CONFIDENTIAL

020033

¥55

MDHOAN

AT SOME STAGE BUT THAT IT WOULD BE UNDESIRABLE TO DRAW UNHELPFUL ATTENTION TO THIS BY DRAFTING AMENDING LEGISLATION IN ISOLATION. BUT SUBJECT TO YOUR VIEWS ON PARAGRAPHS 4 AND 5 ABOVE, IT MAY WELL BE NECESSARY TO MAKE FURTHER LEGISLATIVE CHANGES TO TIE UP THESE OTHER LOOSE ENDS. WE WOULD BE GRATEFUL FOR YOUR VIEWS ON

THE TIMING AND PRESENTATION OF THESE CHANGES.

7. FINALLY, WE AGREE THAT IT WOULD BE SENSIBLE TO LET LEGCO KNOW OF THESE DEVELOPMENTS WHEN A SUITABLE OCCASION ARISES. WE ARE CONTENT TO LEAVE THIS TO YOUR JUDGEMENT.

HOWE

YYYY

ΜΑΙΝ

16

LIMITED

HKD

MR GILLMORE

DISTRIBUTION

19

MR MCLAREN

ADDITIONAL

3

MR EDWARDS, LEGAL ADVISERS MISS O'MARA, TREASURY

MR ELSTON, BANK OF ENGLAND

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PAGE

2

CONFIDENTIAL

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