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GRS 580
IMMEDIATE
CYPHER CAT/A
F HONG KONG 270400Z
SECRET
ORWELL
SECRET
RECEIVED I
REGISTR
6.81
3 - APK 1974
AMA STIC
This rel overlooks
Sel 1433 HK
ماه
PA
ふしてる)
(dia 238 (75)
TO IMMEDIATE F C O TELEGRAM NUMBER 375 OF 27 MARCH.
FOR BARRATT (TREASURY) FROM HADDON-CAVE.
PRESENT STERLING GUARANTEE.
YOUR TELEGRAM ORWELL 309.
A
1974
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HKK 51423
शेष
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73.
UNTIL WE HAVE RECEIVED AND STUDIED THE TECHNICAL DOCUMENTS PROMISED IN PARAGRAPH 9 OF THE CHANCELLOR'S MESSAGE IN TELEGRAM 274, WE CANNOT COME TO A VIEW ON THE NEW GUARANTEE OFFER COVERING THE REMAINDER OF THE CALENDAR YEAR, BUT WE SHALL DO SO AS QUICKLY AS
POSSIBLE.
2. AS REGARDS OUR TOPPING UP OBLIGATION DURING (REPEAT DURING) THE LIFE OF THE PRESENT GUARANTEE, I DO REALLY FAIL TO SEE HOW THERE
CAN BE ANY MISUNDERSTANDING. IT SEEMS ABUNDANTLY CLEAR FROM PARAGRAPH 4 OF CUR TELEGRAM 1317 OF 17 NOVEMBER 1973 THAT THE DIFFICULTY WE ENVISAGED WOULD BE A CONTINUING ONE IF THE GILT EDGED MARKET CONTINUALLY WEAKENED, NOTHING WAS SAID IN YOUR TELEGRAM NO 1209 OF 26 NOVEMBER 1973 WHICH SUGGESTED THAT A PURELY
ACCIDENTAL BREACH AT THE END OF ANY ONE MONTH WILL BE OVERLOOKED PROVIDED THERE IS NO BREACH AT THE END OF THE FOLLOWING MONTH'' (PARAGRAPH 1 OF YOUR TELEGRAM UNDER REFERENCE). ON THE CONTRARY,
THE USE OF SUCH WORDS AS ''OCCASIONS'', ''CHANGES'' AND ''ADVICES'' IN PARAGRAPH 2 OF YOUR TELEGRAM 1289 OF 26 NOVEMBER 1973 SURELY JUSTIFIES OUR INTERPRETATION. NOR CAN IT BE OTHERWISE FOR, AS RECOGNISED IN THE SAME PARAGRAPH, AN ACCIDENTAL BREACH AT THE END OF ANY ONE MONTH CAN ONLY BE RECTIFIED AFTER THE EVENT AND THE SAME MUST APPLY TO ANY SUBSEQUENT ACCIDENTAL BREACHES. THIS WOULD JUSTIFY OUR TOPPING UP IN APRIL TO GET OUR END OF MARCH POSITION STRAIGHT. BUT, FOLLOWING HIS CONVERSATION WITH PAYTON, I AGREED WITH BLYE THAT HE SHOULD TAKE STEPS TO TRY TO AVOID AN
ACCIDENTAL BREACH AT THE END OF THIS, THE LAST, MONTH OF THE PRESENT CUARANTEE, BY WATCHING THE F.T. INDEX AND TRYING TO GUESS
/THE EFFECT ON THE
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