TNAG-0379-FCO40-425-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1973 — Page 297

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Rec

CYPHER/CAT A

CONFIDENTIAL

REGISTT. M

10JAN.//3

PA.

FM F C O 041153Z

4kxsh

2

CONFIDENTIAL

ORWELL

1973

TO ROUTINE ST. HELENA TELEGRAM NUMBER 4 OF 4 JANUARY/AND TO SEYCHELLES, H.C. WESTERN PACIFIC, BRITISH VIRGIN ISLANDS,

45

CAYMAN ISLANDS, FALKLAND ISLANDS, GILBERT AND ELLICE ISLANDS, MONTSERRAT, TURKS AND CAICOS ISLANDS.

MIPT:

STERLING AGREEMENT,

IF THE AVERAGE STERLING/U.S. DOLLAR RATE DURING A WORKING PERIOD (NORMALLY A CALENDAR MONTH) RISES OR FALLS BY MORE THAN ONE PER CENT FROM THE RATE AT WHICH A SETTLEMENT WAS LAST MADE A FURTHER

SETTLEMENT WILL BE MADE, 1.E. ADDITIONAL PAYMENTS FROM H.M.G. WILL BECOME DUE IN THE EVENT OF SUCH A FALL BUT PAYMENTS TO H.M.G, WILL. BECOME DUE IN THE EVENT OF SUCH A RISE PROVIDED THAT:

A. THE TOTAL PAYMENTS TO HMG BY YOU WILL IN NO CIRCUMSTANCES

EXCEED THE PAYMENTS MADE TO YOU UNDER THE AGREEMENT AND

B. NO PAYMENTS TO H.M.G. WILL BECOME DUE IN RESPECT OF ANY RISE

IN THE AVERAGE RATE ABOVE U.3. DOLLARS 2.40.

DOUGLAS-HOME

ORWELL DISTRIBUTION

FRD

HKIOD

GIB & GEN

WIAD

PDTD

CONFIDENTIAL

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