TNAG-0381-FCO40-427-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1973 — Page 205

provided that Hong Kong did not claim it as a

victory against our sterling policy.

Walker and

to some extent Mrs Hedley Miller are not unattracted

by this proposition, which we have of course argued

as strongly as we can, but they cannot know whether

it will eventually prevail.

curte realise dis

important matter very important

bold the Treasury that

Iiss the stallis

has to la intent asa

decision eventually goes to books like going the wrons way, our own

3. Meanwhile in speaking to Haddon-Cave we

suggest you should confine yourself to pointing

out how the information asked for in our telegram

will assist our understanding of the technical

consequences of the banks withdrawal.

You may

The

also wish to stress the presentational problem

in relation to the other sterling holders.

Hong Kong press would presumably want to make

much of any arrangement, but what matters most is

what the Hong Kong Government themselves would say

You could add that we will let Hong Kong have a

reply as soon as we can. You will be able to

bott

and Treasury

assure him that neither FCO.officials per the

minster will wish to be consulta

Treasury have been itttes, are doing their best to reach an early

solution which is acceptable to both sides.

4. You may wish to show this to Wilford in t

light of Bangkok telegram Ne

and also to

APS to Mr Royle (Bangkok telegram No 431).

Haddon-

Cave's comments about the lack of progress were

presumably made without having seen FCO tel No 983.

NOTHING TO BE WRITTEN IN THIS MARGIN

5/10

(10382) Dd.392005;154m](77{sorts) 1/68 G.W.B.Ltd.Gp.863