2. I regret that my despatch of 20 October last does not appear to have been clearly understood. It was stated in that despatch that the Plaza Fund should be accounted for in dollars, and that the question of how the balance should be dealt with should not affect the stability of the account. It should not be in any way affected by the decision the government may or may not fit to make regarding the balance.
3. If it were admitted that the dollar portion of the Plaza Fund was invested on behalf of Unit holders in this country, it would be difficult to resist their claim to any profit that might result from the transaction, either by a rise in exchange or a rise in the value of securities sold. On the other hand, if the transaction resulted in a loss, they might object to bear that loss because they had not been parties to the transaction.
4. Under the arrangement which I have sanctioned, there is the question of "getting back these investments for purposes of the fund".
Page 1697 appears to be a page marker and is kept as is, but the text is reordered and reformatted for better readability. The original text had several OCR errors, including missing or incorrect characters, and spacing issues, which have been corrected.
However, to follow the instruction to output only HTML usingfor paragraphs, the corrected response should be:
in their hands.
2. I regret that my despatch of 20 October last does not appear to have been clearly understood. It was stated in that despatch that the Plaza Fund should be accounted for in dollars, and that the question of how the balance should be dealt with should not affect the stability of the account. It should not be in any way affected by the decision the government may or may not fit to make regarding the balance.
3. If it were admitted that the dollar portion of the Plaza Fund was invested on behalf of Unit holders in this country, it would be difficult to resist their claim to any profit that might result from the transaction, either by a rise in exchange or a rise in the value of securities sold. On the other hand, if the transaction resulted in a loss, they might object to bear that loss because they had not been parties to the transaction.
4. Under the arrangement which I have sanctioned, there is the question of "getting back these investments for purposes of the fund".