was held, and give
the nurnber or other designation of any safe deposit box or similar receptacle in which the property
was kept. Respecting debts owed to and claims made by you, state the name and address of the
debtor and disregard the location of the evidence of indebtedness. If the property was in your
immediate possession, it will suffice to state "Person reporting" in place of the name and address.
Enter in Columns (d) and (e) the value of each property item on January 1, 1942, and June 1,
1940, as determined in accordance with the provisions for valuation contained in Instruction
5, above.
(d) Continuation sheets.—Continuation sheets identical in form with Schedule III are provided for the use of persons reporting who find the space in Schedule III insufficient.
8. Part C.—All the information called for in the questions under this part must be given as of
both June 1, 1940, and January 1, 1942, for each of the property items listed in Part B, Schedule
III. If a property item was held on only one date, give the information as of that date. In the
answers each item of property shall be designated by the number of its type and by its description
in Part B, Schedule III.
9. PartD.—
(a) Trustees.—Trustees and other representatives of trusts and estates should answer the
questions in this Part only with respect to the trusts or estates and not with respect to the trustees
or representatives themselves in their individual capacities.
(b) Form TFBE-1.—In addition to answering the questions in Part D, every business
enterprise reporting property of a total gross value in excess of $5,000 must file with the appropriate Federal Reserve Bank, on or before the date of filing for this report, an affidavit setting
forth the information required by Form TFBE-1.
10. Affidavit—
(a) Necessity and manner of execution.—The report must be signed and sworn (affirmed)
to before an officer authorized to administer oaths, whose seal must be affixed. Reports will
not be accepted unless properly executed. The affidavit need be attested only on the original
of the report, but the affidavits on copies must be fully conformed except as to the notarial seal.
(b) Who shall execute.—Affidavits in behalf of partnerships shall be executed by a partner*
Affidavits in behalf of any other organization shall be executed by the president, vice president,
secretary, or some other principal officer authorized to make the report on behalf of the organization.
10
SECTION IV—TABLE OF EXCHANGE RATES
Where the value of property is expressed in terms of foreign currency, such values should
be converted into dollars at the rates of exchange set forth below. Where no rate is given for a
country, the latest rate next before January 1, 1942, as generally quoted by foreign exchange
dealers or other recognized sources of information shall be used. Such rate should be clearly
stated in the report. The exchange rates given in this table are for use only in preparing reports
on Form TFK-300, Series J, and are not intended to be used or relied upon in any other connection or for any other purpose whatsoever.
COUNTRY
Argentina
Australia
Belgium
Bolivia
Brazil
British India
Bulgaria
.
Canada
Chile
--China
Colombia
Cuba
Denmark
Ecuador
Egypt
Eire
Finland
France
French Indo China.
Germany
Greece
Hong Kong
Hungary
Italy
Monetary Unit
U.S.
Cents
per
Unit
Peso
Pound
Belga
Boliviano.
Milreis
Rupee
Lev
Dollar
Peso
Yuan
Peso
Peso
Krone
Sucre
Pound
Pound
Markka
Franc
Piaster
Reichsmark.
Drachma
Dollar
.
Pengo
Lira
23.4
323.0
17.0
2.2
5. 1
30.2
1.2
91.0
3.2
5.3
57.0
100.0
19.3
6.7
415.4
404.0
2.0
2.3
23.0
40.0
.7
25. 1
19.5
5.3
COUNTRY
Monetary Unit
Japan
Yen.
Mexico
PesoNetherlands
Netherlands East Indies
Guilder.
Netherlands West Indies
Pound_
New Zealand
Norway
Krone. _
Panama
BalboaPeru
Sol
Philippine Islands
Peso
Poland
Zloty_-_
Portugal
Escudo-.
Rumania
Leu
Russia
Ruble—.
South Africa
Pound-Spain
Peseta. _
Straits Settlement
Dollar. _
Sweden
Krona-.
Franc...
Switzerland
Turkey
_ Pound.Pound..
United Kingdom
Uruguay
Peso
Venezuela
Bolivar..
Yugoslavia
Dinar...
U. S.
Cents
per
Unit
23.4
20.6
53.0
323.0
23.0
100. 0
15.4
50.0
20.0
4.0
.5
19.0
398.0
9.0
47.2
23.9
23.3
75.0
403.0
52.7
26.6
2.0
E. H. FOLEY, Jr.,
Acting Secretary of the Treasury.
o
UNITED STATES TREASURY DEPARTMENT
Office of the Secretary
PUBLIC CIRCULAR NO. 4B
UNDER EXECUTIVE ORDER N O . 8389, A P R I L 10, 1940, AS AMENDED
AND REGULATIONS ISSUED PURSUANT THERETO
FEBRUARY 7, 1942
INSTRUCTIONS FOR PREPARATION OF REPORTS ON FORM
TFR-300, SERIES K, OF PROPERTY SUBJECT TO THE
JURISDICTION OF THE UNITED STATES IN
WHICH NATIONALS OF THE PHILIPPINE
ISLANDS HAD ANY INTEREST
Relating to Reports to be Filed on Form TFR-300, Series K, with Respect
to All Property Subject to the Jurisdiction of the United States on
the Opening of Business on June 1,1940, and with Respect to
All Property Subject to the Jurisdiction of the United
States on the Opening of Business on January 1,1942,
in Which, on the Respective Dates, Any
National of the Philippine Islands Had
Any Interest of Any Nature Whatsoever, Direct or Indirect
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1942
TABLE OF CONTENTS
Page
Section
Section
I. Introduction
II. General instructions
A. Property to be reported
B. Who must make report
C. Definitions
D. Doubt concerning necessity of reporting
E. Separation of reports for different nationals
F. Time and place of filing report
G. When no report need be
filed
H. Penalties
I. Information regarding preparation of reports
Section III. Property classes:
Class A—Bullion, currency, and deposits
Class B—Financial securities
Class C —Notes and drafts; debts to and claims by national
Class D—Miscellaneous personal property; personal property liens
Class E—Keal property; mortgages; other rights to land
Class F— Patents, trade-marks, and copyrights; franchises
Class G—Estates and trusts
Class H—Partnership and profit-sharing agreements
Class I—Insurance policies; annuities
Class J—Other property
Section IV. Detailed instructions for filling out form
Section
V. Additional instructions for banks
Section VI. Additional instructions for brokers
Section VII. Additional instructions to exporters and importers
Section VIII. Additional instructions for insurance companies
Section IX. Additional instructions for organizations issuing securities
Section X. Additional instructions for trustees and other representatives of estates
and trusts and for members of partnerships
Section XI. Table of exchange rates
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INSTRUCTIONS FOR THE PREPARATION OF REPORTS OF PHILIPPINE
PROPERTY
SECTION I—INTRODUCTION
Reports on Form TFR-300 with respect to all property subject to the jurisdiction of the
United States in which any national of the Philippine Islands had any interest are required
by paragraph (3) of Public Circular No. 11, issued under Executive Order No. 8389, as amended,
and under section 130.4 of the Regulations of April 10, 1940, as amended. Series K of the
Form has been provided for these reports. Property located in the Philippine Islands need
not be reported.
Section II of this Circular contains general instructions applicable to all persons required to
report on Series K. Section III consists of a classification of property, which must be followed
strictly in reporting. Detailed instructions for filling out Series K are given in Section IV, and
Sections V to X are devoted to additional instructions pertaining to certain particular classes of
persons reporting, as outlined in the table of contents. Each of the sections of additional
instructions applies solely to reports by the class of persons referred to therein. Section XI
deals with exchange rates.
BEFORE ATTEMPTING TO PREPARE A REPORT, a person required to report
should read completely Sections II, III, and IV of this Circular, and if he comes within one of
the classes of persons for which additional instructions are provided, he should also read the
section devoted to that class of persons.
