TNAG-0379-FCO40-425-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1973 — Page 159

CONE AD

C W Fogarty Esq CB

HM Treasury

Great George Street LONDON SW 1

Foreign and Commonwealth Office

London S.W.1

6 July 1973

Dear

Christophy,

HONG KONG:

BANKING REFORM

I have received a copy of Stanley Payton's letter to you of 3 July, covering a paper on this subject. We welcome this paper, which seems to me to raise a number of issues which are important and which will require very careful handling. Moreover, they are issues which have a bearing on the separate, but clearly related, problems arising from whatever may be decided on the Sterling Agreement. We would be glad to participate in the discussions which Stanley Payton has suggested.

I copy to Stanley Payton.

Yam

Dant

D G Holland

Silent copies to:

Mr Marshall Mr Stuart

Miss Pestell

CONFIDENTIAL

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