TNAG-0381-FCO40-427-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1973 — Page 279

FK Jones Es q HM Treasury

SECRET

Foreign and Commonwealth Office London SW1

Telephone 01-

2619

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•RE 24/9

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2-28-17

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Your reference

Our reference

MF 9/501/1

Date

19 September 1973

STERLING AGREEMENTS: MINOR DEPENDENT TERRITORIES AND ASSOCIATED STATES

1.

•

As agreed, I attach draft telegrams to the minor dependent territori s and the associated states, explaining the proposals we shall be putting to them.

2.

I also enclose a copy of a letter dated 16 November 1972 from the Financial Secretary of the Gilbert and Ellice Islands Colony (GEIC) in which he asks that the provision whereby the GEIC are allowed to help put the 25% of their reserves in Australian dollars, should be widened to cover other currencies such as Yen. I shall be grateful for our views. Presumabl., now that GEIC is no longer a scheduled territor it makes no difference to us what non-sterling currencies have held their 25 in. I don't suppose it would make much difference to the Australi ›ns either?

-they?

3. As you will see I have not listed GEIC as the recipient of the draft telegrams to Gibralter, because of this 25% option. No doubt you will draw up an appropriate form of Declaration to them.

Enc.

CC: RE Barber(Bank of England)

Mr Mcginley (GGD)

Mr Knowles (PDTD)

Mr Edwards (HKIOD)

Mr Hall (WIAD)

Mr Young (Caribbean Dept)

D I Lewty

Financial Relations Dept