A coupled ocean-atmosphere model is formulated, incorporating an ocean comprised of two surface and one deep-ocean boxes, horizontal and vertical mixing, a thermohaline circulation, and forcing by latitudinal differential surface heating and evaporation. Surface fluxes are determined through coupling with a two-box steady-state atmospheric energy-balance model The hydrological cycle, thermohaline circulation and latitudinal exchange rate in the atmosphere are each controlled by an independent parameter. For a weak hydrological cycle, a cold low-salinity deep-ocean equilibrium exists with deep water produced in high latitudes, resembling the modern ocean; for a strong hydrological cycle, a warm saline deep ocean is found with deep water produced in lower latitudes, similar to proposed models of a Cretaceous ocean. More complex solutions exist for an intermediate range of parameters. These include co-existence of both of the above limiting circulations as stable steady states and an oscillatory solution about the cold deep-ocean limit case. In general for this model, the cold deep-ocean case appears less stable than the warm saline deep-ocean case.