(4)
about the effects
of
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We know how hal hashramle Morse Maranero ave
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impact of these Import Deposits on your trade
with the United Kingdom. It is difficult
at this stage to know to what extent, if any,
You will the flow of goods will be affected.
have heard from your London Office that the
Young
bean Bank of England has, notified authorised banks, to the Import Deposit Scheme does not affect
existing Exchange Control arrangements, and
emphasizing the need for applications by
United Kingdom residents to borrow sterling
from non-residents in order to finance Import
Deposits to be referred to the Bank of
England. Our understanding is that bona fide
applications of this sort will for the time
linat the being succeed, and we line that to the
extent that they do succeed these measures
are less likely to bear heavily upon your
export trade to this country.
We shall
course, keep a close watch on this and any
administration of the Significant
other aspect of the scheme likely to be of
wat
significance, and if it should be necessary
address you again further
he
as necessary
28/11
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