NOTE FOR THE RECORD
FINANCIAL
SECRETARY
TO THE TREASURY
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RECEIVED IN REGISTRY NO. 51 0 8 MAY 1901
DESK OFFICER INDEX
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KELISTRY
Action Taken
PA
48.5.
ANY
VISIT OF MR JOHN BREMRIDGE: 13 APRIL
Why:
as Financial
Mr John Bremridge, Sir Philip Haddon-Cave's successor Secretary to Hong Kong, called on the Financial Secretary on
13 April.
Mr St Clair was in attendance.
Secretary on Monday, See were 014/1 (102) 1982
After the usual courtesies the question of Sir Murray McLehose's successor was discussed. Mr Bremridge personally hoped that, provided a first class man could be found, the next Governor would be a politician, rather than a civil servant.
Turning to the question of the lease on the New Territories the Financial Secretary wondered whether investment was falling off as the prospect of the end of the lease in 1997 began to approach. Mr Bremridge remarked that the issue was of continuing concern to the Hong Kong Government, but if the Chinese were not disposed to give a decision on the future of the New Territories - and they did not seem to be at present there was not a great deal that they could do. Fortunately, this had not so far affected the level of investment in Hong Kong because investors anyway looked for much shorter pay-back periods. An exception to this was the proposed airport which would not be operational, at best, until the early
1990s.
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Mr Bremridge said that he had gained the impression from his meeting with Mr Parkinson earlier that morning that the Government intended to play the Hong Kong and Shanghai Bank's bid for the Royal Bank of Scotland long. The Financial Secretary explained that the bid was at present being considered by the Director General of Fair Trading, together with Standard Chartered's earlier bid, and that it was up to the Director to advise the Government whether one, or both, the bids should be referred to the Monopolies and Mergers Commission.
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