TNAG-0035-FCO40-71-Relations-with-Macao-1968 — Page 5

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shipments are said to have been made by hydrofoil for sometime. This comes at a time when for once the gold syndicate have been losing money according to rumour. Previously gold bought at US$35 per ounce could be resold in Hong Kong at a price handsome enough to line. Mr. Liang's pockets and to provide plenty of squeeze elsewhere. Now that the free market is the only source at around US$39 per ounce the profitability of the business has largely evaporated.

6. I am copying this letter to Chancery Lisbon and to Arthur Maddocks in the Political Adviser's office of the Colonial Government.

You're ever

LPVH:CP

ли

(M.P.V. Hannam)

Principal Trade Commissioner.

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