↑ 'GIVEN HONG KONG'S SIGNIFICANCE AS AN INTERNATIONAL FINANCIAL AND COMMERCIAL CENTRE, IT IS OF PARTICULAR IMPORTANCE FOR THE TERRITORY'S PROSPERITY THAT ITS PRESENT OPENNESS TO THE WORLD SHOULD BE MAINTAINED, AND THAT ITS EXTENSIVE AND DIRECT ECONOMIC RELATION- SHIP WITH ITS TRADING PARTNERS SHOULD CONTINUE. ARRANGEMENTS WOULD THEREFORE NEED TO BE MADE (OPEN SQUARE BRACKED) IN COOPERATION WITH THE OTHER COUNTRIES CONCERNED (CLOSE SQUARE BRACKETS TO ENSURE THAT HONG KONG REMAINS AN IMPORTANT PARTICIPANT IN REGIONAL AND WORLD ECONOMIC ORGANISATIONS SUCH AS THE ASIAN DEVELOPMENT BANK AND, IN PARTICULAR, THE GATT. WE ARE FULLY AWARE OF THE CRUCIAL IMPORTANCE FOR HONG KONG'S TRADING ACTIVITY OF ITS STATUS IN THE LATTER ORGANISATION AND INDEED OF ITS ABILITY TO MANAGE ITS INTERNATIONAL ECOOOMIC RELATIONS AS A WHOLE. IN THE SAME CONTEXT IS IS ESSENTIAL TO MAINTAIN AN INDEPENDENT HONG KONG DOLLAR, AND THAT THE HONG KONG DOLLAR SHOULD, AS NOW, CIRCULATE FREELY AS AN INTERNATIONALLY CONVERTIBLE CURRENCY''.
PARA 13: A STATEMENT THAT IT IS STILL TOO SOON TO SAY HOW OPINION WILL BE TESTED WOULD NOT GO DOWN WELL HERE AND THE PASSAGE AS A WHOLE IS A LITTLE WEAK.
WE SUGGEST THE FOLLOWING BE SUBSTITUTED FOR THE LAST THREE SENTENCES:
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**WE ARE ACTIVELY CONSIDERING HOW OUR ASSESSMENT OF HONG KONG OPINION MIGHT BEST BE CARRIED FORWARD AT THAT STAGE. THERE ARE MANY CHANNELS OPEN TO US. THERE ARE VERY REAL DRAWBACKS TO A REFERENDUM BUT, WHATEVER METHOD IS ADOPTED, I SHOULD LIKE TO ASSURE HON MEMBERS THAT WE WILL SPARE NO EFFOR TO ENSURE THAT, WHEN THE TIME COMES TO DEBATE THE DRAFT AGREEMENT, THE HOUSE WILL HAVE A VERY CLEAR INDICATION OF THE VIES OF HONG KONG PEOPLE''
PARA 14: THE LAST TWO SENTENCES DO NOT FIT VERY WILL IN THIS PARAGRAPH AND THE FIRST OF THEM NEEDS SOME QUALIFICATION. WE SUGGEST THEY BE IMITTED, OR INCORPORATED ELSEWHERE IN THE SPEECH.
PARA 15: THE PENULTIMATE SENTENCE MIGHT BE READ HERE AS A REDEFIN- ITION, IN A RESTRICTIVE SENSE, OF HMG'S COMMITMENT TO HONG KONG. WE SUGGEST IT BE AMENDED TO BEGIN: ''FOR ITS PART THE BRITISH GOVERNMENT WILL CONTINUE TO PROVIDE THE FRAMEWORK...'
PARA 16: WE SUGGEST THAT THE POINTS IN THIS PARAGRAPH BE REORDERED ON THE FOLLOWING LINES:
''AS REGARDS THE TIMESCALE, WE ARE AWARE OF THE CHINESE DESIRE THAT AN ANNOUNCMENT ABOUT FUTURE ARRANGMENTS FOR HONG KONG SHOULD BE MADE IN SEPTEMBER. WE ARE WORKING TO A TIMETABLE IN THE TALKS WHICH TAKES ACCOUNT OF CHINESE WISHES BUT ALSO OF ALL OUR OWN REQUIREMENTS. THE PEOPLE OF HONG KONG WILL NEED TO KNOW THE TERMS OF THE AGREEMENT AND HAVE TIME TO EXPRESS THEIR VIEWS: AND PARLIAM— ENT WILL WISH TO TAKE ACCOUNT OF THOSE VIEWS WHEN THEY COME TO DEBATE THE AGREEMENT. AS FAR AS THE BRITISH GOVERNMENT ARE CONCERNED, IT IS OF COURSE PARLIAMENT WHICH MUST TAKE THE FINAL DECISION''.
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| PARA 12