TNAG-0448-FCO40-513-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1974 — Page 174

4. It was not HMG's intention that the provision should

be interpreted in this way and we do not see a valid

basis for any interpretation other than that given in

But para 2 above. We accept that there has been a genuine misunderstanding on this matter and appreciate in "particular that purchases of sterling have been made in good faith on the basis of your interpretation of this provision. In this situation, HMG would be prepared to to accept your interpretation as in para 3 above as a basis for determining settlement under the present

declaration.

5.

}

However, for the purposes of the new declaration, in

which the same provision appears, the interpretation of the accidental provision will be that set out in para 2

above.