>
be
therefore needs all the foreign exchange
surpluses which it is currently earning and also
needs to maintain such surpluses in the years
to come.
3.
Ministers fully realise that Hong Kong
faces large financial commitments in the years
ahead. It is for this reason that HMG have
said that they would be prepared to accept
MoD Views
£8.5 million as the very minimum contribution to
which they could reasonably agree. Although
in response to Co's inquiry
NOTHING TO BE WRITTEN IN THIS MARGIN
this sum appears at first sight to represent a
substantial increase on the current contribution
of £5 million, in real terms it represents no
greater proportion of the total costs involved
than did the current contribution when it was
negotiated in 1966. It represents in fact some
4.7 per cent of Hong Kong's revised estimated
Yevenue
recurrent review for 1970/71, as compared with
4.6 per cent in 1966/67 and with 5 per cent when
the Colony's first post-war contribution was
fixed. Moreover, unofficial members will be
aware that in 1966 HMG initially sought to obtain
a contribution of the order of £11 million which,
would cover the whole of the overseas expenditure
on the Garrison; however in view of Hong Kong's
own economic difficulties at the time HMG agreed
to a contribution of less than half that sum.
The sum of £8.5 million which HMG would now be
prepared to accept is therefore substantially less
than that sought five years ago despite the very
large increase in expenditure on the Garrison
(which is now envisaged
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