Copies of Executive Order No. 8389, as amended, the Regulations issued pursuant thereto,
this Circular and Public Circular No. 11, and Series K may be obtained from any Federal Reserve
Bank, the Governor of any territory or possession of the United States, and the Secretary of the
Treasury, Washington, D. C.
SECTION II—GENERAL INSTRUCTIONS
A. Property to be reported.—
(1) Basic requirement.—Except as special provision to the contrary appears in this Circular,
reports shall be made on Series K of Form TFR-300 with respect to ALL PROPERTY subject
to the jurisdiction of the United States on the opening of business on June 1, 1940, and with
respect to ALL PROPERTY subject to the jurisdiction of the United States on the opening of
business on January 1, 1942, in which on the respective dates, or either of them, any national of
the Philippine Islands had any interest of any nature whatsoever, direct or indirect. The
reports must be made whether or not the property is or has been blocked or subjected to any
restriction by or under Executive Order No. 8389, as amended. Section HI of this Circular
classifies property for purposes of reporting.
(2) Property in the Philippine Islands.—In accordance with the definition of "United
States" in Instruction C (3) below, property located in the Philippine Islands should not be
reported with respect to either June 1, 1940, or January 1, 1942.
(3) Property previously reported.—Reports which are required under this Circular must be
made even though some or all of the property involved has already been reported on a series of
Form TFR-300 other than Series K. Provision for reference to previous reports is made in
Part F of Series K.
441844—42
(1)
B. Who must make report.—Except as special provision to the contrary appears in this
Circular (see particularly Instruction G, below), report must be made on Series K by:
(1) Every national of the Philippine Islands in the United States with respect to all property
whatsoever subject to the jurisdiction of the United States on June 1,1940, or January
1,1942, in which on either or both dates he had any interest of any nature whatsoever,
direct or indirect;
(2) Every person in the United States,with respect to all property whatsoever held by him
or hi his custody, control, or possession, directly or indirectly, in trust or otherwise,
and all debts or other obligations whatsoever owed by or asserted against him, and
all contracts of any nature whatsoever to which he was a party, subject to the jurisdiction of the United States on June 1, 1940, or January 1, 1942, in which on either
or both dates any national of the Philippine Islands had any interest of any nature
whatsoever, direct or indirect;
(3) Every partnership, trust, association, corporation, or other organization, organized or
existing under the laws of the United States or of any state, territory, or district
of the United States, or having its principal place of business in the United States,
with respect to any shares of its stock, including any right or claim to ownership
or control or participation in ownership or control thereof or profits or income derived therefrom, or any equity in any of the foregoing, whether or not expressed
by written agreement or evidenced by any instrument, and with respect to all bonds,
debentures, notes, or other funded obligations or any equity therein, in any of which
any national of the Philippine Islands had on either or both June 1, 1940, and January
1, 1942, any interest of any nature whatsoever, direct or indirect;
(4) Every agent or representative in the United States for any national of the Philippine
Islands, having any information with respect to property subject to the jurisdiction
of the United States on June 1, 1940, or January 1, 1942, in which on either or both
dates the national for which he was agent or representative had any interest of any
nature whatsoever, direct or indirect, but such an agent or representative who files
a report in behalf of the national under paragraph (1) or reports under paragraph (2)
above need not file a duplicate report under this paragraph.
C. Definitions.—
(1) "Person" and "National".—The terms "person" and "national" are defined as follows
in section 5 of Executive Order No. 8389, as amended:
C. The term "person" means an individual, partnership, association, corporation, or other
organization.
*
*
*
*
*
*
*
E. The term "national" shall include,
(i) Any person who has been domiciled in, or a subject, citizen or resident of a foreign
country at any time on or since the effective date of this Order,
(ii) Any partnership, association, corporation or other organization, organized under the
laws of, or which on or since the effective date of this Order had or has had its principal place of
business in such foreign country, or which on or since such effective date was or has been controlled by, or a substantial part of the stock, shares, bonds, debentures, notes, drafts, or other
securities or obligations of which, was or has been owned or controlled by, directly or indirectly,
such foreign country and/or one or more nationals thereof as herein defined,
(iii) Any person to the extent that such person is, or has been, since such effective date,
acting or purporting to act directly or indirectly for the benefit or on behalf of any national of
such foreign country, and
(iv) Any other person who there is reasonable cause to believe is a "national" as herein
defined.
In any case in which by virtue of the foregoing definition a person is a national of more than one
foreign country, such person shall be deemed to be a national of each such foreign country. In any case
in which the combined interests of two or more foreign countries designated in this Order and/or nationals thereof are sufficient in the aggregate to constitute, within the meaning of the foregoing, control
or 25 per centum or more of the stock, shares, bonds, debentures, notes, drafts, or other securities or
obligations of a partnership, association, corporation or other organization, but such control or a substantial part of such stock, shares, bonds, debentures, notes, drafts, or other securities or obligations
is not held by any one such foreign country and/or national thereof, such partnership, association, corporation or other organization shall be deemed to be a national of each of such foreign countries. The
Secretary of the Treasury shall have full power to determine that any person is or shall be deemed to
be a "national" within the meaning of this definition, and the foreign country of which such person is
or shall be deemed to be a national. Without limitation of the foregoing, the term "national" shall
also include any other person who is determined by the Secretary of the Treasury to be, or to have been,
since such effective date, acting or purporting to act directly or indirectly for the benefit or under the
direction of a foreign country designated in this Order or national thereof, as herein defined.
It should be noted that the definition of "national" includes a citizen of the United States
who has resided in the Philippine Islands at any time on or since January 1, 1942. However,
see the exemptions provided by Instruction G (4).
(2) "Philippine Islands."—With respect to reports on Series K, the term "Philippine
Islands" shall include, but not by way of limitation:
(a) The Commonwealth of the Philippine Islands, and the Government thereof, on January
1, 1942, as well as any political subdivision, agency, or instrumentality thereof, or any
territory, dependency, possession, or place subject to the jurisdiction thereof;
(6) Any person to the extent that such person is or has been, or to the extent that there is
reasonable cause to believe is, or has been, since such effective date, acting or purporting to act, directly or indirectly for the benefit or on behalf of any of the foregoing.
(3) "United States."—With respect to reports on Series K, the term "United States"
means the United States and any place subject to the jurisdiction thereof, except the Philippine
Islands.
D. Doubt concerning necessity of reporting.—No person who is a national of the
Philippine Islands and is required to report on Series K is excused from reporting because of
any doubt he may have as to his status as a national. A person required to report concerning
property of another known to have had an interest in property should regard such other as a
national for the purposes hereof, if he has any reasonable cause to believe that such other is
or might be a national of the Philippine Islands. Similarly, a report should be made when
there is reasonable cause to believe that a known national of the Philippine Islands had an
interest in certain property, and also where there is reason to believe that a national had such
an interest but the identity of the national is in doubt.
E. Separation of reports for different nationals.—A separate report shall be made
with respect to each national of the Philippine Islands who has any interest in any property to be
reported, but all items of property of each such person shall be included in one report. For
example, if the person reporting owed debts to five different nationals he will make five separate
reports, listing on each report all of his debts to the particular national for whom that report is
made. If he owed one debt jointly to five nationals, he will also make five separate reports,
entering the whole debt on each. If it is known or there is reasonable cause to believe that a
national other than the national in whose name any property is carried has an interest in or adverse claim upon the property, the property must be shown on a report for each such national
interested or adverse claimant as well as for the national in whose name it is carried. Any
duplication in reporting the same property or debt on several reports, or duplication by reason
of several persons reporting the same property or debt, shall not excuse anyone from rendering
all reports required of him.
F. Time and place of filing report*—
(1) Time and place of filing.—Reports must be executed and filed in quadruplicate on or
before February 28,1942, with the Federal Reserve Bank of the district or the Governor of the
territory or possession of the United States in which the person filing the report resides or has
a principal place of business or principal office or agency, or if such person has no legal residence
or place of business or principal office or agency in a Federal Reserve district or a territory or
possession of the United States, then with the Federal Reserve Bank of New York or the Federal
Keserve Bank of San Francisco. Persons reporting should retain a copy of each report filed by
them.
