4.
THE HONG KONG COVERMENT HAS, HOWEVER, NOT BEEN CONSULTED ON THE SUBJECT OF SUCH A REVIEW NEITHER WAS IT CONSULTED OVER 2 STEPS TAKEN UNILATERALLY BY THE BRITISH GOVERNMENT: FIRST, THE FLOATING OF STERLING: SECOND, THE EXCLUSION OF HONG KONG FROM THE STERLING AREA, THE INOFFICIAL MEMBERS DEPLORE THE FAILURE TO ENTER INTO WECOTIATIONS BOTH OVER THE GUARANTEE ITSELF AND OVER THE FUNDAMENTAL CHANGES MENTIONED ABOVE, WHILST HAVING LED TO NO DIRECT BREACH OF THE AGREEMENT ITSELF, THESE CHANGES HAVE FUNDAMENTALLY ALTERED THE SITUATION IN WHICH THE AGREEMENT WAS FIRST ENTERED INTO.
5. THE UNOFFICIAL MEMBERS UNDERSTAND THAT IT IS NOW THE INTENTION OF THE BRITISH GOVERNMENT TO DISCUSS ABOUT MID-SEPTEMBER POSSIBLE NEW ARRANGEMENTS SUBSEQUENT TO THE EXPIRY OF THE GUARANTEE ON 24TH SEPTMBER, LEAVING VIRTUALLY NO TIME FOR HONG KONG TO PREPARE FOR THE NEW SITUATION AND TO MAKE SUCH AN ADJUSTMENT AS MAY BE NECESSARY PROPERLY TO SAFEGUARD IT'S OWN RESERVES. THEY UNDERSTAND THAT, DESPITE REPEATED APPROACHES BY THE FINANCIAL SECRETARY TO THE BRITISH GOVERNMENT, THERE HAS BEEN NO SATISFACTORY RESPONSE. THIS THE UNOFFICIAL MEMBERS CONSIDER TO BE A BREACH OF FAITH AND A BREACH OF THE SPIRIT OF THE AGREEMENT, THEY CONSIDER TOO THAT IT SHOWS A LACK OF RECOGNITION OF THE SPECIAL RELATIONSHIP BETWEEN HONG KONG AND BRITAIN, AND OF THE RESPONSIBILITY OF THE LATTER FOR HONG KONG AS A BRITISH COLONY, WITH SUCH A LARGE STAKE IN THE FUTURE OF STERLING HONG KONG HAS A RIGHT TO IMMEDIATE CONSULTATIONS AS TO THE PROPOSALS OF THE BRITISH GOVERNMENT.
6. FAILURE TO DO SO CAN ONLY INCREASE THE IMPRESSION WHICH HAS RECENTLY BECOME WIDESPREAD IN HONG KONG (AND WHICH IS THE VIEW OF MANY OF OUR MORE RESPONSIBLE AND INFORMED CITIZENS) THAT, IN RELATION TO THIS AND CERTAIN OTHER MATTERS,
-2- CONFI ENTAL
/THE
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