Ministers collectively are very conscious of the importance to
Hong Kong of their sterling balances. Lack of consultation
should not be construed as demonstrating a lack of concern for the stability and welfare of the Colony (see also paragraphs
2 and 4 of the Annex). These are matters which HMG have very
much in mind, It is now for the Hong Kong Government to consider
our offer. In our view it is an extremely generous one since
the guarantee is being given at the current rate.
4.
Financial Relations Department concur.
13 September 1973
cc:
Mr Wilford
Mr Holland
Mr Marshall
Mr Cambridge (FRD) Mr Stuart L
CONFIDENTIAL
R B Crows on
Hong Kong and Indian Ocean Department