(a)
138
As at present foreseen need for floating lean` for purpose of repaying J.C.F. advances is not likely to arise for some considerable time. It would not repeat not be necessary to make reference in the Ordinance to advance from J.C.F.
(e) As regards question of announcement on future of Hong Kong exchange rate, I fear that announcement on lines you propose, however carefully worded to avoid appearance of a commitment to maintain stable rate of exchange, will inevitably be interpreted as such a commitment and that it would on that account be open to strong objection. Possibility that absence of such announcement may discourage investors must, I feel, be accepted.
Copies sent to:-
Treasury
Crown Agents
Mr. D.R. Serpell, 0.B.E.. Mr. A.H. Hicks.
Crown Agents for the Colopies,
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