TNAG-0171-FCO40-207-Effect-of-UK-s-economic-measures-on-exports-from-Hong-Kong-1969 — Page 166

.3.

FROM SPECULATIVE MOVEMENTS AND THAT WE COULD REFRAIN NO LONGER

FROM TAKING ACTION ESSENTIAL TO OUR VITAL INTERESTS. IN SO DOING

WE SELECTED MEANS WHICH WOULD CAUSE LESS INTERFERENCE WITH

VOLUME AND PATTERN OF INTERNATIONAL TRADE THAN EITHER THE

REMEDY OF Q.R.S PROVIDED FOR UNDER GATT AND STOCKHOLM

CONVENTIONS OR OUR EARLIER TEMPORARY IMPORT CHARGE. IMPORT

DEPOSITS SCHEME MUST THEREFORE BE SEEN AS ESSENTIALLY PARTICULAR

MEASURE OF MONETARY RESTRICTION DEVISED FOR LIMITED AND

TRANSITIONAL PERIOD AND OF SHORT DURATION.

(HGNG KONG ONLY. PLEASE LET GOVERNOR SEE).

STEWART