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CONTRIBUTION. HMG ARE WELL AWARE OF THE PRESENTATIONAL DIFFICULT
IES IN HONG KONG OF AN INCREASED CONTRIBUTION AND WOULD ONCE AGAIN
BE READY TO CONSIDER ANY PROPOSALS FOR EASING THESE PRESENTATIONAL DIFFICULTIES WHICH THE HONG KONG GOVERNMENT, ON THE ADVICE OF EXCUTIVE COUNCIL, CARES TO SUGGEST.
4. ALTHOUGH HMG HAS SO FAR FOUND IT DIFFICULT TO FIND WAYS OF ASSISTING HONG KONG FINANCIALLY WITH ITS DEVELOPMENTAL PROBLEMS, THE IMMEDIATE NEED TO DO SO DOES NOT APPEAR TO BE URGENT IN THE
LIGHT OF THE HONG KONG GOVERNMENTS PRESENT FISCAL POSITION
•
IT MUST NOT HOWEVER BE THOUGHT THAT HMG WOULD NOT BE PREPARED TO
ASSIST IN SOME APPROPRIATE WAY IF AN URGENT NEEDS FOR SUCH ASSIST- ANCE AROSE LATER AND A SPECIFIC CASE WAS PUT FORWARD. IN THE MEAN- WHILE, HMG IS ALWAYS ANXIOUS TO ASSIST HONG KONG IN OTHER WAYS, WHENEVER THE OPPORTUNITY TO DO SO ARISES.
5. HMG IS WELL AWARE OF THE FRAGILITY OF THE HONG KONG ECONOMY
AND THE PRESSURES WHICH MAY DEVELOP AGAINST IT IN THE FORM OF RESTRICTIONS ON THE COLONY'S EXPORT TRADE. THESE PRESSURES HAVE NOT YET, HOWEVER, DEVELOPED TO AN IMMEDIATELY DANGEROUS DEGREE AND HMG ARE DOING THEIR BEST TO ASSIST HONG KONG TO ENSURE THAT THEY
ARE MINIMIZED. IF THEY SHOULD DEVELOP TO SUCH AN EXTENT THAT HONG KONG'S ECONOMY IS SERIOUSLY THREATENED, HMG RECOGNIZE THAT A NEW SITUATION WOULD BE CREATED WHICH WOULD HAVE TO BE CONSIDERED IN THE LIGHT OF THE ACTUAL CIRCUMSTANCES.
6. (A REPLY HERE TO THE POINTS IN PARA. 10 OF THE UNOFFICIAL MEMBERS' MEMORANDUM WOULD BE DESIRABLE, BUT ON THIS I FIND IT DIFFICULT TO SUGGEST A FORM OF WORDS. PERHAPS THE VIEWS OF UNOFFICIAL MEMBERS ARE NOTED AND IT IS RECOGNIZED THAT THERE ARE STRONGLY HELD OPINIONS ON THIS SUBJECT. HMG APPRECIATES ALSO
THAT HONG KONG'S SITUATION WAS SUCH THAT DEVALUATION RESULTED
IN THE LOSSES DESCRIBED'')
7.
*
(IF POSSIBLE, SOME COMMENT ON PARA. 11 OF THE UNOFFICIAL MEMBERS MEMORANDUM WOULD RE WELCOME HERE).
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8. TURNING
: