XN000022-1972-07-17 — Page 2

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Monday, July 17, 1972

INITIAL DISCUSSIONS ON HONG KONG'S STERLING RESERVES END

The present round of discussions with British officials on the future

security of Hong Kong's sterling reserves were concluded this morning.

A Government spokesman said today that the problems created by the

British Government's decision to float the pound had been examined in considerable

detail and, as a result, both sides had a clear understanding of each other's

position.

A further round of discussions is expected to take place shortly.

One of the officials, Mr. Christopher Fogarty of the U.K. Treasury

flew to Singapore today. Mr. R.H. Turner of the Bank of England will return

to London tonorrow evening.

TEMPORARY APPOINTMENTS TO LEGISLATIVE AND EXECUTIVE COUNCILS

Mr. A.P. Richardson and Mr. C.J.G. Lowe have been appointed temporarily

to the Legislative Council with effect from today (Monday) during the absence

of Mr. D.R.W. Alexander and Mr. J. Canning.

The appointment of both members to the Council will continue until

August 29 and September 1 respectively.

At the same time, Mr. Wilson T.S. Wang has been appointed provisionally

an Unofficial Member of the Executive Council.

He will take over Sir Yuet-keung Kan's place until August 7.

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