SECRET
failed to come up to expectations, Sir Murray hoped that most of the reserves would be left intact. As to borrowing, he said that Hong Kong would in any case need to go to the market in 1975 for about HK$2,000 for bridging finance for the mass transit scheme.
In addition, they were considering applications to the Asian Development Bank to provide loans of about HK$150 million a year for three years. This would require a guarantee from HMG and he hoped it would be forthcoming. Hong Kong no longer had inhibitions about borrowing, or about using their reserves 'where appropriate; but the size of the reserves was an important factor in Hong Kong's
credit-worthiness, and should cover her obligations.
11.
Lord Goronwy-Roberts said that he broadly agreed with
Hong Kong's strategy.
}