PROM
TSLEQRAM
0.A.0.
.....
... 5-400
syoft
Exchang
Fund
11
HUNG KON
+
No. 607,
D. lat October, 1940. I. let
**
4your telegram No. 521.
15.40,hre.
I propose to publish on 5/h October in the following terms. bold Org Exchange Fund Advisory Committee with the approval of liong Kong Govement agree to make free gift to His Majesty's Government of £200,000 per annum for the duration of the War from profits of Exchange Fund provided the net increment reaches that figure. AB published half yearly statement shows, the position at 31st December, 1989 represented a cover of over 114%. That cover will not be decreased by the gift. It will be recollected that, besides remittances amounting to more than £83,000 from Local Newspapers War Fund, the Hong Kong Government has already in the past year made two free cash gifts of £100,000
each.
Ends.
i