1
15
Basi
M
dur Hvad see
To
CONFIDENTIAL
OF
THE
then PA
2
25.11
کی کره
EXCHEQUE
CC
545
F.R.ZL
P/s Lady Tweeds... P/S R.U.S.
Mr WRIGHT/Mi Mh Youpe SWP)
25-1 Treasury Chambers, Parliament Street, SW1P 3AG
I understand trut no
messages of substama me
now
пивовать
If go aut
before the elections PRIME MINISTER
RiA. huon w/r
01-930 1234
RECEIVED IN
REGISTRY No: 51 26 FEB 1974
НКК
10.
Economists
zi
HKI OD 16
19/2.
SWED
The Xx
OFFICIAL STERLING BALANCES
In my minute of 7th January about the balance of
payments and the exchange rate in 1974, I said that I
should be arranging for very quick discussions with
Australia and New Zealand to see whether we might manage
to contain their diversification out of sterling within
acceptable limits without a guarantee after the present
one expires on 31st March.
2. The officials' talks were friendly, and the
Australians and New Zealanders were very understanding
of our problems. But in the present uncertainties they
were most reluctant to commit themselves to a specific
programme of diversification over say a 2 to 3 year
period.
3. We now have to make our minds up and inform the
participants in the present guarantee of our decision.
quickly. We cannot safely leave this until after the
CONFIDENTIAL
/Election