Be it enacted by the Senate and House of Representatives of the Philippines in Legislature assembled and by the authority of the same:

SECTION 1. The Insular Treasurer with the approval of the Governor-General upon previous recommendation of the Secretary of Finance is authorized in his discretion to deposit with the Secretary of the Treasury of the United States upon such terms and conditions, including the rate of interest, if any, to be received thereon, as such Secretary may from time to time prescribe, any of the public moneys of the Government of the Philippine Islands.

SEC. 2. This Act shall take effect upon its approval.

Approved, October 5, 1934.