Page:United States Statutes at Large Volume 53 Part 2.djvu/752

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PUBLIC LAWS-CH. 502-AUG. 7, 1939 from warehouse, for consumption shall not exceed three million pounds. catSuonan , also- (f) (1) The quotas for sugars established by subsection (d) of this section shall be allocated annually as prescribed in section 6 (d) of the 48 Stat. 459.l Act of March 24, 1934 (48 Stat. 456), which section in this respect is not repealed by this amendatory Act. Allocationof quotas "(2) The quotas for cordage, established by subsection (e) of this 49S 52 Stat. 340 52 tat.section, and by the Act of June 14, 1935, shall be allocated by author- 1534. 48 U. S . C . , Supp. ities of the Philippine Government among the manufacturers of such IV, § 1236a. commodities proportionately upon the basis of the shipment of each such manufacturer to the United States during the twelve months immediately preceding the inauguration of the Commonwealth of the Philippines. Basis for determna- "(3) The quotas for all articles for which quotas are established by this section, except sugars and cordage, shall in each instance be allocated by authorities of the Philippine Government among the manufacturers whose products were shipped to the United States dur- ing the calendar year 1937, on the basis of the proportion which each manufacturer's maximum production shipped to the United States, directly or through other persons, in any calendar year during the five-year period, 1933 through 1937, bears to the total of such maxi- mum shipments of all such manufacturers. Failure of holder of (4) If, after the first nine months of any quota year, the holder allotment to ship quota before end of of any allotment under any of the quotas established by this Act or period. by the Act of June 14, 1935, is or will be unable for any reason to ship to the United States by the end of the quota year the total amount of his allocation for that year, the Philippine Government shall appor- tion that amount of such allocation which it is established by suffi- cient evidence cannot be shipped to the United States during the remainder of the quota year in such manner and in accordance with such rules and regulations as it may prescribe. taoceeds onseti a "(g) (1) The Philippine Government shall pay to the Secretary of taxes to constitute a supplementary sink- the Treasury of the United States, at the end of each calendar quar- ing fund for payment di qatr ept of designated Philip- ter, all of the moneys received during such quarter from export taxes pine, etc. , bonds. (less refunds), imposed and collected in accordance with the provi- sions of this section, and said moneys shall be deposited in an account with the Treasurer of the United States and shall constitute a sup- plementary sinking fund for the payment of bonds of the Philippines, its Provinces, cities and municipalities, issued prior to May 1, 1934, Prrousin; re- under authority of Acts of Congress: Provided, Kowever, That moneys funds from July 4, received from any export tax imposed on any article which is shipped 1946. from the Philippines to the United States prior to July 4, 1946, and which is entered, or withdrawn from warehouse for consump- tion, on or after July 4, 1946, shall be refunded by the independent Government of the Philippines. Acceptance of pro " (2) The said Secretary of the Treasury is authorized to accept the ceed, of export taxe ( authorized. deposits of the proceeds of the export taxes referred to in subdivision 8Sa (1) of this subsection in accordance with the Act of June 11, 1934 48Stat. 4929. 9) 48U.. .§1157. (48 Stat. 929). Administration, in- "(3) The Secretary of the Treasury of the United States, with the vestment, etc., of sup- , . the plementary sinking approval of the Philippine Government, is authorized to purchase fund. with such supplementary sinking-fund bonds of the Philippines, its Provinces, cities, and municipalities, issued prior to May 1, 1934, under authority of Acts of Congress and to invest such fund in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. Whenever the Secretary of the Treasurer finds that such fund is in excess of an amount adequate to meet future interest and principal payments on all such bonds, he may, with the approval of the Philip- 1228 [53 STAT.