TNAG-0382-FCO40-428-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1974 — Page 142

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PUBLICISED. WE MUST ALL STICK TO THE LINE SET OUT IN PARA 7 OF OUR TEL NO 1133, (AS EXPANDED IF NECESSARY BY PARA 6 OF YOUR TEL NO 1317) NAMELY THAT HONG KONG'S PARTICIPATION IS BASED ON THE RESERVE POSITION AT THE EXPIRY OF THE FORMER AGREEMENT, BUT WITH ADJUSTMENTS MADE TO TAKE ACCOUNT OF THE NON-PARTICIPATION OF THE BANKS IN THE

NEW ARRANGEMENT.

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