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F.C.O. telno 490 to Hong Kong
3
IT MAKES PRACTICAL SENSE TO CONFINE IT TO LARGE HOLDERS OF STERLING. WOULD YOU AGREE THAT IF, AT ANY TIME IN THE FUTURE DURING THE CURRENCY OF THESE ARRANGEMENTS, ANY BANK CAME TO HOLD 5 PER CENT OR MORE OF THE TOTAL STERLING HOLDINGS OF THE HONG KONG BANKS, WE SHOULD CONSULT FURTHER ON THE POSSIBILITY OF CONCLUDING WITH THAT BANK THE ARRANGEMENTS NOW PROPOSED FOR THE OTHER THREE? 8. IF COWPERTHWAITE WOULD LIKE TO DISCUSS THESE POINTS WITH US WHILE HE IS IN ENGLAND, WE SHALL BE HAPPY TO ARRANGE A MEETING, AND WE ARE SENDING A COPY OF THIS TELEGRAM TO HIM THROUGH THE HONG KONG GOVERNMENT OFFICE IN LONDON: BUT IF OUR PROPOSALS ARE ALL ACCEPTABLE A MEETING MAY BE UNNECESSARY.
STEWART
FILE S
F.P.A.D.
H.K. DEPT.
[ADDITIONAL DISTRIBUTION]
4 COPIES U.N. DEPT.
COPIED TO:
MR. R. H. TURNER (Bank of England) MR. J. A. MARSHALL (Treasury.)
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