Folkard & Lawrence, Inc. v. United States

19 Cust. Ct. 157, 1947 Cust. Ct. LEXIS 1123

• Court: United States Customs Court
• Decided: October 29, 1947
• Docket: No. 51984; protests 54446-K, etc. (New York)
• Status: Published

Opinion

Opinion by

Ekwall, J.

In accordance with stipulation of counsel the court found that the facts herein agreed upon were such as to bring the case within the holding in John Barr v. United States (11 Cust. Ct. 88, C. D. 801), which record was incorporated herein. (See John Barr v. United States, 324 U. S. 83.) In accordance therewith it was held that the currency of the invoices should be converted at the buying rate in the New York market at noon on the day of exportation (the “free” rate of exchange for pounds sterling), as certified by the Federal Reserve bank and set forth by the collector on each of the entries involved. The protests were sustained to this extent.