It [also] lives on its history, now, to some extent: its achievements [ of the Commonwealth] in Rhodesia and South Africa, which were enormous. And they'll live on that for some time, I guess. And there is still - I'm out of touch with it now, of course - but I still think there is a degree of cooperation at the economic level, to some extent, with the more developed countries helping the less developed. How substantial that is now, I simply am not versed.

The concept there was that the small number of developed countries within the Commonwealth should provide assistance. This was not just financial but personal, providing experts and so on, to assist less developed members of the Commonwealth to get on the growing path. And that was part of what we did with South Africa.

There is a reciprocal respect for [ Elizabeth II], for her interest in the Commonwealth. The members of the Commonwealth recognise that here is a genuine interest from the top. So, that's one reason. I'm not putting it necessarily in order of importance.

I was used on a number of occasions by the United States and China as a conduit. For instance, I was up there talking with the Chinese leadership and they said to me that they were a bit concerned that the Americans had a misunderstanding about their relationship with the Soviets. There was some suggestion that there was a rapprochement developing between China and the Soviets, but nothing could have been further from the truth.

I think there are a number of reasons, not least of which is the personality of the Queen [ Elizabeth II]. It's very easy to underrate her significance. I think she finds the Commonwealth and her position as Head of the Commonwealth infinitely more interesting than being the Queen of England, because she has no significant role in the latter.

Do you know why I have credibility? Because I don't exude morality.

I rang my friend Jim Wolfensohn, who was then running a private commercial bank in New York. I said, "Come up to Vancouver", and he did. I put my proposition to him. He said, "I think it could work." I said, "Will you help us?" He said, "Yes." So, I set aside senior people in our treasury and they worked with Wolfensohn and the investment sanctions were applied. And that's what brought the regime down. The last South African Finance Minister, Barend du Plessis, went on record as saying that it was the investment sanctions that put the final nail in the coffin of apartheid.