C.S. 19
2600025
DESTINATION
To:
S. of S.
Rptd:
NO.
DRAFT TELEGRAM
PRIORITY PREFIX
GRADING
N.B. Underline words which apply
Emergency Immediate Priority Routine
Top Secret
Emergency Immediate
Emergency Immediate Priority
Priority
Routine
Secret
Routine Confidential
Emergency Immediate Priority
Routine
Restricted
Emergency Immediate Priority
Routine
In Confidence
Emergency Immediate Priority
Routine
Open
(w/ 190
A:
SCR (3)
D:
HE, CS, FS, DES, Acct. Gen PAFS (#), CofB, SG
File No......
Approved for despatch
Sterling Guarantee
At this morning's meeting, after
carefully considering the Chancellor's
message of 6th September and the Declaration,
Executive Council advised as follows:
(a) that the condition on which the guarantee
depends is too onerous for Hong Kong
(that is to say, the restoration of our
M.S.P. to 89% is neither feasible for
arithmetic reasons nor defensible for
political reasons);
(b) that H.M. G. should be informed, neverthe-
less, that Hong Kong is willing to
participate in the arrangements and,
thereby benefit from the guarantee, by
undertaking to maintain Government owned
sterling reserves at the level ruling on
24th September, namely, £347 million.
(This figure is net of forward
commitments but is not based on 24th
September valuations);
Date:.............../................................
Time:
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