The Federal reserve act (approved December 23, 1913) as amended to March 4, 1931

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Monograph

Identifikator:: 1856431436

URN:: urn:nbn:de:zbw-retromon-262738

Document type:: Monograph

Title:: The Federal reserve act (approved December 23, 1913) as amended to March 4, 1931

Place of publication:: Washington

Publisher:: United States Government Printing Office

Year of publication:: 1931

Scope:: ii, 170 Seiten

Digitisation:: 2022

Collection:: Economics Books

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33 ved yur, 10g sll the the oe or T8" y of he tes ris- pin yn rad his ra~ WS to ers ity aS ny (ve by nd on = )30 APPENDIX by the Director of the Mint and be proclaimed by. the Secretary of the Treasury quarterly on the 1st day of January, April, July, and October in each year.” (b) ProCLAIMED VALUE BASIS OF CONVERsION.—For the purpose of the assessment and collection of duties Upon merchandise imported into the United States on or bfter the day of the enactment of this Act, wherever it is hecessary to convert foreign currency into currency of the United States, such conversion, except as provided in Subdivision (c), shall be made at the values proclaimed by the Secretary of the Treasury under the provisions of Section 25 of such Act of August 27, 1894, as amended, for the quarter in which the merchandise was exported. (¢) MARKET RATE WHEN NO PROCLAMATION.—If no such value has been proclaimed, or if the value so proclaimed varies by 5 per centum or more from a value measured by the buying rate in the New York market at noon on the day of exportation, conversion shall be made at a value measured by such buying rate. If the date of 8Xportation falls upon a Sunday or holiday, then the buying rate at noon on the last preceding business day shall be used. ~ For the purposes of this subdivision such buying rate shall be the buying rate for cable transfers Payable in the foreign currency so to be converted; and shall be determined by the Federal Reserve Bank of New York and certified daily to the Secretary of the Treasury, who shall make it public at such times and to such extent 8s he deems necessary. In ascertaining such buying rate Such Federal reserve bank may in its discretion (1) take Into consideration the last ascertainable transactions and Quotations, whether direct or through exchange of other Currencies, and (2) if there is no market buying rate for such cable transfers, calculate such rate from actual transactions and quotations in demand or time bills of exchange. 105 RY )4, 118 .d, ed be (Cy he 7

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