P.M. 

5  years' since I became P.M.
 Prospects for 1962:   abroad v. disquieting - world order brkg. down.
                   C. Market.
                   C'wealth.  Republics 1947 - consequences -
    diffies & possibilities.
                           At home:  economic sitn v. perilous.
 Max. no. of larger views:  minimum of small points - motto for '62.
 Ministers mustn't be pre-occupied with Dpl. points.

K. 

Grateful for H.M.'s leadership in good times and bad.
You can be assured of our loyalty and co-operation.