TNAG-0448-FCO40-513-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1974 — Page 134

Noi

GR 12

RESTRICTED

PA

2

4.4

CYPHER CAT A AND BY BAG

RECEIVED IN REGISTRY No. 51

2 - APR 1974

FM FCO 0189457

(MF 9/548/1)

НКК AKK 5/10

RESTRICTED

ORWELL

74

TO ROUTINE HONG KONG TELNO 326 OF 1 APRIL, AND TO BELIZE AND SAVING TO GIBRALTAR SEYCHELLES HONIARA TARAWA ST HELENA TORTOLA GRAND

CAYMAN MONTSERRAT GRAND TURK PORT STANLEY,

MY DESPATCH OF 22 MARCH TO YOU, AND MY TELS NOS 34 TO GIBRALTAR AND 5 SAVING TO GRAND TURK (NOT TO ALL):

NEW STEPLING GUARANTEE

LAST

REF.

NEXT

REF

1. THE AVERAGE EFFECTIVE DEPRECIATION OF STERLING FROM SMITHSONIAN

PARITIES IN THE PERIOD 25 SEPTEMBER 1973 TO 31 MARCH 1974 WAS 18.35 (EIGHTEEN POINT THREE FIVE) PER CENT. THIS WILL THEREFORE BE THE GUARANTEE RATE FOR THE PERIOD 1 APRIL TO 31 DECEMBER 1974.

2. AS YOU WILL HAVE HEARD FROM THE BANK OF ENGLAND, THE '’AVERAGE

I

RATE FOR THE PURPOSES OF THE PREVIOUS DECLARATION (1,E. IN

THE PERIOD 25 SEPTEMBER 1973 TO 31 MARCH 1974) WAS US DOLLARS 2.3335 (DOLLARS TWO POINT THREE THREE THREE FIVE),

CALLAGHAN

ORWELL DISTRIBUTION

FRD

GIB & GD

HKIOD

PDTD

WIAD

RESTRICTED