TNAG-0448-FCO40-513-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1974 — Page 171

your interpretation of the accidental breach provision, solely

for the interim period while the present Declaration remains

in force, for the purpose of satisfying the MSH/MSP provisions

of paragraph 3 of the Declaration.

For the purposes of assessing balances eligible for guarantee,

the end-March figures will be taken to be an amount not in

excess of the amount of sterling held at end-February plus

the minimum amount of sterling which had to be purchased

under your interpretation of the accidental breach provision

in order to make up the end-February shortfall.

For the purposes of the new Declaration in which the same

breach

accidental/pr

1/provision appears, HMG will accept no interpretation

other than as described in paragraph 2 above.

"