J
CONFIDENTIAL
out the period that it is in effect, you continue to hold your reserves in sterling (Gibraltar only and that you continue to observe the undertakings relating to Exchange Control set out in the telegrams under reference.)
4.
The amount due under the guarantee will be calculated on the basis of the difference between the average rate and the guarantee rate.
Payment
of the amount due will be effected in sterling to the account of your Administration with the Crown Agents as soon as the amount has been agreed between the Bank of England and the Crown Agents.
5. In order for you to be able to benefit from the guarantee we shall continue to need details
The Crown of your official external reserves. Agents have in London should be authorised by telegram to advise the Bank of England of the assets which they hold on your behalf:
(1) as at the close of business on the last working day in London in March 1974; and
(ii) as on 24 September 1973 and on the last working day in London from and including October 1973 up to February 1974.
Omission??
Para 3.
other
and any Afenty you may
NOTHING TO BE WRITTEN IN THIS MARGIN