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with the local banks. This should give us adequate cover for the comments which we wish to make at this stage, which can be expressed as detailed comments arising from the application of the general principles expounded by Mr. Bell to the arrangements offered to the
commercial banks.
6. I attach a draft letter which Mr. O'Brian might be invited to send to Sir J. Cowperthwaite in reply to his letter of 1st March. This is on the lines of the draft which I submitted to you on 18th April, with which you and F(EC) were content, and which Mr. Fogarty also saw when he was here and broadly accepted (he was firmly of the view that we should not criticise Sir J. Cowperthwaite
I think that the present for including the non-authorised banks; draft on this point would satisfy hin). The current draft incorporates amendments from the Bank and the F.C.O., who have now both commented
on my submission of 18th April.
(R. HAY)
7 Maxa 1969
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