COPY.
383
HONG KONG/STERLING AREA TRANSFERS.
In our issue dated 8th December the following
passage appears at page 740 under the heading "Hong Kong
Sterling Area Transfers" "And even professional
arbitrageurs have succeeded many times, by means of
-
plausible subterfuges, to obtain approval for their applica-
tions".
We now appreciate that this passage, read in the context in which it was written, contains an unwarranted assertion against the administration of Exchange Control in Hong Kong.
We unreservedly withdraw this assertion which was made without foundation and tender our deep regret and full apology for its publication.