CONFIDENTIAL
FM HONG KONG
TO PRIORITY FCO
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OF 030915Z MAY 89
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HONG KONG TELNO 1327
EXECUTIVE COUNCIL
AT THE PART I MEETING OF THE EXECUTIVE COUNCIL HELD ON 2 MAY, THE GOVERNOR IN COUNCIL ORDERED THAT
(A) THE BRITISH GOVERNMENT SHOULD BE ASKED URGENTLY TO EXTEND THE UK PROTECTION OF TRADING INTERESTS ACT 1980 TO HONG KONG:
(B) GIVEN THAT THE EXISTING LICENSING CRITERIA MIGHT NO LONGER BE APPROPRIATE, THE APPLICATIONS FOR BANKING LICENCES RECEIVED FROM JARDINE FLEMING AND COMPANY LTD., AND WARDLEY LTD., SHOULD NOT BE DETERMINED UNTIL A THOROUGH REVIEW OF THE CRITERIA HAD BEEN COMPLETED THE REVIEW SHOULD TAKE ACCOUNT OF CHANGING CIRCUMSTANCES BOTH IN
HONG KONG AND IN THE FINANCIAL WORLD:
(C) THE ROYAL HONG KONG JOCKEY CLUB'S PROPOSAL TO TELECAST PRESTIGIOUS OVERSEAS RACES LIVE AT APPROVED RACE MEETINGS DURING
THE OPEN SEASON SHOULD BE APPROVED. LEGISLATIVE AMENDMENT SHOULD BE MADE TO ALLOW THE CLUB TO CONDUCT BETTING ON SUCH RACES. THE PRESENT POLICY OF NOT PERMITTING RACING IN SUMMER WOULD CONTINUE:
AND
(D) THE NEGOTIATING LINE SET OUT IN THE ANNEX TO THE EXCO MEMORANDUM ''WATER SUPPLY FROM CHINA BEYOND 1994/95'' SHOULD BE ADOPTED.
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