1
CYPHER/CAT A
SECRET
Караколь
PRIORITY FOREIGN AND COMMONWEALTH OFFICE
TELEGRAM NC. 1615
TO HONG KONG
29 NOVEMBER 1968 (MF.6/3)
SECRET
YOUR TELEGRAN NO. 2261.
EXCHANGE FUND AMENDMENT BILL.
*
IN ASSISTING OUR CONSIDERATIONS AS TO THE MAXIMUM BORROWING UNIT WHICH CAN BE PERMITTED IN YOUR AMENDING LEGISLATION, WE SHOULD BE GRATEFUL FOR AN CUTLINE OF THE STEPS THAT YOU ARE PROPOSING TO TAKE
IN ORDER TO PASS ON TO THE BANKS THE BENEFITS OF THE STERLING GUARANTEE ARRANGEMENTS, IF, IN PARTICULAR, YOUR INTENTION IS THAT THE EXCHANGE FUND SHOULD RE-DEPOSIT WITH THE BANKS STERLING BORROW- ED FROM THE BANKS, WE SHOULD LIKE TO BE ASSURED THAT THE BANKS THEMSELVES WILL AT ALL TIMES BE FIRM HOLDERS OF THE UNDERLYING
STERLING ASSETS.
•
STEWART
FILES:
F.P.A.D.
MR. COMBS
H.KONG DEPT. MR. MORETON
LEGAL ADVISERS
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