00146
1423
can be expected from the guvernant. Should the Bank feel unable to accept this basis of mettlement, the only alternative c›urge wuld be to leave the status of the nɔtes in question to be settled by legal setion, which the holders of the notes would nɔ ɖɔubt take when such setiɔn is made possible by the removal of the present mɔratɔrina. It can be presumed that action of such importance would be taken to the Court of ppeal and ultimately to the fudicial Committee of the Privy Council and until such actions have been contested by the Courts the public would be left in uncertainty as tɔ its rights and the Bank itself in uncertainty as to its limilition.
Mr. Fall will be glad to learn as sɔɔn
as pɔssible whether the Board of the Bank agree tɔ actiɔn being taken on the basis of the prɔpɔsale set out in paragraph 5 of this letter, in order that he may ascertain whether this is also agreeable to the Hong long Government.
I am,
sir,
Your ɔbedient servant,
2
cms
Ref.:
CO 537/1369
THE NATIONAL ARCHIVES
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