(2) Discovery after February 28, 1942, that report is required.—If anyone fails to report concerning property of a person because he has no knowledge, notice, or other reasonable cause to
believe that such person is a national of the Philippine Islands, or that such person is interested
in certain property, he should file a report, with an explanation, as soon as he acquires knowledge,
or receives notice, or has reasonable cause to believe that a report is required.
(3) Change of circumstances after February 28, 1942.-—If under circumstances existing on
February 28, 1942, no report is required under any of the provisions of this Circular, with
respect to property of a particular person, a report need not be made concerning the property
of such person because of a change in his circumstances after that date, unless further provision
for report is made pursuant to Executive Order No. 8389, as amended, and the Regulations
issued pursuant thereto.
G. When no report need be filed.—No report need be filed if any one of the following conditions exists:
(1) If the total value of all property of any national which any one person would otherwise
be required to report was on both June 1, 1940, and January 1, 1942, less than $1,000,
provided that this exemption shall not apply to the lease of a safe deposit box, to
patents, trade-marks, copyrights, and franchises, to interests in partnerships, and
profit-sharing agreements, nor to property the value of which cannot readily be
determined, and provided further, that in arriving at the value of $1,000, no deduction
shall be made for offsets, liens, or other deductions from gross value; or
(2) If the national concerning whose property a report would otherwise be required, is
entitled to the benefits of General License No. 80, which reads in part,
A general license is hereby granted licensing as a generally licensed national any individual who
is a citizen of the Commonwealth of the Philippine Islands and residing only in the United States
or in the generally licensed trade area, as defined in General License No. 53.
(3) If the national concerning whose property a report would otherwise be required is
entitled to the benefits of General License No. 81, which reads,
A general license is hereby granted licensing as generally licensed nationals:
(a) The New York office of the Philippine National Bank; and
(6) The offices within the United States and the generally licensed trade area, as defined
in General License No. 53, of the Hong Kong and Shanghai Banking Corporation.
(4) If the national concerning whose property a report would otherwise be required is
entitled to the benefits of General License No. 82, which reads in part,
The government of the Commonwealth of the Philippine Islands, the United States High Commissioner to the Philippine Islands, and all officers of the United States Government within the
Philippine Islands are hereby licensed as generally licensed nationals; and all persons to the extent
that they are acting for and on behalf of the foregoing are hereby licensed as generally licensed
nationals.
In addition, no report is required with respect to the property of any citizen of the
United States residing in the Philippine Islands as a representative, agent, or employee
of the United States Government, or as a member of the military or naval forces of the
United States, who is a national of the Philippine Islands only by reason of residence
in the Philippine Islands in pursuance of his duties. No report need be made
with respect to the property of a citizen of the United States who is a national of the
Philippine Islands only by reason of residence in the Philippine Islands as a member
of the family of a person covered by the preceding sentence or General License No. 82.
Paragraph (3) of Public Circular No. 11 is hereby revoked so far as it requires
reports on Form TFR-300 with respect to property in which the Philippine Islands
had an interest.
No report need be made with respect to the property of a corporation or other organization
which is a national solely because of control by or an interest of a person or persons licensed
under General License No. 80, General License No. 81, or General License No. 82.
H. Penalties.—
(1) Section 5 (b) of the Act of October 6, 1917 (40 Stat. 415), as amended, applicable hereto
provides in part:
* * * Whoever willfully violates any of the provisions of this subdivision or of any license,
order, rule or regulation issued thereunder, shall, upon conviction, be fined not more than $10,000,
or, if a natural person, may be imprisoned for not more than ten years, or both; and any officer,
director, or agent of any corporation who knowingly participates in such violation may be punished
by a like fine, imprisonment, or both.
(2) Section 130.4 (c) (1) of the Regulations of April 10, 1940, as amended, issued under
Executive Order No. 8389, as amended, provides:
All spaces in the report must be properly filled in. Reports found not to be in proper form, or
lacking in essential details, shall not be deemed to have been filed in compliance with the Order.
I. Information regarding preparation of reports.—Anyone desiring information as to
whether or not he is required to make a report on Series K of Form TFR-300 may apply to any
Federal Reserve Bank.
SECTION III—PROPERTY CLASSES
Before preparing any report read this Section in detail.—This Circular requires reports on Form
TFR-300, Series K, of all property subject to the jurisdiction of the United States, in which
any national of the Philippine Islands had any interest on either or both June 1, 1940, and
January 1, 1942. In this Section property is classified for purposes of the reports. It is imperative that all property be entered under the correct type on Series K, which requires that the
person reporting state whether or not he has reported the value of all property he is called upon
to report therein.
Class A—Bullion, currency, and deposits.—(1) Bullion, both gold and silver; (2) Currency
and coin, United States and foreign; (3) Demand deposits payable in the United States in United
States dollars or foreign currency, including any and all demand deposits or accounts maintained
with any bank or broker, or others, in the national's own name or jointly with one or more other
persons, or on which he has authority to draw, or maintained in some other name for the present
or future benefit of the national, or hi which the national has an interest, whether or not he has
the right to draw thereon; (4) Other deposits payable in the United States in United States dollars
or foreign currency, maintained with any bank, broker, or others, including savings accounts,
compound interest accounts, accounts represented by certificates of deposit, postal savings
accounts, and any and all other accounts, other than demand deposits, maintained in the
national's own name or jointly with one or more other persons, or on which he has authority to
draw, or maintained in some other name for the present or future benefit of the national, or in
which the national has an interest, whether or not he has the right to draw thereon.
Class B—Financial securities*—(5) United States Government obligations, including all
United States bonds, registered or bearer, notes, bills, certificates of indebtedness, savings
stamps, matured coupons, attached or detached, and every other such direct obligation of the
United States Government, and all obligations evidenced by financial securities guaranteed as to
principal or interest by the United States Government, but not obligations not so guaranteed as
to principal or interest; (6) State, municipal, and other local government obligations, including
bonds, registered or bearer, matured coupons, attached or detached, notes, certificates of indebtedness, and any other such obligations of any state, territory, district, or possession of the United
States, and of any agency or instrumentality or subdivision thereof, and of all municipal corporations, including, without limitation, cities, towns, townships, counties, parishes, irrigation districts
school, water, drainage, and tax districts, special authorities, and any other similar obligations
6
and including certificates of deposit with respect to any of the foregoing; (7) Bonds of domestic
corporationsj including mortgage bonds, registered or bearer, and matured coupons, attached or
detached, debentures, notes, income bonds, and any other evidences of funded debt, past due
or to become due, and all receiver's or trustee's certificates and similar instruments, and any
other obligation evidenced by an instrument, negotiable or otherwise, representing funded
corporate debt, executed or issued by or in the name of any corporation organized under the laws
of the United States or of any state, territory, district, or possession thereof, including all such
obligations of any agency or instrumentality of the United States not guaranteed as to principal
or interest by the United States Government and including certificates of deposit with respect
to any of the foregoing; (8) Common stocks of domestic corporations, of whatever class, voting or
nonvoting, including debenture stock, participating stock, and any other type or kind of stock
[other than preferred stock], interests in voting trusts, stock pools, and similar interests, and
any trustee's certificates, by whatever name called, representing shares or beneficial interests in
any business trust or other type of unincorporated business organization except a partnership; (9) Preferred stocks of domestic corporations, including all stock, voting or nonvoting, issued
by any domestic corporation, to which any preference of any kind attaches, over any other issue
of stock of that same corporation; (10) Foreign securities held in the United States, including
mortgage and other bonds, registered or bearer, and matured coupons, attached or detached,
debentures, notes, and any other evidences of funded debt, past due or to become due, negotiable
or otherwise, executed or issued either within or without the United States by a foreign government or any subdivision, instrumentality, or agency thereof, whether or not incorporated, or by
any corporation or other association or organization, business or otherwise, organized and existing under the laws of any country other than the United States, representing funded debt
thereof, and all stock, common or preferred of all types or kinds, and any other instrument by
whatever name called, representing shares or beneficial interests in any such corporation, organization, or association and including certificates of deposit with respect to any of the foregoing;
(11) Warrants, scrip, rights, and options; other securities, warrants, scrip, rights, options, or
other instruments evidencing the right to receive, purchase, or acquire any financial security or
interest therein, absolutely or upon contingency, and all other contracts relating to the purchase
or sale of financial securities, issued or unissued; and any other financial securities whatsoever
or rights therein, commonly dealt in by bankers, brokers, and investment houses in the United
States or elsewhere.
