TNAG-0381-FCO40-427-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1973 — Page 219

GR 190

IMMEDIATE

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RÆGISTRY No. UT

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TO IMMEDIATE GOVERNOR HONG KONG TELNO 983 OF 3 OCTOBER, 1973.

INFO SINGAPORE FOR PS MR ROYLE.

OUR TELNO 1117

STERLING GUARANTEE AGREEMENTS

1.

IT WOULD HELP US IN OUR URGENT CONSIDERATION OF YOUR RESPONSE TO HAVE TOTALS OR ESTIMATES OF (1) COMMERCIAL BANK HOLDINGS OF STERLING ON 24 SEPTEMBER: (11) FORWARD SALES MATURING SUBSEQUENTLY: AND (111) STERLING HOLDINGS AND, SEPARATELY, NON-STERLING HOLDINGS OF THE AUTHORITIES ON 24 SEPTEMBER.

120

WE SHOULD ALSO APPRECIATE YOUR VIEWS ON HOW A CONCESSION ON THE LINES YOU PROPOSE, IF ONE WERE TO BE MADE, COULD BE PRESENTED FOR CONSUMPTION IN HONG KONG WITHOUT RISK TO THE GUARANTEE ARRANGEMENTS ELSEWHERE. SEVERAL COUNTRIES, INCLUDING SOME MAJOR HOLDERS, HAVE EXPRESSED TO US GREAT DISQUIET ABOUT THE LEVEL OF THEIR MSPS.

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MR YOUDE

NIR MARSHALL-

SIR D. WATSON

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COPIES TO:

MR D.A. WALKER, TREASURY.