TNAG-0381-FCO40-427-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1973 — Page 79

COVERING - SECRET

RECEIVED

1249

26 OCT 1973

PH Mchall

Treasury Chambers Parliament Street London SW1P 3AG

PHR Marshall Esq

Foreign and Commonwealth Office

Great George Street

LONDON SW1

Telephone 01-930 1234 ext

Our Ref

2F(RMSA)120/01

Wear Mayhill, Мацкай,

STERLING ARRANGEMENTS

{

26 October 1973

mk 9/548/1 Copy to E/ Antichin

"/ Irelans

../ thing kang

Me Franklin, Economnits

M Aust

SWPD

RID

HKIOD Ꮉ

negal Arnier

Ний

BUL 26/x

1

I am enclosing a copy of the submission on the modifications proposed in the arrangements with Hong Kong, Ireland and Australia on the basis that was substantially agreed at the recent SARC meeting. We now need to decide how to communicate these modifications to the countries concerned on the assumption that the Chancellor accepts our recommendation. I hope that your lawyers will agree that we need not issue amended Declarations and that our decisions can be formally communicated in the form of letters signed by Treasury officials. Great care will plainly be needed in drafting since the se communications will, at the relevant points, override the provisions of the Declaration. I have now set drafting in hand on the basis that we communicate by letter, but I should be grateful for confirmation that you and your legal advisers regard this as a satisfactory course. We will, of course, show you drafte in due course.

I am copying this letter to Payton at the Bank.

Yours sincerely,

Балитика

Walker

D A WALKER

SECRET

200