Class C—Notes and drafts; debts to and claims by national.—(12) Checks, drafts,
acceptances, and notes, including all checks, cashier's or official bank checks, sight drafts, time
drafts, banker's acceptances, trade acceptances, promissory notes, and any and all other notes,
drafts, or bills of exchange, and payment orders and remittances; (13) Letters of credit, including
all similar instruments or agreements, wherein the obligation of any bank thereunder arises
directly or indirectly at the request of, or for the account of, a national or extends to any national
named in the letter of credit, or otherwise known, who has any rights, contingent or absolute, to
receive any payments in any amount pursuant to the terms of the letter of credit or in reimbursement for any unused portion thereof: (14) Debts, claims, demands, and contracts, including book
accounts, accounts receivable, judgments, awards; indebtedness and claims arising under contracts, policies of insurance, and surety and indemnity bonds; draw-backs, rebates, and refunds;
and including all other debts, claims, and demands due or past due for the payment of money
whether or not secured in any manner whatsoever [other than any represented by an instrument
evidencing funded debt, or classified under some other type], due or claimed to be due to a
national from any person or corporation residing or doing business in the United States or
subject to the jurisdiction thereof, except where the debt was payable only on special demand
and the place where due demand therefor could be made is not within the United States;and any
and all contracts and rights under contracts, not otherwise classified, to which a national was a
party or in which a national had any interest whatever, present or future, vested or contingent,
executory or partly executed, liquidated or unliquidated, regardless of the nature of the contract
or the nature and extent of the national's interest therein.
Class D—Miscellaneous personal property; personal property liens.—(15) Warehouse
receipts, bills of lading, and any and all other instruments, negotiable or otherwise, representing
claims to or on personal property; (16) Options and -futures in commodities, traded on any commodity exchange, including any interest in, or present or future claims to, any commodities
or the proceeds of the sale of any commodities; (17) Goods and merchandise for business use,
except jewelry, etc., including stocks of raw materials, agricultural products, goods in process,
finished goods in stock or on consignment, goods on vessels or otherwise in transit, other than
jewelry, precious stones, and precious metals; (18) Jewelry, precious stones, and precious metals,
other than bullion, whether held for personal use, or as stock in trade, or for other commercial
purposes; (19) Machinery, equipment, and livestock, for business use, all machinery or equipment on hand, stored, or in use, automobiles [business], trucks, automotive or otherwise, and
other vehicles, office equipment and furnishings, and whatever else of like or similar type,
customarily classified as machinery and equipment, vessels of any type and tonnage, charter
parties, and all other interests represented by instrument or otherwise in the ownership, rights
to possession, use, or control of any vessel [other than maritime or other liens thereon]; farm
machinery and equipment, livestock; and all other tangible personal property used in the
operation of any business or occupation; (20) Objects of art and furnishings for personal use,
including all art objects, coin and stamp collections, household furniture and furnishings, automobiles [personal], and all other tangible personal property not used for commercial purposes; (21)
Liens on and claims to personal property, not otherwise classified, including trust receipts, bills
of sale, contracts for conditional sale or resale, lease-sale arrangements, repurchase agreements,
chattel mortgages, pledges; maritime, cattle, timber, and crop liens; and all other instruments
not otherwise classified evidencing any lien on, or claim to, personal property, and all other liens
on or claims to personal property, not represented by any instrument by whatever name called,
arising by agreement or by operation of law.
Class E—Real property; mortgages; other rights to land*—(22) Lands and buildings
for personal use, including only property used exclusively as a dwelling by the national and his
family and not more than one other family; (23) Lands and buildings other than for personal
use, including all property used as a dwelling other than that classified under type 22 preceding,
all lands and the buildings, structures, and other improvements thereon used for commercial,
manufacturing, mercantile, agricultural, and other business purposes, and interests therein;
ground rents, leaseholds, together with rents, accrued or to accrue, tax warrants, easements,
mineral rights, oil rights, timber, and other rights in or to land or the products thereof or a
share therein, royalties, and any other rights in the lands of another; (24) Mortgages on real
property; other rights to land, mortgage bonds, mortgage notes [other than corporate mortgage
bonds or notes represented byfinancialsecurities], mortgage participation certificates, guaranteed
or otherwise, deeds of trust, and any other bond, note, or other instrument secured by a lien on
any real property or interest therein; contracts for the purchase and sale of real property, whether
or not partially executed, options, and any and all other rights or interests in or liens, vested or
contingent, upon real property or upon an interest in real property.
Class F—Patents, trade-marks, and copyrights; franchises.—(25) Patents, trade-marks,
copyrights, and inventions, including patents, trade-marks, registered or unregistered, copyrights, inventions, and secret processes, or any present, future, or contingent interest therein,
and agreements pertaining thereto; all rights incidental to the ownership of patents, trade-marks,
or copyrights, including applications therefor and licenses, by definition or otherwise, immunities, and assignments, relating thereto, and any other contracts affecting or involving the foregoing, such as, but not by way of limitation, the right to receive royalties, including any royalties
due and unpaid, royalties paid in advance, reciprocal licensing arrangements and contracts by
which any information in the nature of technical data, know-how, or otherwise, is transmitted or
exchanged, or any right therein by which any license or privilege is granted or may be exercised,
to examine the operations of any plant, factory, or other productive unit, to examine or supervise
the books thereof, to inspect any finished product, or to have the right of visitation or any other
441844—42
2
8
such right incidental to or separate from the right to receive royalties or other compensation;
(26) Franchises, concessions, licenses, and permits, by any of which any special right or privilege
may be exercised affecting the commencement, continuation, or conduct of a business, or as an
incident thereto.
Class G—Estates and trusts.—(27) Interests in estates and trusts, each and every right
or interest, present or future, absolute or contingent, in or to any of the property or estate of a
deceased person, which may belong to the national or in which he has an interest, whether the
same exists by reason of the provisions of a last will and testament or by operation of law in
case of the intestacy of the deceased, and all other rights or interests, present or future, absolute,
revocable or contingent, belonging to the national or in which he has an interest, in or to any
property or fund held or controlled by a trustee or other fiduciary by whatever name described.
Class H—Partnership and profit-sharing agreements.—(28) Interests under partnership
and profit-sharing agreements, all partnership agreements, general, special, limited, or other
type, agreements for joint adventures; profit-pooling and profit-sharing agreements and any
and all other rights to receive, or share in, profits of partnerships, business trusts, or other nonincorporated business organizations [not represented by a financial security], whether or not
the rights granted under such agreement are security for a debt due, or as a manner or method
of liquidating such debt or otherwise.
Class I—Insurance policies; annuities.—(29) Surrender value of insurance policies;
present value of annuities, of all types, including pensions and endowments and pension and
endowment contracts, determined in accordance with standard actuarial practice.
Class J—Other property.—(30) Other property, not classifable under types 1 to 29, including
any and all other property, real, personal, or mixed, tangible or intangible, or interest or interests
therein, present, future, or contingent; debts due or to become due, claims, demands, actions,
causes or things in action, or interest therein, not specified, mentioned, or referred to in any of the
foregoing property classes designated "Class A" to "Class I / ' inclusive.
