NOTHING TO BE WRITTEN IN THIS MARGIN
J
DEPARTMENT
SECURITY CLASSIFICATION PRIORITY MARKINGS (Date)..
-Kamil Bu.
reach addressee(s).
Top Secret
Secret
Confidential
"Restricted
Unclassified
PRIVACY MARKING
In Confidence
En Clair. Code Cypher
Draft Telegram to:-
GOVERNOR HONG
No.
(Date)
And to:-
Repeat to:-
Saving to:-
Distribution:-
ORWELL FRD HKIOD
Copies to:-
KONG
Despatched
Flash Immediate
Priority
Routine
}
[Sec
[Security classification"
-if any
fication]
CONFIDENTIAL
[
Privacy marking -if any
1
[Codeword-if any].
Addressed to
telegram.................
GOVERNOR HONG KONG
..(date)
repeated for information to ..........
Saving to.......
Your telegram ORWELL No 188: STERLING
1. We appreciate that, as a consequence of the
devaluation of the US dollar and your decision to
maintain the gold parity of the Hong Kong dollar,
there has been an increased loss in Hong Kong dollar
terms on your sterling reserves. This is a world
wide problem. But if a larger part of your reserves
had been in US dollars, the overall loss would of
course have been greater.
2. We fully accept that, when sterling refixes,
you will be faced with several difficult questions,
and that continued losses do not make the solution
of these problems any easier for you. On the extent
to which you can afford to maintain the present
exchange value of the Hong Kong dollar, you will
/presumably