STERLING RESERVES

Press, Volume CXIII, Issue 33241, 2 June 1973, Page 19

STERLING RESERVES

Crean to go to London

! (N.Z.P.A.-Reuter—Copyright) LONDON, May 30. The future of Australian re-; ; serves held in sterling is likely to be one of the main 1 topics that the Federal Treasurer (Mr Frank Crean); [will discuss in London next! month, according to British Treasury officials. However, they consider; that there is little likelihood' of any concrete decisions being taken during discus-, jsions either at official level.! j or when Mr Crean meets his I British counterpart, Mr Anthony Barber. ! Australian sources . say j j that the position has changed I | fairly drastically since the visit to London early lastj (year of Mr Crean’s predeces-| sor, Mr Billy Snedden. Then. ! Britain was anxious to re[duce the level of reserves held in the United Kingdom.; particularly by sterling area ! countries, and to be seen toj (be honouring her promise top the European Economic l[ Community to run down , sterling’s position as a re- ; serve currency. British Treasury officials;] disclosed earlier this month jthat there were no plans toj' j review the sterling area! (agreements — the Basle jarrangements — before they! (expired in September this] ;year. By that stage it was! hoped that there would be .recognisable progress to- ] swards the establishment of i (international special drawing ' rights through the Inter-'] national Monetary Fund. Now, with doubt still sur-|( rounding the post- , (Smithsonian situation, the]; | sources say, Britain can] (scarcely be expected to enter., any hard and fast arrange- I ments. i <