28 NOVEMBER 1958, Page 20

switch into other currencies and the margins of the rate

of exchange would be guaranteed.

The difference between the two may be some- what technical. But it means just this to the foreign holder ; while at present he may hesitate to leave too much of his funds in the form of sterling in London, once convertibility had been finally established many of these hesitations would vanish. In other words the foreign banks in the City of London would once again begin to play something of the role they were playing when they were first attracted here some fifty or sixty years ago. The City of London would come into its own again and so would the foreign banks in its midst.