TNAG-0381-FCO40-427-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1973 — Page 238

1

DRAFT telegram to Hong Kong

PS

.

AR Rayle

6

(W/174

Dowell

falar So

бо

Felin

With reference to your tel No. 1117, it would help us

in our urgent consideration of your response to have

estimates of the remaining holdings of sterling by the

commercial banks after maturity of the forward sales on or

(ii) about 25 September; and of present sterling holdings by

the authorities.

We should also appreciate your views on how a concession

on the lines your 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.

have exp