GRS 190
EN CLAIR
FM BTC HONG KONG 2808307
UNCLASSIFIED
ORWELL
RECEVED IN
REGISTRY No. 51
→) OCT 1973
NICKS
TO ROUTINE F. C.O
TEL 131 OF 28 SEPT. 1973
BTC 131
STERLING RESERVES.
FA
怄
S.C.M.P. (WHICH HAS LINKS WITH H.K. AND S. BANK) EDITORIAL TODAY
SAYS IT IS 'FAIRLY OBVIOUS THAT EXTENSION OFFER IS UNACCEPTABLE,
AND THAT THE HIGH M.S.P. MUST BE SUBSTANTIALLY REDUCED AND ''FUNDS
DIVERTED INTO OTHER MORE STABLE CURRENCIES''. ALTHOUGH THIS CANNOT
BE DONE OVERNIGHT AND HONG KONG MUST PROCEED CAUTIOUSLY.
''MR BARBER IS CLEARLY PLAYING FOR TIME IN A DESPERATE CAND WE
BELIEVE FORLORND HOPE THAT A MIRACLE WILL BE WROUGHT TO GET STERLING
OFF THE HOOK. YET IT MUST BE APPARENT THAT AT END OF SIX MONTHS
BRITAIN IS LIKELY TO BE NO BETTER OFF AND STERLING NO MORE STABLE
THAN TODAY''.
Hong
KONG'S.
166)
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