The Existing Hill. Gast. Lom 31⁄2 to 34
I donor j
the proposed
Stend at 101.
Come wiel
Got Tr.
the Exchange
moh ut much wend money,
сбр
adamant reyanding
لسة
Boys.
The consent incs. I gree;
but the
To be
noted on
54/26/6/67.
userves the straga
saare finely
the I represe
us
access
Hay Kay's
ja
The car
anistana pan Hila
Cowans Whabilitering & we should not lose sight of the
ayned.
point when that one
079
Ir. Hayle.
Mr. Forman Young spoke to me about this. He was unhappy about paragraph 4, which he thought showed rather too ruch of our hand with regard to possible future arrangements on sterling balances on which we have so far said nothing to individual Colonies, and also contained other points which right provoke unnecessary, and in present circumstances academic, argument. I agreed, therefore, that it fight be better to shorten it, and suggest that we substitute the following
"4.
Suggestion in your telegram No.1152 for borrowing from Exchange Fund as been very carefully considered in the light of paragraphs 2 and 3 of your telegram. In present circumstances, however, any recourse to the Exchange Fund, which could only mean a reduction in the sterling securities which the Fund would otherwise hold, would have precisely the same effect on general sterling position as direct borrowing in the London market. I am satisfied, therefore, that it would be undesirable to pursue this roposal at present."
+
If you agree, would you read this over to Mr. Norman Young and get his concurrence.
ہے
In Young Armed
متسا
agreeman.
dess
८
11. 8. 47.
متاسس
tean, lors
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