GRPS 660
PRIORITY
EN CLAIR
FM HONG KONG 120125Z
UNCLASSIFIED
RECKVEC IN
RK TRY Ne. €1 TRAUG 973
HKK 5/1
TO PRIORITY F C O TELNO 98 OF 12TH AUGUST, 1973.
FOR STUART (HKIOD) FROM ASTON.
STERLING
1
91
TOP COPY
PA
IN CASE IT HAS NOT YET REACHED YOU FOLLOWING ARE EXTRACTS FROM ARTICLE UNDER HEADLINE WAGGING THE BULLDOG'' IN CURRENT
DISTRIBUTED 11TH AUGUST) FAR EASTERN ECONOMIC REVIEW. THEY TYPIFY PRESS APPROACH GENERALLY.
'SELFISHLY AND SHORT-SIGHTEDLY, LONDON LAST YEAR ABOLISHED THE STERLING AREA. NOW THE CHICKENS ARE COMING HOME TO ROOST.
2
་༡པས་
FOR THE PREVIOUS 20 YEARS BRITAIN LIVED BEYOND ITS MEANS BY FORCING
OTHER NATIONS TO SHOULDER A SUBSTANTIAL PORTION OF ITS FOREIGN
DEBTS.
TWO LITTLE TAILS ARE AT PRESENT IN LONDON BOASTING. ENOUGH MONETARY MUSCLE TO WAG A SICKLY BRITISH BULLDOG. SIR MURRAY
MACLEHOSE, HONG KONG'S GOVERNOR HAS BEEN FORCED BY LONDON'S -
FAILURE TO RESPOND BEFORE NOW TO INTERRUPT A WELL EARNED LEAVE
FOR A CONFRONTATION WITH THE TREASURY. AND FINANCIAL SECRETARY
PHILIP HADDON-CAVE HAS JOINED HIM FROM HONG KONG,..
.....IN A TIME OF MONETARY CONFUSION, LONDON SIMPLY COULD NOT
DARE TO ALLOW HONG KONG TO SHIFT ITS ASSETS OUT OF LONDON.....
.....IF THE WHOLE AMOUNT WERE SOLD OFF WITHIN THE NEXT FEW WEEKS, THE MOTHER COUNTRY WOULD BE HUMILITATINGLY BANKRUPTED AT THE HANDS
OF ITS TINY COLONY.....
"'.....PREVIOUS EXPERIENCE OF LONDON'S TACTICS LEADS HONG KONG TO
EXPECT THAT THE BIG STICK WOULD BE WAVED AT ITS REPRESENTATIVES IN LONDON.............
/ "....LONDON