Hong Kong Government and the British
Government in the worst possible light, but
must have given the Chinese Mission in
Portland Place much satisfaction.
This view
is shared by others who did watch the
XN.P.#
programme in question.
ん
To suggest, as
NOTHING TO BE WRITTEN IN THIS MARGIN
it world be sourfromą if I were
Merwise, considering
The amount of "hot"
Morey Hong Kong attracts,
Mr. Pettifer did in his opening remarks that
"money poured out of the Colony" in those
difficult weeks in the middle of 1967 is
quite false (unsubstantiated reports of this
nature were circulating at the time,
fostered
by those in Singapore and Taiwan who hoped to
benefit from any flight of funds from Hong Kong).
The facts are that no more than % of all
funds deposited in Hong Kong banks were
out of the Whony transferred in the period May July 1967 and some of these transfers were in the nature
of ordinary monetary movements in connection
with normal commercial operations. And to
imply, as he did later, that the support of
the people for the Hong Kong Government was
not to sentiment and loyalty but
due/entirely to material self-interest
Imputation
(an assertion supported by the highly conten-
tious statement that they were afraid of losing "the rewards of a decade of struggle") ignores
altogether the fact that more than a million
of the Colony's population are refugees from
communism who "voted with their feet" for the
kind of life they can live in Hong Kong. X
Furthermore the denigratory references in two
places to officials congratulating themselves
imputation on weathering the storm, with the implication
of complacency and a return to inertia, are
/ quite
There was "Undoubtedly some
movement of funds
out-of the Colony But",
While total bank
deposits fell by 12% during the period May-July 1967,
much of this was due to the Chinese preference to hold them morery themselves in time of uncertainty and little of the reduction represented an out-flow of capital from the Colony