The Secretary of State to the Embassy in the United Kingdom
2759. For Clayton and Ambassador from State and Treasury. Urtel 3443 June 23. When subject matter was discussed today’s meeting NAC Staff question was raised in which of two following ways phrase “in exceptional cases” appearing in para one (a) of reftel should be interpreted: (1) in the case of sterling owned by particular countries only (2) in exceptional circumstances applying to Britain’s financial position as whole.
Please inform Dept which interpretation is correct. If interpretation (1) is correct please inform Dept which countries you have in mind.
In meantime State and Treas are assuming that second interpretation is correct one. Your inquiry is being submitted to NAC for its opinion. However definitive answer will await clarification of question raised herein. [State and Treasury.]