SECRET
HONG KONG TELEGRAM 226: COMMENTS
Annex to letter 2DM 415/01 dated 5 April 1971
Para 3A Yes; the figure is indeed now £683m. But this still
represents a very large burden of overseas offical debt.
Para 3B
Para 3B
Para 3B
First two sentences. If the Governor does not now wish
to use arguments about growth in GNP; so be it.
It may be that the growth of GNP itself, rather than GNP per head, would be more spectaculer but no one seems to have reliable enough figures. Of course in the last 3 lines we are faced with the arguments which we have discussed in earlier meetings ie that Hong Kong has become a unique kind of dependency; although a dependency she can well afford to pay what we ask and must not be allowed to shelter behind 'doctrine' that dependent territories must be treated preferentially in comparison with independent states.
Third and fourth sentences. We have had some doubts
about pressing the budget surplus point. If the Governor thinks this will just lead to further argument of the kind mentioned here, perhpas we should drop it.
Last sentence. The Governor himself quoted figures of this kind in his December 1966 broadcast so we thought it reasonable to extend this form of comparison. Who is right on the 1971/72 figure? Is it 3.9 or 4.25%? I am
not clear exactly what is meant by the reference to the
depreciated value of the pound.
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