SECTION IV—DETAILED INSTRUCTIONS FOR FILLING OUT FORM
1. Purpose of form*—Series K is to be used to report property of nationals of the Philippine
Islands as required under Public Circular No. 11 and this Circular. See particularly Instructions A, B, and C in Section II.
2. Instructions applicable to entire Series.—
(a) Reading Circular.—If you have not already read carefully Sections I, II, and III of
this Circular, do so before reading this Section. Persons coming within one of the classes of
persons for whom additional instructions have been provided in Sections V to X of this Circular
should also read the appropriate Section before attempting to prepare the reports.
(6) Answers required.—Each question on the Series must be answered and all the specific
information called for must be given. When there is nothing to report under any question or
if information is lacking, state "No," "None," or "Unknown," as the case may be, with an
explanation if required, except that in Part O spaces not needed for reporting should be left blank.
No person is excused from furnishing any information he reasonably should have.
(c) Number of copies required.—File each report in quadruplicate. You should retain, for
yourself, an additional copy of each report.
3. Nationality.—Enter in this space the name of each country, other than the Philippine
Islands, of which the person whose property is being reported is a national, as defined in Section
5E of Executive Order No. 8389, as amended. If the person is a national of any foreign country
in addition to being a national of the Philippine Islands, or if he is a national of the Philippine
Islands by reason of any fact other than having been a citizen thereof, the facts determining the
person's nationality must be stated in Part E. For example, Part E must be filled out in reporting the property of an American citizen resident in the Philippine Islands on or after January 1, 1942. In answering Part E, state all the facts concerning the nationality of the person
9
whose property is reported, including those relating to his status as a national of the Philippine
Islands.
4. Part A.—
(a) Name.—If the national is an individual doing business under a trade name, give that
name in addition to his actual name.
(6) Type of organization,-—With respect to individuals not engaged in business, insert a
dash (—). Concerning other persons, indicate the legal nature of their organization, e. g., individual proprietorship, partnership, corporation, business trust, etc.
(c) Citizenship.—If the national is not an individual, enter the name of the country, state,
district, territory, or possession under the laws of which it is incorporated, or if unincorporated,
in which it has its principal place of business. When the national is a subject or citizen of more
than one country state the name of each country, including the United States when that is one
of the countries.
5. Part B.—
(a) National reporting his own property.—A national reporting his own property should sign
his name in this Part, exactly as he signs the affidavit of the report, and should insert the number
1 in the box in the upper right-hand corner of the Part. No other entry should be made. A
national reporting his own property and also reporting property of another national or nationals
should execute one affidavit for his own report and another affidavit for the reports of property
of others. The reports for the other nationals should be prepared and numbered in accordance
with sub-instructions (b) and (c) below and the first such report should be numbered 2.
(b) Persons reporting property of others.—A person reporting the property of another should
state in Part B, as indicated in the margin thereof, (a) its name, (b) its address, (c) its business,
(d) the state or country of which it is a citizen or under the laws of which it is incorporated or, if
unincorporated, in which it has its principal place of business, (e) if the person reporting is a
national as defined in Section 5E of Executive Order No. 8389, as amended, the name of each
country of which it is a national, and (f) its relationship to the national whose property is being
reported, e. g.} as agent, trustee, nominee, custodian, debtor, banker, broker, etc. The statements must be precisely the same as the corresponding entries at the top of the affidavit under
the caption "Name of person making report." The information may be given by any method
producing a readily legible impression, including a rubber stamp.
(c) Box for number.—Each report made on Series K by any one person is to be numbered
consecutively in the box in the upper right-hand corner of Part B, beginning with the number 1,
and the numbers so assigned are to be stated in the space provided in the affidavit of the report
form. Nationals reporting for themselves must observe sub-instruction (a), above.
6. Part C—Schedule L
(a) General.—This Schedule requires the valuation of all the property of the national
within each property type contained in the classification set out in Section III of this Circular,
which must be followed strictly, but property not falling under any of the other types of the
classification must be reported under type 30. No property shall be reported under type 30 if
it constitutes property reportable as any other type.
(b) Valuation.—Enter in Column (a) the total value of the items of each type of property
held on January 1, 1942, at the market price at the close of business on December 31, 1941, or,
if such price is not available, at the estimated value on January 1, 1942. In estimating value, the
last sale price or bid, if reasonably close to January 1, may be used as a basis. Enter in Column
(b) the total value of the items of each type of property reported as being held on June 1, 1940.
The January 1} 1942, unit value shall be used in both Column (a) and Column (b). In other
words, if the same number of units of a particular kind of property was held on both June 1,
1940, and January 1, 1942, enter the same amount in Column (b) as in Column (a). If the
number of units of a kind of property held on June 1, 1940, was different from the number held
on January 1, 1942, use the same per unit value with respect to Column (b) as is used regarding
10
Column (a), but apply the unit value to the number of units actually held on June 1, 1940. In
any case where property was held only on June 1, 1940, none of it being held on January 1, 1942,
the value should still be reported on the basis of the unit value on January 1, 1942, unless such
value is not determinable, in which event the value of the property on June 1, 1940, should be
entered in Column (b). When the June 1, 1940, value is used, an appropriate notation should
be made.
All amounts reported should be given in dollars, to the nearest dollar. Do not enter fractions
of a dollar on the report. However, in determining the value of a property item consisting of
more than one unit, fractions of a dollar in the unit value should not be disregarded. For
example, if ten shares of a particular stock are to be reported and the value of each share was
$116%, so that the exact total value was $1,163.75, you should enter $1,164 on the report.
(c) Value expressed in foreign currency.—Property, the value of which was expressed in a
foreign currency, or which was to be paid or liquidated in a foreign currency, shall be valued
at the dollar value if dollar market value existed for such property itself; if not, the foreign
currency value thereof shall be converted into dollars, in accordance with the instructions
relating to exchange rates given in Section XI of this Circular.
(d) Property of indeterminable value.—In reporting property of indeterminable value, enter
"indeterminable" under the appropriate property type in Schedule I and describe the property
in Schedule III, as required by Instruction 8, below. When property of determinable value
and property of indeterminable value are to be reported under one property type in Schedule I,
the determinable amount should be entered under the property type without indication of the
property having indeterminable value, but descriptions of the items should be given in Schedule
III in accordance with Instruction 8.
(e) Inventories.—If in the regular course of its business, a national engaged in business
prepared inventories of merchandise, and machinery and equipment, or either, between July 1,
1941, and January 1, 1942, and between December 31, 1939, and July 1, 1940, or during either
of the foregoing periods, and if the information required to be furnished in Schedule I is not
available from other existing records of the national, such inventories prepared nearest to the
respective reporting dates and the values indicated thereon may be used in filling out Schedule
I, with appropriate notation of such use, including the dates of the inventories.
(f) Orders for goods.—Orders for goods and contracts for the sale of goods, including long
term merchandise contracts, need not be reported.
{g) Goods in transit.—Keport is not required with respect to goods in transit, but all goods
held or stored by or for a national, including goods stored by carriers, must be reported.
(h) Agency, distributor's, and employment contracts.—Agency, distributor's, and employment contracts need not be reported, but report must be made of compensation due under
such a contract.
