CONFIDENTIAL

MDLIA

020467

266

"No" of course"

about it!

PASSPORT. IT WOULD OFFER HKBDTCS AND ADDITIONAL OPTION IN THE

CONVERSION EXERCISE AND WOULD CERTAINLY BE AN ADDED INCENTIVE FOR

THEM TO COME FORWARD TO REGISTER AS BN(0)S. WE WOULD OF COURSE

STILL REQUIRE AN ORDER IN COUNCIL SPECIFYING THE TIME OR TIMES

BEFORE WHICH APPLICATIONS FOR REGISTRATION AS BNCO)S MUST BE

MADE TO AVOID THE POSSIBILITY OF AN OVERWHELMING FLOOD OF APPLICATIONS IMMEDIATELY BEFORE 30 JUNE 1997.

5. WE SHOULD BE GRATEFUL FOR YOUR VIEWS AND WOULD APPRECIATE YOUR EARLY REPLY,

WILSON

YYYY

ΜΑΙΝ

MINIMAL

NNNN

15

DISTRIBUTION

15

HKD

PAGE

2

CONFIDENTIAL

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