XN000022-1972-12-13 — Page 25

PR 35 4000025

香港政府

GIS

新聞處

DAILY INFORMATION BULLETIN

SUPPLEMENT

Wednesday, December 13, 1972

SPEECH BY THE HONOURABLE THE FINANCIAL SECRETARY

IN LEGISLATIVE COUNCIL ON WEDNESDAY, 13TH DECEMBER 1972

Mr. P.C. Woo:

Reply:

Yes Sir,

Is the Financial Secretary yet in a position to make a statement on his recent discussions in London on the

Sterling Guarantee Agreement and the security of Hong

Kong's sterling reserves?

Introduction

But, if I am to put my talks in London in November in perspective,

I am afraid I shall have to speak at some length. I do not apologize for

this. Our financial and monetary stability is fundamental to our well-being

and I can well understand that honourable Members and the public at large wish

to be assured that this Government has acted at all times to secure Hong Kong's

best interests. This is always our purpose though our actual performance is

sometimes under the control of prevailing circumstances and external events

over which no individual government can exercise very much influence.

Historical Background

May I begin, Sir, by reminding honourable Members of the historical

background to the Hong Kong dollar's link with sterling? Until 1935 Hong Kong

/had

Issued by Government Information Services, Beaconsfield House. Hong Kong. Tel: 5-233191