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THE NATIONAL ARCHIVES

CO 537/1369

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Such action mint, however, entail very large we spɔnsibilities for meeting eɔnæequent liabilities erouted by the issue of these notes without the provision of the appropriate sterling cover fər them and clearly the full recɔgnition suggested sbɔve wruld not be pɔssible unless satisfactory arrangements were made for the meeting of thɔme

·liabilities.

I am tɔ make it clear in the first place that, without going in detail into the respective responsibilities of the Government and Bank anthorities for the failure to destroy the stɔaka of notes in questiɔn before the surrender tɔ the Japanese and for the mbsequent disp¬ml of thɔne stocks, the secretary of Liste cannot accept the view that the loss resulting from the issue is prim facie a responsibility of government. Nevertheless, in all the circumstances of the case, he recognises that the Denk might well be unable to

seat the shɔle of that liability itself. Me in Recordingly willing tɔ recommend tɔ the Fong Ünvernment the ma: ing of arrangements by which Joveryment wɔuld take ɔver, through the “zehango Fund, a part of the loss.

on t

/b.

CO 537/1369

THE NATIONAL ARCHIVES

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Please note th

that this copy is supplied s

d subject to the National Archives'

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information is given in the enclosed Terms and Conditions and that your use of it may be subject to copyright

and Conditions of supply of National Archives' leaflet