RE
RECE
23 MAR 2777
Reference......
Original: HKK.090/?.
Mr Hayes
HKK 1021,
✓
HKK 102/1
CC:
Mr Stewart (HKD)
Information
16 on
ग
Lord G-R
Duly, I power I know
Dea
HONG KONG
1.
I feel you should know in view of my limited time resources, that I have the following major peices of work outstanding on Hong Kong:
araft sulmithi.
In hand-in-
ก)
b)
c)
Hand I have the hamped make. Not Mo.c. Lin particular, I think.
Not neceraidy
for the s.4.
?
Mear tuome
Memor.
If myth the
or au
d)
e)
Minister of State (Lord Goronwy -Roberts) and Parliamentary Secretary (Mr Luard have asked what the economic advantage in to the UK of maintaining the present constitutional position in Hong Kong. This is a major task involving C50, Bank, DOT and ourselves.
The Minister of State has asked for a report of moves out of sterling by Hong Kong's reserves. Again, no minor task, involving Bank, Treasury and ourselves.
Mr Cortazzi requires a full appraisal of the recent Hong Kong Budget for the next meeting of his Standing Committee (this is the main FCO policy body on Hong Kong).
For the Standing Committee we are scheduled to assess the report of their Inland Revenue Review Committee, which has made major proposals for tax reform.
On the investment front Mr Cortazzi has asked for further information on the investment of Hong Kong's reserves in South Africa; we also know Hong Kong are considering a move to acquire the Government's supra-majority shareholding in British Petroleum.
2. Because Hong Kong is FCO's prime concern and in view of the delicacy of UK/Hong Kong relations (and Parliamentary interest) little of this can be passed outside. But it does demonstrate to my mind the case for some additional
resources.
econduit attacked
Folted Dim
21 March 19771
3
AN men
Adrian Smith
Senior Economic Adviser
и