CONFIDENTIAL

Conclusions

12. All this seems to me to be pretty gloomy and it will necessitate, I

think, a fundamental reappraisal of Hong Kong's position. I am thinking

about this and will be writing further to Mr. Dorward.

DJCJ/mms

Distribution:

Director, Hong Kong (3 copies)

A.L.; A.B.; AL.W.

Mr. Goldsmith (U.K. del. to T.D.B.)

Mr. Kemmis (Board of Trade)

Mr. Fall (UKMIS, Geneva)

CONFIDENTIAL

T

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