General
Musicraft Records, Inc. v. United States
20 Cust. Ct. 333·United States Customs Court·1948
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Opinion
Before the Third Division,
June 10, 1948
No. 52378.
protest 59374-K (New York).
Musicraft Records, Inc. v. United States,
[MAJORITY — Ekwall, J.]
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 invoice 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 the entry. The protest was sustained to this extent.