TNAG-0448-FCO40-513-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1974 — Page 147

Foreign and Commonwealth Office London SW1

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Telephone 01-

36 A

11. Crounds.

حمالله اللحمى ا

n. Walks y

note

A Hackay Esq CMG

Financial and Development Secretary Gibraltar

HK 3

Your reference

Starking 1-62

Our reference KF 9/501/1

Date

22 March 1974

Dear Financial Senetary

· STERLING GUARANTEES

REOFI REGIS

5 APK 19/4

1.

With reference to FCO telegrams nos 33 to you and 4 Saving to Grand Turk, (both of 20 March and neither to all) I enclose a copy of the memorandum on the Effective Exchange Rate prepared by HH Treasury.

2. I will also take this opportunity of correcting the seemingly inevitable typing and transmission errors in the telegrams:

(a) No 33 to you: the sentence in brackets at the end of para 2 should read ".... during the period of the new arrangements ....";

as soon

(b) No 34 to you: para 5(2) should read " as the amount due has been agreed between the Bank of England and the Crown Agents.";

(c) No 5 Saving to Grand Turk: in para 4(1) the last five words "shall be eligible for guarantee" apply to both part (a) and (b) of para 4(1) (cf FCO tel no 8 Saving to Turks and Caicos Islands of 26 September 1973).

Yours

sinceres Ian hews.

D I Lewty

Financial Relations Department

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