Security Classification SECRET
Precedence PRIORITY
w/229.
416939) Da..":500 200m 9774 G.W.B.Ltd. Gp.863
File No. MF9/393/1.
Department
OUTWARD
FRD
Drafted by
TELEGRAM
D I LEWTY
(Block Capitals)
Tel. Extn.
G 206
DESKBY
FOR
(Date)
COMMS. DEPT.
USE
Despatched
POSTBY.
(Time)
Z
PREAMBLE
(Time of Origin)
Z(G.M.T.)
(Security Class.)...
SECRET
(Restrictive Prefix)... (Caveat/
Privacy Marking)
(Codeword)
ORWELL
(Deskby)
TO
PRIORITY
(precedence)
GOVERNOR HONG KONG
(post)
Tel. No.
of.....
AND TO (precedence/post)
AND SAVING TO
REPEATED TO (for info)
Z
N
Z
Distribution:-
ORWELL
FRD
HKIOD
SAVING TO (for info)
[TEXT] YOUR TEL NO 1361: STERLING GUARANTEE
1.
PS/MR ROYLE
Copies to:-
On the basis of paras 5 and 10 of your tel.No 1117,
we had assumed that you were content to continue with the
conventional book valuation basis. This was acceptable
to us since it is based on CR 230 and we were prepared
to regard it as quivalent to statutory for the purposes
of para 6(3)(b) of the declaration.
2.
However, in the special circumstances that you have
described, we are willing to agree that the calculation
under para 3 of the Declaration of Hong Kong's minimum
sterling holding can be based on current market value
on each reporting date. We are thus prepared to take as
starting point the sterling figure for 26 September of
£313 million, and to agree to treat the references in
3 of the T...
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