Foreign and Commonwealth Office London SW1
Telephone 01- 930 8440
(19)
DJ C Jones Esq JP
Secretary for Economic Services
Colonial Secretariat
Hong Kong
{
Your reference
Our reference
Date
HKK 5/38
9 October 1974
WORLD COIN CORPORATION INC
21
1. Hong Kong telegram No 186 Saving of 2 August informed us of your wish to conclude an agreement with this American company for the promotion and sale of proof sets of a range of Hong Kong coins principally for the numismatic market. The telegram also sought formal approval for the minting of two new coins in accordance with the Hong Kong (Coinage) Order 1936. The agreement of the United Kingdom authorities concerned has in fact now been obtained and will
be conveyed separately in a telegram, the despatch of which I have delayed so that this letter should reach you first.
2. You should, I think, be aware of some information which has come to light about the business methods of the WCCI since our telegram No 480 of 21 May was despatched, and which calls for some qualification of our earlier assessment. As you may know, it is the practice of this company to use socially prominent figures in high level approaches to politicians and government officials to promote their interests. We have ourselves been approached by Michael Parker, at one time Private Secretary to the Duke of Edinburgh, who wished to sound us out regarding the possibility of our suggesting to the Hong Kong Government the amendment of the Coinage Order, so as to enable the WCCI to mint coins for you. Commander Parker gave as the reason for his suggestion the supposed inability of the Royal Mint to fulfil an order from Hong Kong in less than 18 months. We queried this with the Mint at senior level and were assured that the Mint could process any order from you virtually at once and that the WCCI was giving false information in this respect.
3. Any unscrupulous competition apart, there has been dissatisfaction in several countries which have dealt with commercial numismatic marketing agencies over the sharing of the profits from such schemes. Many of the agencies ask for contracts extending over periods of from 5-10 years. As you know, the market for proof coins is developing rapidly and some of these contracts have been so drafted that an unreasonable proportion of the profits in the later years of expanded trade go to the company rather than the Government concerned.
"Teleguarn to Hong Kong
TH) 10/14 dispatched today.
X
CONFIDENTIAL & PERSONAL
14.
Whether
}
p.c.