would be of little or no value outside Hong Kong in the
situation envisaged, and many refugees will find that their
only assets are virtually worthless. H.M.G. would have to
be prepared on humanitarian grounds to arrange for immediate
temporary financial support for distressed persons in this
position (and possibly also for those with sterling assets which could not be mobilised immediately), possibly through
the posts abroad,
8.
In addition to provision for releases to deal with
the immediate physical needs of former Hong Kong residents with assets in the U.K., it would also be necessary (though a little less urgently) to make arrangements for certain
types of commercial payments to be allowed. These would
include pre-zero commitments, particularly under credits
opened by London banks. Releases could be allowed by the
Bank of England in accordance with whatever policy was
laid down.
9.
Consideration would have to be given to the treatment
of sterling assets belonging to China. If it was
desired to impose control, either Exchange Control powers
or Section 2 of the Emergency Laws could be brought into
operation within a short time.
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