TNAG-0717-FCO40-914-Banking-and-monetary-matters-in-the-Dependent-Territories-is-1978 — Page 9

FATA-FERUNT

RESTRICTED AND PERSONAL

Telephone 2-2587

Deputy Governor's Office

Government House, Bermuda

620

Your ref. HKG 102/1

Our ref. DGO 5/15

WE Quantrill Esq

Hong Kong and General Department Foreign and Commonwealth Office

Dear Quantrill,

8 June, 1978

LATE WIA) Jill, whis

See 23

ISSUE OF NUMISMATIC COINS IN THE DEPENDENT TERRITORIES

mvi

R. BU for abra,

RW

The Governor has asked me to write in reply to your letter of 22 May on this subject.

2.

As you may know, he has, in local circumstances, no powers to determine what issues shall be made: the Government and the Monetary Authority are responsible for taking all the necessary decisions.

1%%%

3.

He might, of course, be able to influence them, by making some of the points made in your letter and in the enclosure to it. But as these were marked "Personal" we can only presume that you would prefer us not to pass on their contents which effectively precludes the exercise of influence.

4. In any case, exercising it hardly seems likely to be neccesary here: Bermuda's financial position is so strong, and those concerned are so well able to judge what is reasonable in a matter of this kind, that advice would be superfluous. Moreover the Monetary Authority have Bank of England staff on secondment, to manage their affairs, who must be presumed to be advising them already.

yours ever, Peter Lond ногд

G P Lloyd

Deputy Governor

RESTRICTED AND PERSONAL

thka 102/1

RECEIVEDSTRY NO. 51 13 JUN 1978

DESK OFFICER INDEX

PA

No.ny22

Nv. Pny zz

: REGISTRY

Action Taken

во