нуко
C) THE HONG KONG TEAM HAD PRESSED 'VERY HARD INDEED! THE
IMPORTANCE OF MAINTAINING THE EXCHANGE VALUE OF HK. STERLING
RESERVES, AND WITH ALL THE FORCE AT OUR COMMAND, OUR IDEAS
FOR SAFEGUARDING RESERVE ASSETS WITHOUT ENDANGERING THE POSITION
OF STERLING'
D) THE BRITISH SIDE HAD GIVEN A VERY CAREFUL HEARING AND SHOWED
+
INTEREST', THEY HAD BEEN LEFT IN NO DOUBT THAT MAINTENANCE OF VALUE
OF RESERVES WAS 'VITAL TO HONG KONG'S ECONOMIC AND FINANCIAL
STABILITY' AND Á FUNDAMENTAL CORNER STONE OF POLICY.
E) IT HAD BEEN MADE CLEAR THAT IF HONG KONG COULD NOT HAVE
GUARANTEES FOR THEIR STERLING RESERVES THEY MUST BE FREE TO
DIVERSIFY MORE THAN AT PRESENT PUBLIC COULD BE ASSURED THAT
GOVERNMENT HAD UNDERTAKEN CONTINGENCY PLANNING
3
i
S.C.M.P. EDITORIAL, HEADED 'DISAPPOINTMENT IN LONDON' SAYS
'MR HADDON-CAVE'S UNCHARACTERISTIC BREVITY WAS MORE ELOQUENT
THAN ANY WORDS HE SPOKE. HE IS EVIDENTLY VERY DISSATISFIED'
EDITORIAL SAYS THAT NEWS THAT NO DECISION HAS YET BEEN MADE
'PROVOKES AMAZEMENT BORDERING ON DISBELIEF'. IT DRAWS CONCLUSION
THAT INTENTION IS NOT TO CONSULT STERLING HOLDERS BUT MERELY
MAKE AN OFFER THAT MUST BE ACCEPTED OR REJECTED WITH EQUAL PERIL'.
HONG KONG IS FULLY AWARE OF RISKS OF TRYING TO FORCE THE PACE ON
DIVERSIFICATION BUT ANY ATTEMPT BY BRITAIN TO DENY HONG KONG
THE RIGHT TO SAFEGUARD ITS RESERVES WOULD PROVOKE SERIOUS
REPERCUSSIONS IN THE COLONY'. IT WOULD BE UNJUST AND UNWARRANTED
TO SUGGEST THAT GOVERNOR AND HADDON-CAVE SHIRKED A SHOW DOWN.
BUT IT MUST BE APPARENT THAT IF WHITEHALL TRIES TO RIDE ROUGHSHOD
-2-
/OVER