CONFIDENTIAL
Pi. Entro
p.c
MF 9/393/1
D A Walker Esq HM Treasury
Foreign and Commonwealth Office
London S.W.1
6 August 1974
HONG KONG: IMPLEMENTATION OF THE SIX MONTH GUARANTEE
As agreed on the telephone, I enclose a draft telegram to Hong Kong explaining why we have adopted the interpretation we have of how the 10% deduction should be calculated.
2. Although the point made in the last sentence of paragraph 2 of the draft is not really analogous to Hong Kong's case, you may nevertheless think it useful in showing them that the calculation and application of the 10% deduction is not
Otherwise the draft is I think self- always straightforward. explanatory.
SJG CAMBRIDGE Financial Relations Department
cc: Mr Crowson, HKIOD
Mr Aust, Legal Advisers
CONFIDENTIAL
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