TNAG-0071-FCO40-107-Disturbances-in-Hong-Kong-propaganda-1969 — Page 40

the programme myself, reading the transcript

gives one the impression that not only did the

programme give an entirely false picture of

Hong Kong and put both the Hong Kong Government

and the British Government in the worst possible

light, but must also have given the Chinese

Mission in Portland Place and their sympathisers

much satisfaction. This view is shared by

others who did watch the programme in question.

To suggest, as Mr. Pettifer did in his

opening remarks that "money poured out of the

Colony" in those difficult weeks in the middle

of 1967 is quite false (unsubstantiated reports

of this nature were circulating at the time,

fostered by those in Singapore and Taiwan who

hoped to benefit from any flight of funds from

Hong Kong). There was undoubtedly some move-

ment of funds out of the Colony; it would be

surprising if it were otherwise, considering the

amount of "hot" money Hong Kong attracts.

J

But

while total bank deposits fell by 12% during the

period May July 1967, much of this was due to

the Chinese preference to hold their money

themselves in time of uncertainty and little

of the reduction represented an outflow of

capital from the Colony. And to imply, as he

did later, that the support of the people for

the Hong Kong Government was due not to

sentiment and loyalty but entirely to material

self-interest (an imputation supported by the

highly contentious statement that they were

afraid of losing "the rewards of a decade of

struggle") ignores altogether the fact that

more than a million of the Colony's population

/ are

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