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What the speaker said about future prospects of sterling back in 1963 when he spoke in Toronto. The London money market. London back in 1964-65 and its infra-structure of institutionalized approach to financing. Euro-currency markets. The U.S. balance of payments' deficit. The flood of international liquidity and the lack of multi-lateral controls over the way these funds move around. The importance of the Euro-currency market and how it has completely conditioned the London market in the past few years. The challenge to the banks and particularly the international banks, of the so-called emergence of the multi-national companies. Statistics on the multi-nationals. Banks and international banks looking for partners. The future of the Euro-dollar market. Implications for the United Kingdom in joining the Common Market, on the financial side and in the trading area. Implications for Canada. The relationship between Canada and the United Kingdom. Encouraging figures on the balance of payments' position in the United Kingdom. Developments taking place in Canada with European banks.