CONFIDENTIAL
I note
a sum of money as a safeguard for pensions in difficult years: payment must be from current expenditure.
that a figure of £300 million (about HK$5 billion) was mentioned last year as the cost of capitalising HMOCS pensions: this is a very substantial sum against the
HK$ 25 billion reserves target.
No doubt the Governor, Sir R McLaren and Mr Galsworthy will all advise trenchantly in this sense.
4.
S.
As discussed, I shall draft a
personal telegram from
you
to the Governor.
NJCAAD/3
CONFIDENTIAL
مل
N J Cox