TNAG-0380-FCO40-426-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1973 — Page 131

see

124

SECRET

Mr Crowson (HKIOD)

схожес

STERLING AND HONG KONG

1.

Reference.....

RECMVED IN

REGISTRY No.51

SEP 1973

120

letter sent

PA

We have considered what our Ministers should say to the Governor about sterling when he calls on them next week.

2. We must, of course, consult the Treasury.

"(124)

11/1/2

I attach a draft letter from you to Mrs Hedley-Miller's successor as head of the appropriate Treasury division.

3. That division is, of course, very busy just with the general question of the successor arrangements to the present Sterling Agreements. It would, therefore, be very difficult indeed to get them to decide now how the question of monetary reform in Hong Kong should be handled. Hence the "low-profile" line recommended in paragraph 3 of the draft. However, I think that line is in any case the right one, and it accords with Mr Koyle's views as expressed in Mr Davies minute of 28 August.

4 September 1973

Copied to:

Mr Franklin Economists Dept.

"Str. Jamlize

SJ G Cambridge

Financial Relations Department

SECRET

OD 145177 219242 500M 4/73 GM 3643/2