(16939) Dd.897300 200m 9/72 G.W.B.Ltd. Gp.863
File No.
MF 9/501/1
OUTWARD
Department
FRD
Security Classification
CONFIDENTIAL
Drafted by
D I Lewty
TELEGRAM
(Block Capitals)
G 206
Precedence
ROUTINE
DESKBY
Tel. Extn.
FOR
COMMS. DEPT.
(Date)
USE
Despatched
POSTBY.
(Time)
..Z
PREAMBLE
(Time of Origin)
.Z(G.M.T.)
(Restrictive Prefix)..
(Caveat/
(Security Class.)...
CONFIDENTIAL
ORWELL
Privacy Marking)
(Codeword)
(Deskby)
TO........ ROUTINE.
GOVERNOR GIBRALTER
Tel. No.
of...
(precedence)
(post)
AND TO (precedence/post)
AND SAVING TO
SEYCHELLES. MONTSERRAT.
CAYMAN ISLANDS, ST HELENA
FALKLAND ISLANDS, AND WELLINGTON
REPEATED TO (for info)
XY 42
Z
..Z
..
SAVING TO (for info)
ORWELL
Distribution:-
FRD
GGD
Copies to:-
HKIOD WIAD PDTD
[TEXT] MY TEL NO 881 TO GOVERNOR HONG KONG. OF 6 September:
STERLING AGREEMENTS
1.
My IFT sets out the arrangements under which HMG will continue to guarantee your official sterling reserves. The present guarantee arrangements are set out in my telegrams number 15 Saving of 27 September 1968 to you and my telegrams numbers 1 and 2 Saving to Montserrat of 11 March 1969.
2.
For your Cwn information the arrangements we are extending to you are more favourable than those which have been offered to the independent holders of sterling in two respects:
3.
(a) 100% of your eligible sterling balances will be guaranteed. In other cases a deduction equal to 10% of total external reserves is made; and
those held on In other cases
(b) Your eligible balances will be the last working day of March 1974. eligible balances are those held on 2 September 1973 or the last day of March 1974 whichever are the lower.
I should be grateful is you would confirm that you intend to accept this offer.