CODE 18-77
PJYAGX
Reference
73....
Mr Edwards,
Legal Advisers
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Apt.
HONG KONG: EXCHANGE FUND ORDINANCE (EFO)
1914
1. In your absence, Chris Whomersley gave an opinion on the problems raised in Hong Kong telnos 804 and 1000.
2. Chris Elston, Bank of England, has commented at some length (his letter of 3 April) and Margaret O'Mara, Treasury, has today telephoned to say she agreed with Elston's 'advice' but wanted clarification of the term 'borrow' as referred to by Elston.
3. Before I go back to Hong Kong I should very much appreciate your opinion on Chris Elston's 'cautious' advice and perhaps you could spell out exactly on what we need Hong Kong's clarification.
4. Since Hong Kong are chasing us for positive advice, I should like to pose the right question as accurately as possible. Your help would be much appreciated.
18 April 1989
HKC105/1
HKC105
Cε45
J
Peter Morin
P J Morris
Hong Kong Department WH312
270 2653