STA
FI HONGKONG
SENT 14/8/1973
GRS 460
CREDA 78
REF
NO DISTRIBUTION
Lonly
E.P.D.
H.K.IO.D.
T.R.D.
92
F.R.D.
3x
С
Mike Wilford
FOR MISS LACKEY CCRE 2) FROM ASTON.
the PA
REPEATED SEPARATELY TO F.C.C. FOR STUART CHKIOD) AND FINLAYSON
(EPD).
N
MY CREDA 76.
A very
-sided and maccurate statement
STERLING.
儿哑
Air. Sayer:
by
CC DTSY
TODAY'S ENGLISH AND CHINESE PRESS GIVES PROMINENCE UNDER HEADLINES
SUCH AS 'BANK CHIEF DEPLORES U.K. ATTITUDE' (S.C.M.P.) TO REMARKS
YESTERDAY BY SAYER, CHAIRMAN OF H.K. AND S. BANK. IN FACT HIS
COMMENTS WERE ONLY A BRIEF INSERT IN A PREVIOUSLY PREPARED
LUNCHEON SPEECH TO HONG KONG COTTON SPINNERS ASSOCIATION ON THE
OUTLOOK FOR THE INDUSTRY.
RELEVANT PASSAGE
INSERTED AFTER A SECTION ABOUT THE NEED FOR
THE MAJOR TRADING BLOCKS TO HELP THE ECONOMICALLY WEAKER COUNTRIES
WAS:-
'IF ONE LOOKS HARD ENOUGH IT IS ALWAYS POSSIBLE TO FIND A REASON
FOR NOT TACKLING AN ISSUE, BUT, SURELY, THE RELATIONSHIP BETWEEN
BRITAIN AND HONG KONG HAS NOT GOT TO THE STAGE WHERE A SUBJECT
OF SUCH IMPORTANCE CAS THE LARGE STERLING RESERVES) CANNOT EVEN
SE DISCUSSED. HONG KONG HAS PAID DEARLY FOR KEEPING HER RESERVES