CO129-623-8 Estimates of Expenditure- includes a report for the year ending March 1951 1-12-1949 - 31-3-1951 — Page 267

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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.