XN000022-1972-07-05 — Page 2

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Wednesday, July 5, 1972

"At the time, the decision to leave unaltered the relationship

between the Hong Kong dollar and the pound sterling was the only practicable

immediate course open to us, since it was impossible to judge how events

would develop and where Hong Kong's true interests would lie.

"We were anxious to avoid making a hasty decision about the

future of the Hong Kong dollar which, as events unfolded, might not have

been in our best interest," he said.

Mr. Haddon-Cave said that, in due course, he would hope that

members of the Council would wish to debate the decision taken in the

Council.

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