CONFIDENTIAL,
could slip by. In an effort to prevent this, I should like to suggest that a joint Treasury/Bank/FCO working group hould be established to start work on the lines of, and even drafting of, the messages which will be required, on a contingency basis. 1h. This, apart from the general concern of leaving Sterling holders so long without news, brings us up against another problem. If the mossage goes out very shortly before the Commonwealth Heads of Government meeting in early August, there is a risk that the Prime Minister will be pestered by his col- leagues asking for explanations of something "hich they did not have time to absorb properly before leaving their capitals for Ottawa. It would also make it possible for any Common-calth leads of Government opposed to the course of action suggested by the Chancellor to get together and make joint representations to the PII. And since we would not have had any chance to assess reactions by the Governments concerned, it onld be more dir-
denly. I ficult for us to brief the M properly in advance. would hope that you feel able to insert "mid-" rather then "en '—"
on the other hand: July at the end of the draft telegram to posts: ve must not, of course, risk the posts and their Governments being misled by our putting in a date to which we could not realistical? adhere.
5. I am copying this letter and the draft guidance telegram to Stanley Payton at the Bank.
مندتا
باشد
PHR Marshall
Cc: SW Payton Esq CMG, BANK OF ENGLAND
D G Holland Esq, FCO
CONFIDENTIAL
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