-
done so would be free of the Hong-Kong banks
altogether.
The effect on offocial sterling however
would be to necessitate a lower MSP, whereas in the
alternative above, the Hong-Kong Government could
probably get back to existing M3P given time.
Second alternative
Cmillions
Government
Sterling
Other Currencies
330
85
85
415
Sterling proportion 78%.
The most helpful line for Mr Haddon-Cave would be to
agrue with him this week some understandings on
how he might react to certain situations in order
to assure participation in the unilateral offer.
S W Payton
20 September 1973