| Description | Prime Minister - Chancellor on renewal, including reduction of Minimum Sterling Proportions (MSP's) and timing on account of European Economic Community (EEC) entry. Oversea Sterling Area (OSA) Balance of Payments, 1971-72. Implementation problems. Chancellor's message to OSA. Hering 10% reduction in MSP to obtain renewal of agreements. Parallel message from Governor. Libya unlikely to renew. Progress reports on renewals. Difficulties with Australia, Kuwait, Malaysia and Singapore. Effect of exchange crisis (weak dollar) on renewal. |