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and those which Mr "addon-Cave had made on his return
to Hong Kong. Sir M MacLehose said he had seen the
message, but not the Declaration, (which in fact had
not yet gone). He thought Hong Kong's telegram put
their position well. What they needed was much
wider discretion. They would use such discretion as
any prudent sterling holders would. Without it, any
Hong Kong
All major
devaluation of the noLUS dollar.
losses would be seen as the fault of HMG.
prefered to make their own mistakes.
holders of sterling had much lower MSPs than had
Hong Kong. This anomaly should be put right. The
alt-right reasonable, provided there was no rate of 2.4213 seemed alright if the dollar was net
devalued. Mr Royle pointed out that Mr Haddon-Cave
would be seeing the Chancellor at Dar-es-Salaam and
could put Hong Kong's views in the margin of the
Conference.
Meanwhile perhaps Sir Murray would like
to see the Treasury. Sir M MacLehose said he would
indeed like to do so, but he thought he need not
trouble a Treasury Minister this time.
3.
The
Mr Marshall and Mr Holland said that the
Declaration would be telegraphed to Hong Kong today.
It answered some of Mr Haddon-Cave's questions.
Treasury would prefer to play matters slowly, and
would like to see what the general reaction was
before tackling individual problems.
4. There was then some discussion on the position
of the Hong Kong banks. Mr Holland pointed out that
HMG were not a party to the agreement between the
Hong Kong Government and their banks. Sir M MacLehose
/observed
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