Page:United States Statutes at Large Volume 42 Part 1.djvu/1002

 974 SIXTY-SEVENTH CONGRESS. Sess. II. Ch. 356. 1922. °“”°;§>;S¤°'”·*· dation is made more than ten months after the date of entry, in the ` absence of fraud and in the absence of protest by the consignee, or his agent, or by an American manufacturer, producer, or wholesaler, m§§°“*\g;*{*g¤}§f¤c§;:‘{,‘} be final and conclusive upon all parties. If the collector Ends probpr<>b¤l»1¤f¤¤¤d· able cause to believe there is fraud in the case, he may reliquidate within two years after the date of entry, or after the ate o liquidationf when liquidation is made more than ten months after the date 0 ent. mfrggg; °’S*°¤ °' Sec. 522l'yCONVERSION or cU1umNor.—(a) That section 25 of the Vol- 28, x>-551 Act of August 27, 1894, entitled "An Act to reduce taxation, to proef”"’p' 17* °"‘°“°` vide revenue for the Government, and for other purposes,’ as _ _ amended, is reenacted without change as follows: $§{{§’§° §°,j¤“·U¤,m “Sec. 25. That the value of foreign coin as expressed in the money Sem www- of account of the United States shall be that of the pure metal of such coin of standard value; and the values of the standard coins in circulation of the various nations of the world shall be estimated m<§_{¤¤1¤r|·2¤=}g¤¤utirg_x;;g;iarterly by the Director of the Mint and be proclaimed by the ¤a1y.P q cretary o the Treasury quarterly on the 1st day of January, April, July, and October in each year. " wgugfughé gg (b) For the purpose of the assessment and collection of duties quarter when export upon merchandise imported into the United States on or after the “‘°°°‘ day of the enactment of this Act, wherever it is necessary to convert foreign currency into currency of the United States, such Exception. conversion, except as provided in subdivision (c), shall be made at the values proclaimed by the Secret of the Treasury imder the provisions of section 25 of such Act oipgugust 27, 1894, as amended, or the quarter in which the merchandise was exported. my; vglggnggnpg (c) If no such value has been proclaimed, or if the value so (pro- Carmen, 0; varying 5 claimed varies by 5 per centum or more from a value measure by "°"°“°°"°‘ the buying rate in the New York market at noon on the day of ex- Method ,0, ,1,,,,,,, portation, conversion shall be made at a value measured by such mm2- uying rate. For the purposes of this subdivision such uying rate s all 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 coaaapmsuns in such extent as he deems necessary. In ascertaining such buying °S°°"°°“°“' rate such Federal Reserve bank may in its discretion (1.) take into consideration the last ascertainable transactions and quotations, whether direct or through the exchange of other currencies, and (2) if there is no market buying rate for such cable transfers, calculate such {gaze fpom lactual transactions and quotations in demand or time 1 s o exc ange. m§;’f’P"°“°'“ °‘ °'*$· Sec. 523. Com··rRoLr.rms_ or CUs·ro1us.—Nava1 officers of cus- 0é$é¤e1r€tfm¢¤df¤r¤¤vu gems pepsi in otfiiéae and their successors shall hereafter be known as _ omp ro ers o us oms. 0,I§f,‘§,’g'§{§§;";"c;,0,g§ég Comptrollers of Customs shall examine the collector’s accounts of receipts and disbursements of money and recei ts and dis osition of merchandise and certify the same to the Secretary of the OHM =¤*»¤is¤¤¤¤¤¢s- 'I`reasury for transmission to the General Accounting Office. They shall perform such other duties as the Secretary of the Treasury may from time to time prescribe, and their administrative examinagpn shall q_xt§n<Eo all customs districts assigned to them by the cret o the easur . m.Y,,"§%?,§{’;?,;’f§,’§f”’ Comaiiigrohers of Custorixs shall verif all assessments of duties and allowances of drawbacks made by collectors in connection with the liquidation thereof. In cases of disagreement between a collector and a comptroller of customs, the latter shall report the facts to the Secretary of the Treasury for instructions.