7. Part C—Schedule II*—This Schedule requires a statement of the indebtedness of the
national payable to persons in the United States, within each indebtedness type as classified
and described in the Schedule. State under each type only the total amount of indebtedness
of that type being reported. Nationals reporting for themselves should enter all their indebtedness of each type. Persons reporting concerning nationals should enter only the indebtedness
owed by the national to them. All amounts should be given in dollarsJ to the nearest dollar. Do
not enter fractions of a dollar. Indebtedness payable in foreign currency should be converted
into dollars in accordance with the instructions relating to exchange rates given in Section XI
of this Circular,
8. Part C—Schedule IIL—
(a) Property items to be listed.—List in this Schedule, in the order in which the property types
are given in Schedule I of this Part, each item of property of the value of $1,000 or more either
on June 1, 1940, or on January 1, 1942, or both, concerning which report is being made. Property items included in Class F, {. e., patents, trademarks, copyrights, and franchises, and in
Class H, i. e., partnership and profit-sharing agreements, shall be listed even though valued
11
at less than $1,000. However, no reference whatever should be made to any invention with
respect to which a secrecy order has been issued by the Commissioner of Patents pursuant to
the Act of October 6, 1917 (40 Stat. 394), as amended. Also list all items of property, the
value of which is not readily determinable. Except as provided in this paragraph, property
items of a value less than $1,000 should not be listed in this Schedule, although the value of
each must be included in the total value of property of the appropriate type in Schedule I.
(b) Definition oj property item.—A property item is any unit of property commonly bought,
sold, assigned, released, or alienated, except that the total of wholly similar units of the same
kind is regarded as one item, such as a number of certificates each for shares of stock of the same
issue, or a number of bonds of the same issue, or several head of cattle. The total number of
units of such property shall be stated, but in other respects the property may be treated entirely
as one item. Several bank accounts with the same institution, or several debts payable by the
same debtor, shall be itemized separately in this Schedule if the aggregate amount thereof
exceeds $1,000, even though each individual item is less than $1,000.
(c) Method of listing.—Enter in Column (a) the number of the property type in which the
item is included. Enter in Column (b) a short description or identification of the property
item. In case of property, such as a patent, commonly referred to by number or other similar
designation, state briefly the object or nature of the property in addition to the number or other
designation. With regard to property other than debts and claims, enter in Column (c) the name
and address of the person with whom the property was deposited or by whom it was held, and
give the number or other designation of any safe deposit box or similar receptacle in which the
property was kept. ^Respecting debts owed to and claims made by the national, state the name
and address of the debtor and disregard the location of the evidence of indebtedness. If the
property was held by or owed by the person reporting, it will suffice to state "Person reporting"
in place of the name and address. Enter in Columns (d) and (e) the value of each property
item on January 1, 1942, and June 1, 1940, as determined in accordance with the provisions for
valuation contained in Instruction 6, above.
(d) Continuation sheets.—Continuation sheets identical in form with Schedule III are
provided for the use of persons reporting who find the space in Schedule III insufficient.
9. Part C.—Schedule IV.—Keport in this Schedule any safe deposit box, or other similar
receptacle for the safe keeping of property, (i) which was maintained in the national's own
name or jointly with others, or in which property belonging to the national was kept, whether or
not he had access thereto; and (b) to which he had access as deputy, attorney, or otherwise.
When report is being made by the lessor or grantor, it will suffice to state "Person reporting" in
the space provided for the name and address of the lessor or grantor. If the property kept in the
safe deposit box is known to the person reporting, he must enter it in Schedules I and III of Part
C, as appropriate, in addition to filling in this Schedule. Safe deposit boxes themselves should
not be reported elsewhere than in Schedule IV.
10. Part D.—All the information called for in the questions under this part must be given
as of both June 1, 1940, and January 1, 1942, for each of the property items listed in Part C,
Schedule III and each of the safe deposit boxes reported in Schedule IV. If a property item or
safe deposit box was held on only one date, give the information as of that date. In the answers
each item of property shall be designated by the number of its type and by its description in
Part C, Schedule III. Safe deposit boxes shall be identified by the number or other designation
given in Schedule IV.
With respect to safe deposit boxes the phrase "any interest" in Question 1 of Part D shall
include rights or privileges of persons other than the national to enter a box as deputy, attorney,
or otherwise, or any other rights of a person other than the national with respect to the box or its
contents.
11. Part F.—The requirements of this Part do not extend to cases in which the interest of
the national of the Philippine Islands in the property reported on another series arose after the
date or dates for which the property was reported on that series. If a previous report was filed
12
with the Governor or High Commissioner of a territory or possession of the United States, enter
the name of the territory or possession in the column headed "Federal Reserve Bank with which
report filed."
12. Affidavit.—
(a) Necessity of execution.—The affidavit must be signed and sworn (affirmed) to before an
officer authorized to administer oaths, whose seal must be affixed. Reports will not be accepted
unless the affidavit is properly executed in every particular.
(b) Number of affidavits.—Except as provided in Instruction 5 (a) above, only one affidavit
is required to cover all reports made by any one person on Series K. The affidavit should be
filed in quadruplicate. Only one copy need be attested, but the other copies must be fully
conformed except as to the notarial seal.
(c) Name of person making report.—With respect to a national reporting for himself, the
information given in this section of the affidavit must be exactly the same as the corresponding
information in Part A of the report. In case of other persons reporting, the information must
be exactly the same as the corresponding information in Part B of each report.
(d) Body of affidavit—A person reporting shall state in the spaces provided in the body of
the affidavit the consecutive numbers assigned to his reports in accordance with Instruction 5 (c)
above.
(e) Who shall execute.—Affidavits in behalf of partnerships shall be executed by a partner.
Affidavits in behalf of any other organization shall be executed by the president, vice-president,
secretary or some other principal officer authorized to make the report on behalf of the organization. In case of a national reporting his own property, the signature must correspond exactly
with that appearing in Part B of the report, in accordance with Instruction 5 (a) above.
SECTION V—ADDITIONAL INSTRUCTIONS FOR BANKS
1. Definition of "bariU?\—For the purposes of this Section only the term "bank" shall
mean any branch or office within the United States of any national banking association, bank,
private banker, trust company, or savings bank, organized under the banking laws of the United
States, or of any state, territory, district, or possession thereof, or authorized under such laws
to conduct the business of banking subject to supervision and examination pursuant to such
laws.
2. Part C—Schedule L—
(a) Property not required to be reported for June 1, 1940.—Letters of credit, certified checks,
drafts, acceptances, and collection items need not be reported by banks for June 1, 1940. However, all of these kinds of property must be reported for January 1,^1942.
(b) Detailed instructions regarding*certain kinds of property—
(i) Deposits—Property types 8 and 4-—Under each type give the total balance of
the national's credit accounts of that type. The amount of items received for collection
for the account of the national and credited to his account, whether provisionally or finally,
should be included under these types. Include also sight or cash items in process of collection for deposit, but the amount of any other kinds of items received for collection and
not credited should be reported under the appropriate property type.
(ii) Cashier's and certified checks^ and bank acceptances—Property type 12.—Under this
type give the total amount of all cashier's, or other official bank checks, all certified checks,
and the total amount of all drafts accepted by the reporting bank drawn by or payable to
the national, which were outstanding as of January 1, 1942. Include cashier's or other
official bank checks of the reporting bank purchased by the national and, when appropriate
records are available, such checks issued to his order. As to certified checks include checks
on the national's account, and, when appropriate records are available, checks payable to
the order of the national from an account with the reporting bank, certified by the reporting
13
bank. With regard to drafts include those drawn and accepted under or pursuant to the
terms of any letter of credit.
(iii) Letters of credit—Property type IS.—Under this type give the total unexpended or
unused and then available amount of all letters of credit, whether or not prepaid, including
travelers' checks, outstanding on January 1, 1942, under which the national had any rights,
contingent or absolute, to receive any payments in any amount pursuant to the terms of
the letter of credit or in reimbursement for any unused portion thereof. In determining
the unexpended or unused available amount of a letter of credit deduct from the face amount
thereof or from the upper limit of credit, if greater than the face amount thereof, the amount
of any drafts drawn and accepted thereunder, whether or not paid. No deduction or other
adjustment should be made for any cash or other collateral or for any contingent liability
under the letter of credit on the part of the person at whose request the credit was opened.
