b.c.c.
2.
from other Posts nor can I forecast with any accuracy the requirements of Graeme Wilson (BCARFE) whose movements are controlled by the Department of Trade.
4.
However, our best estimate is that we shall spend somewhere in the region of £11,000 by the end of the financial year and will therefore be about £2,000 under our annual budget. But the reason for the shortfall is
the improvement of the conversion rate of the Hong Kong dollar from $9.50 to the pound to somewhere between $10.50 and $11.--; had the pound remained at the lower rate, we should have spent some- thing in excess of £12,000. On the assumption therefore that sterling holds up over the remainder of the financial year I think we can safely agree to surrender £1,000 for reallocation to other posts.
Hong Kong & General Dept., F.C.O.
D. M. March