TNAG-0449-FCO40-514-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1974 — Page 35

1 Coue

CARLE CODE

ORDER No.

Please

TELEX

despatch in

CLEAR

DAT

30th July 1974.

AT DISCRETION

ΤΟ

DESPATCHED

THE ACCOUNTANT GENERAL GOVERNMENT OF HONG KONG, HONG KONG.

}

1. Your No.26.

Official Sterling Reserves under modified basis were agreed

at £298,736,000 (your No.21).

HMT arrived at eligible balances by deducting from this amount 10% of total reserves as at end-March £394,612,000 (advice (a) with your letter 6th May, as amended by your telexes 14 and 19, and confirmed by your telex 21).

Total reserves agredd with you for modified basis were £384,142,000 (advice (d) with your letter of 6th May amended and confirmed as above).

You also asked in your letter of 3rd June, paragraph 3, for clarification of two points relating to the current declaration. On (a), HMT have now confirmed that on the basis of your reported figures (exclusive of the backing for the banks' fiduciary issues) the MSII for the 1974 declaration is £270,210,000.

On (b), IMT state that

the maximum deduction would be the amount deducted in arriving at the amount due under the previous declaration, calculated as 10% of total official external reserves held on 29th March 1974, i.e. £39,461,000.

OFFICB-

EID

DRAFTER.

COST TO BE RECOVERED FROM

P.F.Stophona

HDA

Initials Authorising Despatch and Charging of Account

4418

TEL. No.

(141)

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