10th April, 1968.
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PUBLIC STATEMENT IN CONNECTION WITH THE VISIT OF HIS EXCELLENCY THE GOVERNOR TO THE COMMONWEALTH OFFICE ON 14TH APRIL, 1968
The Hongkong Civic Association notes that His Excellency, the Governor, Sir David Trench, will be leaving Hongkong on April 14 to visit the Commonwealth Office for direct consultations on the Hongkong situation.
In this regard, the Civic Association considers that the following matters require the immediate attention of the Commonwealth Office:
1. HONGKONG'S STERLING RESERVES: As a result of the recent deve-
luation of Sterling, the Hongkong Government lost approximately HK$400 million.
The stability of the Hongkong dollar is of paramount importance
If to the livelihood and economic welfare of Hongkong people. the general reserves of the Hongkong are not diversified into currencies in addition to Sterling, confidence overseas especially in Southeast Asia in the Hongkong dellar can be seriously impaired. Responsible opinion in Hongkong new strongly feel that steps should be taken to diversify Hongkong's reserves into currencies ether than Sterling. Hongkong ught to have the right to withdraw a reasonable prepertion of our Sterling reserves to be converted into currencies other than Sterling.
In the interests of Hongkong's four million people, the United Kingdom Government is asked not to oppose the Hongkong Government from taking such steps as would safeguard the livelihood and eco- nomic stability of our people.
The Hongkong Civic Association welcomes the measures being taken to assist Hongkong to join the Asian Development Bank. Hengkong should also join the International Monetary Fund as well as seek loans from the World Bank for urgent development projects. There is a need for the Commonwealth Office to review Hongkong's economic status in a more international perspective.
The
2. URBAN COUNCILA It is widely recognized that there is an urgent need to reform the structure of local government in Hongkong. ten Urban District Offices are officially expected to play the role of political uncles" and weather vanes to the people in the urban areas. But, it is also time to generate more active and responsible leadership in the field of municipal government by:
(a) Expanding the scope of the Urban Council to include responsibi-
lity for primary education facilities, social welfare services and other municipal services;
(b) Giving the Urban Council financial responsibility;