TNAG-0333-FCO40-369-Visits-of-Secretary-of-State-for-Foreign-and-Commonwealth-Af-1972 — Page 64

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9. SIR, I AM SORRY THAT I CANNOT BE MORE FORTHCOMING AT THIS TIME.

BUT I AM SURE HONOURABLE MEMBERS WILL APPRECIATE THAT THE FUTURE

OF THE HONG KONG DOLLAR AND THE SECURITY OF THE EXCHANGE VALUE OF OUR

EXTERNAL RESERVES ARE COMPLICATED AND DELICATE QUESTIONS AND I HOPE

THEY WILL FEEL ABLE TO AGREE WITH ME THAT IT WOULD NOT BE IN THE

PUBLIC INTEREST FOR ME TO SPECULATE TOO FREELY ON HOW THESE QUESTIONS

ARE LIKELY TO BE ULTIMATELY RESOLVED. BUT I CAN ASSURE THEM THAT

WE ARE VERY CONSCIOUS OF THE FUNDAMENTAL IMPORTANCE OF ARRIVING AT

THE RIGHT ANSWERS TO THESE QUESTIONS. WE SHALL DO EVERYTHING IN OUR

POWER TO ENSURE THAT THIS IS PRECISELY WHAT WE DO: AND LET US NOT

FORGET THAT THE HONG KONG ECONOMY BEING SO HEAVILY EXTERNALLY ORIENTED HAS A BUILT-IN FLEXIBILITY AND IS, THEREFORE, IN A BETTER

POSITION THAN MOST TO ADJUST TO CHANGING EXTERNAL CIRCUMSTANCES.

MACLEHOSE

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