TNAG-0380-FCO40-426-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1973 — Page 89

CONFIDENTIAL

MINISTER

OF

STATE

TREASURY

(2) Payment of the amount due will be effected in sterling to the account stipulated for the purposes of the Sterling Agreement as soon as the amount has been agreod between the Bank of England and the Government of Hong Kong

or its agent.

Advices

6. (1) In order to be able to benefit from the guarantee, advices, submitted in accordance with the implementation arrangements agreed for the purposes of the Sterling Agreement as modified by the following provisions of this paragraph, will have to be given to the Bank of England.

(2)

(3)

Such advices will be needed:

(a) as on the last working day in London in October 1973 and each calendar month thereafter up to and including the last working day of February 1974, and

(b) as at the close of business in London on 24 September 1973 and on the last working day in London in March 1974.

For all purposes of this Declaration: (a)

conversions between currencies must be

made at market rates on the relevant reporting

days;

(b)

securities must be valued in accordance with

the statutory provisions of each of the funds, agencies and institutions whose holdings make up total official external reserves except where there are either no such provisions, or a provision for nominal valuation, in which case current

market value will be used. The bases of valuation

should be notified to the Bank of England.

3

CONFIDENTI AL