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15117/27B
CYPHER TELEGRAM from the Secretary of State for the Colonies
to the officer Administering the Government of Hong Kong.
Sent 9 p.m. on 18th June 1940
SECRET
No. 287
Following from Treasury for Rogers,
Your telegram query No. 68 dealing with rise in cross rate.
Secretary of State for the Colonies, telegram No. 271, will have given you the best reply to your telegram under reference.
24 We now expect to make technical arrangements with American banks which will establish a New York market in sterling convertible et official rate.
3. This should virtually eliminate free sterling from all transactions between the Dollar Area and the Sterling Area.
4. You should also be prepared for a complete ban of any leakageş of sterling into the free market from the unified area jointly covered by the British, French, Dutch and Belgian Controls.
5.
Please telegraph any comments you may wish to make on the likely reactions in your markets.
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