840.51 Frozen Credits/44484/9
The Japanese Embassy to the Department of State
Memorandum
(1) The following arrangement for the release of funds to American establishments and personnel in Japan is satisfactory to the Japanese Government:
Whenever the Yokohama Specie Bank, Tokyo, shall supply to the National City Bank, Tokyo, yen-funds to cover the necessary expenses of American establishments and their personnel, and both banks have notified their New York offices of the consummation of the transaction, the National City Bank, New York, shall pay to the Yokohama Specie Bank, New York, an equivalent amount in dollars.
(2) With reference to the Embassy’s memorandum of October 30th regarding the period of time for which the Japanese Government is prepared initially to release funds for the expenses of American establishments and their personnel, the Embassy desires to make clear that the intention of the Japanese Government is to release funds for November expenses as well as for the expenses of August, September, and October, and that the releases for November shall include funds for the three preceding months.