Cash collateral should be reported under deposits. Other collateral should be reported
under the respective property types.
(iv) Collection items.—All collection items other than those required by paragraph (i)
above to be included in deposits should be reported under the property type within which
the items fall in the classification set out in Section III of this Circular. Proceeds of
collection should in all cases be reported as a deposit. The bank within the United States
initially receiving an item for collection must report the item; its sub-agents need not report.
(v) Financial securities held in custody—Property GlassB.—If the financial securities held
in custody or as collateral on June l t 1940, cannot be ascertained with reasonable facility
from the records of the bank, the securities, but not the values thereof, shown in the latest
statement, audit, or reconcilement, if any, of the account made between December 31,1939,
and June 1, 1940, may be used in the Schedule. If values given in Column (b) of the
Schedule are based on a statement, audit,or reconcilement of a date other than June 1,1940,
so indicate and state the date thereof at the end of the first page of the report. "Custody"
shall include customer's securities accounts, security depot or deposit accounts, safe-keeping
accounts, safe deposit boxes to which the bank has access and the contents of which are
known to the bank, and any other form of custody in which a bank holds securities as agent,
either alone or jointly with others.
3. Part C—Schedule IIL—
(a) Deposits.—In describing deposits under Column (b), state in addition to any other pertinent information the name of the account and the account number. Attention is directed to
the requirement of Instruction 8 (b) in Section IV that several bank accounts with the same
institution shall be itemized separately, even though each individual item is less than $1,000.
(6) Cashier's and certified checks, and bank acceptances.—In describing cashier's and certified
checks under Column (b), state in addition to any other pertinent information the name and
nationality of the payee. The description of a bank acceptance should include the date of the
acceptance, in addition to the information necessary to identification of the item.
(c) Letters of credit.—In describing letters of credit under Column (b) state in addition
to any other pertinent information (i) the type of the letter of credit, as for example whether
"confirmed" or "unconfirmed", revocable or irrevocable, or revolving (cumulative or noncumulative), (ii) the terms of payment, as for example "at sight" or "acceptance, thirty, sixty,
and ninety days", (iii) the person who could draw under the letter of credit, (iv) the person at
whose request the letter of credit was opened (i. e.f the settler, purchaser, etc.), and (v) any
other relevant terms or conditions of the letter of credit. The information should be given in
the order specified.
If the national was liable to the reporting bank for any drafts which thereafter might be
drawn by the national and accepted under the unused portion of a letter of credit reported as
property of the national, enter as part of the description in Column (b) the words "Contingent
liability of national under letter of credit" followed by the [excess of the total unused balance
14
of the letter of credit over the total unused prepayment, if any, for the letter of credit. Liability of the national for acceptances actually oustanding and for the unused portion of letters
of credit which are not required to be reported as property of the national should be entered
under Schedule II.
(d) Financial securities held in custody.-—Iffinancialsecurities appearing in any statement,
audit, or reconcilement relied on under Schedule I are listed in this Schedule appropriate indication must be made.
SECTION VI—ADDITIONAL INSTRUCTIONS FOR BROKERS
1. Part C—Schedule I.—
(a) Use of statement, audit, or reconcilement.—If the securities or other property held for a
customer on June 1, 1940, cannot be ascertained from the records of the broker, the property,
but not the values thereof, shown in the latest statement, audit, or reconcilement, if any, of
the account made between December 31, 1939, and June 1, 1940, may be used in this Schedule.
In case of inactive accounts, audited not more often than once in six months, the statement,
audit, or reconcilement nearest to June 1, 1940, made between December 31, 1939, and July
1, 1940, may be used. If values given in Column (b) of the Schedule are based on a statement,
audit, or reconcilement of a date other than June 1, 1940, so indicate, and state the date thereof
at the end of the first page of the form.
(6) Debit balances.—No deduction shall be made for debit balances or other offsets or claims
by the broker reporting, that is, if the national had two accounts with the broker, one of which
showed a credit balance and the other a debit balance, the full amount of the credit balance must
be entered. Debit balances should be entered in Schedule II of this Part.
2. Part C—Schedule II.—Enter in Column (a) the total amount of indebtedness in
dollars as of January 1, 1942, and in Column (b) the total amount in dollars as of June 1, 1940.
Unrealized losses on puts, calls, and similar contracts on which the national is obligated, as
well as unrealized losses on unissued securities, should be entered in this Schedule, with appropriate notation at the end of the Schedule. Indebtedness need not be itemized.
3. Part C—Schedule III.—If property items appearing in any statement, audit, or reconcilement relied on under Schedule I are listed in this Schedule, appropriate indication must
be made.
SECTION VII—ADDITIONAL INSTRUCTIONS TO EXPORTERS AND IMPORTERS
1. Part C—Schedule /.—The attention of exporters and importers is particularly directed
to sub-instructions (f), (g), and (h), in Instruction 6 of this Circular, providing that report need
not be made with respect to orders for goods, goods in transit, and agency, distributor's and
employment contracts, respectively. In addition, exporters and importers need not make any
report with respect to letters of credit, except that exporters and importers who are nationals
of the Philippine Islands must report their own interests in letters of credit.
SECTION VIII—ADDITIONAL INSTRUCTIONS FOR INSURANCE COMPANIES
1. Definitions.—
(a) "Insurance policy."—"Insurance policy" shall include when appropriate, but not by
way of limitation, fidelity and surety bonds and contracts of reinsurance.
(6) "Ascertained value."—"Ascertained value" shall mean the value at a given date to the
beneficiary of a paid-up or partly paid-up contract, such as an annuity contract, to make a
payment or payments in the future, computed in accordance with standard actuarial practice.
2. Part C—Schedule /.—
(a) Insurance policies.—Report under property type 29 insurance policies with a cash surrender or paid-up value upon which the national had any right whatsoever'to realize or draw.
The interest hi an unmatured policy of a beneficiary who had no right to draw upon cash sur-
15
render or paid-up value prior to maturity should not be reported. Do not include policies of
insurance, such as fire insurance, having no immediate value other than an unearned or return
premium. Give the values without deduction for loans or advances under or against the policy,
which should be entered in Part C, Schedule II, with an appropriate notation at the end of the
Schedule.
(6) Annuity contracts.—Also report under property type 29 annuity contracts, pensions,
and other similar contracts and arrangements with an ascertained value, as defined in Instruction
1 (b), in which the national had an interest. Such contracts should be reported whether or not
payment under them had begun on either June 1, 1940, or January 1, 1942. Give the values
without deduction for loans or advances under or against the contract, which should be entered
in Part C, Schedule II, with appropriate notation at the end of the Schedule.
(c) Claims and indebtedness arising under insurance policies*—Report in property type 14
claims and indebtedness arising under insurance policies in which the national had any interest.
Keport must be made whether or not the claim or indebtedness is admitted. Include claims
and indebtedness resulting from an election by the insured to take cash surrender value and the
like and those representing proceeds of a policy left with an insurer and the like, as well as claims
and indebtedness arising because of the occurrence of a contingency covered by a policy. Do
not include annuities in any way, except annuity installments actually accrued but unpaid.
State the amount of claims and indebtedness without deduction for loans or offsets due or
claimed to be due to the insurance company. Such loans or offsets should be listed in Part C,
Schedule II with appropriate notation at the end of the Schedule.
SECTION IX—ADDITIONAL INSTRUCTIONS FOR ORGANIZATIONS
SECURITIES
ISSUING
1. Scope of Section*—This Section relates to reports required by paragraph (3) under
Instruction B of Section II of this Circular to be made by organizations issuing financial securities
as defined in Property Class B. Bearer securities must be reported when the organization
reporting has any reason to believe that a national had an interest in them, as through a mailing
address for dividends or for remittance of interest. The section does not apply to reports of
the interest of partners under a partnership contract or of obligations of other business enterprises
which do not constitute financial securities.
