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Oft. on 54126/4/49
E.C. 7/202/01
Dear Marshall,
The Church House
Great Smith Street,
S.V.1.
3 March, 1949.
Exchange Control: Hong Kong.
18
I enclose a copy of a draft telegram which embodies the various points discussed at the meeting held in Bourdillon's room on Wednesday the 16th February 1949. I am afraid it is rather long but I think we must put the matter as fully and as clearly as possible.
I must warn you that we are by no means confident that even after receipt of this telegram the Governor of Hong Kong will feel that the potential leak is such as to justify imposing any restrictions on the issue of bonds which might upset the local investors, particularly the Chinese, and especially as the first issue was made without any restrictions. We may therefore have to consider the matter again, but for the time being we had better wait and see.
I should be grateful, therefore, if you could let me have your comments on this draft fairly
Boon.
I am copying this letter and enclosure to Portamore and mackay in case they have any suggestions.
Yours sincerely,
W.A.J. MARSHALL, ESQ.,
TREASURY.
L. Palmer