CONFIDENTIAL
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however, that although Hong Kong may complain of unfair treatment and she is naturally sensitive to anything affecting her commercial interests she has nevertheless achieved very notable successes; in other words, in the last few years she has been able to achieve a remarkable rate of economic growth and continually augmenting reserves, and I therefore find it difficult to accept a proposal to make exceptional financial help available to her. 10. I have agreed this submission with Mr Royle, in so far as it embodies a statement of his position and advice, and I have sent a copy of it to the Secretary of State for Trade and Industry in case he would like to give his views before a decision is reached.
Richard Wood-
Overseas Development Administration 5 Februar 1971
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