Rough translation of
FAH KIU YAT PO
11 Seht 1973
Influential morning paper read by higher income groups. Circulation: 69,000.
Britain's undue control
reserves would
of HK's sterling
gravely jeopardize HK's economy.
In the last few years, we ( people of HK)
have suffered
a boss whopping loss that
not imagine how
amounts to about & 1,000 million. Should the situation go on unchecked, we dare
appalling the loss will be.. Since the international monetary alignment in December 1971, the parity rate between the of sterling and us & has been raised from 1=2·40 to 1=2·6057. This, in effect, has defeated partly if not wholly the original purpose of the sterling guarantee agreement.
reserves
Mr K. W. Lee, member of the Legislative Council, has pointed out on 15-3-1973 that HK, with a sound economy, has no reason to put the bulk of the reserves in economic unstable places like Britain. Granted there are other reasons, HK should be given effective guarantee to minimize possible losses brought about by the sterbing devaluation.
a more
Mr Haddon - Cave and the former Financial Secretary have been negotiating with the British Govt. on the matter for many times without bearing fruit. Is it that HK Govt officials have not tried their best during the talks,
Gr the British Gout have not takin Itk's
request seriously? It is hoped that the iK Govt could spell out the truth of the matter and let the public know about it.