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CONFIDENTIAL
The Minister was grateful
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Discussion today. Mr Mum agreed
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State to follow-up thoughts expressed at this
agreed wor
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at this meeting. It was NOT to pursue this matte. Through OPD (K) as it was likely that CC; no firm decision would result /
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HRA 233/1
ри 28. 1993
192
John Morris
ake.
Hong Kong Department
23 June 1993
Mr Ricketts
Loodid Mr Whitney
24/6
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HMOCS: WAY FORWARD
1. We suggested that the Minister like a short meeting to discuss the way forward in the light of the Governor's reactions to our telno 604. I spoke to Martin Dinham on the
telephone. He told me that the Governor was firm on the
substance of the package for HMOCS members but open to argument on the tactics for achieving this. He was prepared to accept that if the Minister believed the risks to be high then we should not press for a decision at OPD (K) on 1 July, but pursue the scope for agreement at official level. But we should be clear that this agreement would need to:
(a) Retain a cap no lower than £120,000;
(b) Keep the Exchange Rate at 16:1;
(c) Include the SPOS amendment.
If it did this he would be prepared to accept the Treasury mechanism for the operation of the Sterling Safeguard, and
wat.MIN.NJH/JRB
CONFIDENTIAL