Ask the Scholar

{
    "localId": "502720482",
    "label": "Chinese Government United States Dollar Savings Certificates",
    "core": "doc",
    "dtoType": "document",
    "citationUrl": "https://catalog.archives.gov/id/502720482"
}

{
    "id": "502720482",
    "sourceUrl": "https://catalog.archives.gov/id/502720482",
    "contentType": "document",
    "title": "Chinese Government United States Dollar Savings Certificates",
    "citationUrl": "https://catalog.archives.gov/id/502720482",
    "collections": [
        "President's Secretary's Files (Truman Administration)",
        "Subject Files"
    ],
    "iiifBase": "https://s3.us-east-1.amazonaws.com/NARAprodstorage/lz/presidential-libraries/truman/hst-psf/602191/750123/750123-15-001.tif",
    "thumbnailUrl": "https://s3.us-east-1.amazonaws.com/NARAprodstorage/lz/presidential-libraries/truman/hst-psf/602191/750123/750123-15-001.tif",
    "largeImageUrl": "https://s3.us-east-1.amazonaws.com/NARAprodstorage/lz/presidential-libraries/truman/hst-psf/602191/750123/750123-15-001.tif",
    "imageCount": 5,
    "hasImages": true,
    "source": "import",
    "hasTranscription": false
}

{
    "url": "https://catalog.archives.gov/id/502720482",
    "naId": 502720482,
    "levelOfDescription": "item",
    "recordType": "description",
    "ocrSource": "nara-archive"
}

{
    "seq": 2,
    "pageIndex": 0,
    "type": "photo",
    "url": "https://s3.us-east-1.amazonaws.com/NARAprodstorage/lz/presidential-libraries/truman/hst-psf/602191/750123/750123-15-002.tif",
    "mediaId": "edb10e5c269e0a2e",
    "ocrText": "- 2 -\nA second statement supplied by Mou, a breakdown of sales by issuing bank,\nshowed approximately the same total but classified some $10 million there-\n7\nof as \"Food Savings Certificates\". No further information on such certi-\nficates was obtainable. (For both statements, see Exhibit I, Foreign Funds\nControl Investigative Section, Report 9-2939 of January 24, 1945.)\nThe mechanics of payment were as follows. On April 15, 1942, pursuant\nto the request of the Chinese Minister of Finance and in accordance with\nthe terms of the March 21, 1942 agreement, $100 million was transferred by\nthe Treasury to the Federal Reserve Bank of New York and set up on its books\nin an account in the name of the Central Bank of China as fiscal agent of\nthe Chinese Government and designated \"Chinese National Government Savings\nCertificates Account\". From this account the Central Bank of China from\ntime to time ordered transfers for credit to one of the U. S. dollar Savings\nCertificate accounts set up on the books of the Bank of China, New York, in\nthe names of the six issuing banks in China. Transfers to these six accounts\ncould also be made from the Central Bank of China's credit balance with the\nBank of China, New York, although there is no indication that any such trans-\nfers were made. The Bank of China, New York, as sole paying agent, made\noutpayments to the debit of the certificates accounts either on presentation\nof a matured draft or on mail or telegraphic transfer order from the head\noffice in China of any of the issuing banks. The Bank of China, New York,\nreceived at first copies of drafts issued but then, starting July 1943, lists\ndescribing the drafts issued. These copies and lists were known as Advance\nAdvices and as drafts were presented and paid, the pertinent Advance Advices\nwere marked with the date of payment. Dummy Advices were prepared with re-\nspect to any drafts presented for which no Advices had been received. On\ntransfer orders, advice slips were prepared showing the names of issuers and\npayees and amounts paid.\nThe first drafts became payable in April 1943. From this time until\nNovember 1944, payments were made by the Bank of China, New York under out-\nstanding Foreign Funds Control general license. From November 1944 until\nthe end of 1946, when China and its nationals were unblocked, payments were\nmade only under the two blanket licenses issued to the bank or under licenses\nissued on the basis of specific applications. The blanket licenses, general-\nly speaking, did not permit payment of any draft if the beneficial interest\ntherein had been transferred outside of China or if payment thereof would\nresult in the receipt of $10,000 or more in any one month by a beneficial\nowner outside of China. The Bank of China, New York was required to give\ndetailed reports with respect to all payments of drafts of which the same\nperson was the beneficial owner if the total such payment in any one month\nwas $10,000 or more, as well as periodic reports on total amounts paid and\namounts paid into blocked accounts."
}