TNAG-0448-FCO40-513-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1974 — Page 114

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ONE THERE DESCRIBED. THIS MEANS THAT IT WOULD BE NECESSARY FOR

YOU TO GUARD AGAINST POSSIBLE FURTHER FALLS IN GILT-EDGED PRICES

E.G. BY MAKING ANTICIPATORY TOPPING-UP PURCHASES OR BY

MAINTAINING A SUFFICIENT MARGIN OVER MSH, IT SHOULD NOW BE THE

EASIER FOR YOU TO DO THIS BECASE THE 10% REDUCTION IN MSP GIVES

YOU A SIZEABLE MARGIN OF MANOEUVRE.

CALLAGHAN

ORWELL DISTRIBUTION

FRD

HKIOD

SIR D WATSON

MR WILFORD

J

3-

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