that we should be challenged in GATT with
having acted contrary to our international
obligations and you will since have learned
that our measures are in fact to be examined
by GATT and reported on to the Council in
the New Year. It is essential to preserve
our interpretation of these measures as a
monetary restriction devised for the limited
and transitional purpose which the Chancellor
has made clear,
4. I have spent some time on explanation
of the unusual series of steps by which these
measures were introduced, not only to clarify
the position to you but also to demonstrate
why I am only now able to give you some
information about the scheme. Of course
your London Office, besides receiving copies
of the Customs Notice which took administrative
effect after the Ways and Means Resolution,
was also furnished by ourselves with a copy
of the Resolution itself, together with its
Table of exempted goods. It is my hope
that this, closely corresponding as it does
to the schedules to the Finance (No. 2) Act
1964, will have been of assistance over the
inevitably confused period of the first days.
after the announcement of these economic
measures. It is unavoidable that problems
to individual traders should be created by
the operation of this scheme, but we shall
of course do our best to contribute to the
solution of any such problems, as they arise.
I should be grateful to have from you
5.
as soon as possible your assessment of the
(5)
/impact of
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