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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
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7
