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In Crowson
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CYPHER/CAT A
FM F C O 8615502
SECRET
ORWELL
TO IMMEDIATE GOVERNOR HONG KONG TELNO 381 OF 6 SEPTEMBER
AND TO IMMEDIATE GOVERNOR BERMUDA AND GOVERNOR BELIZE INFO ROUTINE GOVERNOR GIBRALTAR SAVING CERTAIN DEPENDENT TERRITORIES.
MIPT: STERLING AGREEMENTS.
1. FOLLOWING OF TEXT OF MESSAGE:
BEGINS
1. WHEN I WROTE TO YOU AND OTHER SIGNATORIES OF THE STERLING
- AGREEMENTS IN JULY THE INTERNATIONAL MONETARY SITUATION GAVE
US A PARTICULARLY UNCERTAIN BACKGROUND AGAINST WHICH TO TAKE
FIRM DECISIONS ABOUT THE STERLING AGREEMENTS COVERING A SUBSTANTIAL PERIOD AHEAD. I WAS NOT THEREFORE ABLE TO PROPOSE WHAT OUR
ARRANGEMENTS IN THE LONGER TERM SHOULD BE, BUT I PROMISED TO
WRITE TO YOU AGAIN ABOUT ARRANGEMENTS TO COVER THE OFFICIAL
STERLING BALANCES IN THE PERIOD IMMEDIATELY AHEAD.
2. WE HAVE ALL BEEN ABLE TO CONSIDER THE POSITION FURTHER
SINCE THEN, BUT WE STILL FACE A PERIOD OF CONTINUING UNCERTAINTY
IN INTERNATIONAL MONETARY AFFAIRS. AGAINST THIS PROSPECT, I
CANNOT SEE THAT IT WOULD BE SENSIBLE FOR ANY OF US TO TRY TO
WORK OUT SUBSTANTIVE ARRANGEMENTS FOR NEW STERLING AGREEMENTS
TO OPERATE IN CIRCUMSTANCES OF WHICH WE CANNOT FEEL SURE. ON
THE OTHER HAND, I AM IMPRESSED, AND I THINK YOU MAY SHARE THIS VIEW, BY THE VALUE FOR ALL OF US, AMIDST SO MAY UNCERTAINTIES, OF THE ELEMENT OF STABILITY WHICH THE EXISTING AGREEMENTS HAVE
GIVEN.
3. I BELIEVE THAT WE HAVE A COMMON INTEREST IN PRESERVING THIS
ELEMENT OF STABILITY UNTIL WE CAN SEE THE WAY AHEAD MORE CLEARLY. TO PRESERVE THIS STABILITY I NOW CAME
VAU