2
3.
EDITORIAL COMMENT HAS BEEN MORE RESTRAINED AND HAS POINTED OUT THAT THERE WILL BE A TWO AND A HALF YEARS INTERIM PERIOD TO MAKE ADJUSTMENTS AND THAT SOME QUARTERS CONSIDER THAT THE ADVERSE EFFECT WILL BE NEGLIGIBLE. ONE EDITORIAL WAS BASED ON QUOTE PEOPLE WHO CRY WOLF BEFORE THEY ARE HURT GET TO BE RATHER A BORE
UNQUOTE. A MAJOR CRITICISM HAS BEEN THE LACK OF CONSULTATION
WITH COMMONWEALTH GOVERNMENTS BEFORE THE ANNOUNCEMENT WAS MADE.
4.
NON-COMMUNIST CHINESE PRESS HAS SO FAR TREATED THE MATTER AS A NEWS STORY ON SIMILAR LINES TO ENGLISH LANGUAGE PRESS,
COMMUNIST PRESS HAS NOT YET REACTED.
5.
OVERALL THE INITIAL REACTION HAS BEEN LESS SHARP THAN
ANTICIPATED.
SIR D. TRENCH
FILE S
I.P.D.
NEWS DEPT.
COMMODITIES DEPT.
GUIDANCE DEPT. HONG KONG DEPT.
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