2. Separation of reports*—An organization making a report of securities as required by
this Section shall not include any other property, except dividends and interest as provided under
Instruction 4 (c), below. If an organization which has issued securities to a national holds
other property for him, it must file two reports. However, all securities issued by the organization in which a particular national has an interest should be included in one report even though of
different kinds, issues, or series.
3. Part B.—A person reporting pursuant to this Section must enter under the caption
"relationship" the words "Organization issuing securities/'
4. Part C—Schedule /.—
(a) Valuation.—If the value of a security cannot fairly be ascertained by the method
provided in Instruction 6 (b), under Section IV of this Circular, use the book value. When the
book value on January 1, 1942 cannot be readily ascertained from the records of the organization
reporting, the value shown in a statement, audit, or report made between July 1, 1941, and January 1,1942, may be used, but when no such statement, audit, or report is available the book value
on January 1, 1942, must be used. Indicate the method of valuation if the value other than
market value at the close of business on December 31, 1941, is used.
(b) Record date.—If desired, the organization reporting may give the security holdings of
nationals, but not the valuation of those holdings, as of the nearest date before June 1, 1940, on
which a record was established of the holders of securities of a particular issue, provided, however,
that such date shall not be prior to December 31, 1939. In such a case the record date with
respect to each issue which is reported for the national should be stated clearly at the end of
page one of the report.
16
(c) Dividends and interest—When stock or a similar security is reported, enter in property
type 14 any amount due and owing to the national by reason of any dividend declared to stockholders of record on or prior to either June 1, 1940 (or alternative date), or January 1, 1942.
Do not include a dividend for which a check had been mailed in the regular course of business
unless the check had been returned undelivered, in which event the dividend must be included.
When funded debt or a similar obligation is reported, enter the amount ot interest due and
payable, unless the security was in default.
5. Part C—Schedule HI.—
(a) Description of issue.—In Column (b) describe each issue of securities of which the national
had a holding, stating (i) the type of securities, i. e., bonds, notes, common stock, preferred
stock, etc., and (ii) the full title of the issue. If the national had an interest in securities of
more than one issue, the holdings of that issue should be described immediately after the general
description required for the issue, so that all the holdings of any one issue follow immediately
after the description of that issue without any intermingling of holdings of other issues.
(b) Description oj each holding.—In describing particular holdings of securities state in
Column (b) the exact name in which the securities were held and the number of shares, or face
value of bonds, as the case may be. When any of the holdings are shown as of a record date
other than June 1, 1940, the date should be stated in the description.
(c) Column (c).—An organization issuing securities may insert the word "Issuer" in this
column.
SECTION X—ADDITIONAL INSTRUCTIONS FOR TRUSTEES AND OTHER REPRESENTATIVES OF ESTATES AND TRUSTS AND FOR MEMBERS OF PARTNERSHIPS
1. General requirements for report.—
(a) Report of property of estate or trust.—Trustees or other representatives of estates and
trusts which are nationals of the Philippine Islands must report the trust property on Series K.
In any event, the trustees or other representatives of trusts or estates in which an existing national, or nationals, of the Philippine Islands, as beneficiary had any interest, vested or contingent, obliged to be reported, including interests in income, shall report the property of the
trust on Series K, when the total national interests on either or both June 1, 1940, and January 1,
1942, exceeded 25 percent of comparable interests in the trust. The report for the trust should
contain on a suitable attached sheet a brief but definite description of the rights of all existing
beneficiaries who are nationals of the Philippine Islands.
(b) Report of beneficiary's interest.—A trustee or other representative of an estate or trust
shall report any report-able interest of a beneficiary under a trust, with a clear reference to the
report, if any, required for the trust. Except in the case of specific devises, legacies, or bequests,
the beneficiary's interest should be reported under property type 27 only. A description of the
rights of the beneficiary, similar to that required on reports for trusts, should in any case be given
on the report for the beneficiary. None of the assets of the trust should be entered on the
report for the beneficiary but the total amount of such assets should be given with the description
of the beneficiary's rights. If more than one national was a beneficiary, a separate report must
be made for each.
(c) Business trusts.—Trustees of business trusts in which the interests of beneficiaries are
represented by financial securities should report the property of the trust if the trust itself is a
national, and should file separate reports with respect to the interests of each national beneficiary
in accordance with the instructions to organizations issuing securities given in Section IX of this
Circular. The preceding sub-instructions do not apply to such business trusts.
(d) Partnerships.—Principles analogous to the requirements of sub-instructions (a) and (6),
above, should be applied by members of partnerships with respect to partnership property and
the interests of the members.
2. Part A.—In reporting the property of a trust or estate the trustee or other representative may enter his own name followed by an appropriate phrase, e. g., "as trustee under the will
of X."
17
3. Nationality.—Reports for estates and trusts, other than business trusts in which the
interests of the beneficiaries were represented by financial securities, shall state the country or
countries of which the trust itself is a national, and in any case shall state the country or countries
of which each beneficiary of the trust is a national. Similar statement shall be made for partnerships. All entries made under the caption must be explained in Part E. If the only entries
required are the countries of which the beneficiaries or partners, as the case may be, are nationals,
it will suffice to state that fact in Part E without further explanation.
4. Affidavit.—A trustee or other representative of a trust or estate need execute only one
affidavit with respect to all reports relating to the trust, including reports of the interests of
beneficiaries, but if he was trustee of more than one trust, a separate affidavit must be executed
with respect to the reports relating to each trust.
SECTION XI—TABLE OF EXCHANGE RATES
Where the value of property is expressed in terms of foreign currency, such values should be
converted into dollars at the rates of exchange set forth below. Where no rate is given for a
country, the latest rate next before January 1, 1942, as generally quoted by foreign exchange
dealers or other recognized sources of information shall be used. Such rate should be clearly
stated in the report. The exchange rates given in this table are for use only in preparing reports
on Form TFE-300, Series K, and are not intended to be used or relied upon in any other connection or for any other purpose whatsoever.
COUNTRY
Argentina
Australia
Belgium
Bolivia
_
Brazil
British India
Bulgaria
Canada
Chile.
China
Colombia
Cuba
Denmark
Ecuador
Egypt
Eire
Finland
France
French Indo China.
Germany
Greece
Hong Kong
Hungary
Italy
Monetary Unit
U.S.
Cents
per
Unit
COUNTRY
Peso
Pound
Belga
Boliviano.
Milreis.__
Rupee
Lev
Dollar
Peso
Yuan
Peso
Peso
__
Krone
Sucre
Pound
Pound
Markka
Franc
Piaster
Reichsmark.
Drachma
Dollar
Pengo
Lira
23.4
323.0
17.0
2.2
5.1
30.2
1.2
91.0
3.2
5.3
57.0
100.0
19.3
6.7
415.4
404.0
2.0
2.3
23.0
40.0
.7
25.1
19.5
5.3
Japan
Mexico
Netherlands
Netherlands East Indies
Netherlands West Indies-.
New Zealand
Norway
Panama
Peru
Philippine Islands
Poland
Portugal
Rumania
Russia,South Africa
Spain
Straits Settlement
Sweden
Switzerland
Turkey
United Kingdom
Uruguay..
Venezuela
Yugoslavia
__
Monetary Unit
U.S.
Cents
per
Unit
Yen.
Peso.
23.4
20.6
•Guilder.
53.0
Pound_
Krone..
Balboa.
Sol
Peso
Zloty...
EscudoLeu
Ruble...
Pound.„
Peseta. _
Dollar. _
Krona. Franc—.
Pound._
Pound..
Peso
Bolivar..
Dinar...
323.0
23.0
100.0
15.4
50.0
20.0
4.0
.5
19.0
398.0
9.0
47.2
23.9
23.3
75.0
403.0
52.7
26.6
2.0
E. H. FOLEY, Jr.,
Acting Secretary of the Treasury.
@FedFRASER