TNAG-0381-FCO40-427-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1973 — Page 70

Reference.

(203)

RECEIVED IN REGISTRY No. 51

- 8 NOV 1973

1KK 5/1

Mr Stuar HKI OD

11√ Discussed with 1. Cambridge

and chases proposed

HONG KONG: STERLING GUARANTEES

P/A Plaas

I attach at Flag A a draft telegram the Treasury would like us to despatch as soon as possible.

2. It is not 100% satisfactory from our point of view, cf our draft at Flag B.

3.

I have not myself been involved in discussions with the Treasury about this draft; but coming new to it, the Treasury draft does not strike me as too bad. The only point of substance which they have omitted is the one included in paragraph 4 of our earlier version about limited MSP. I had a word with

-

Mr Walker (Treasury) on the phone and asked why this had been dropped. He said that Mr Barratt and Mr Peyton had hammered the point home already, and he was confident that the Hong Kong authorities had taken it on board.

In

I

4.

Mr Walker went on to say that he hoped very much we could get the telegram off this afternoon. fact, he was somewhat distressed that we should regard it still as a draft amenable to further amendment. do not think we need be cowed by this last comment. All the same, I am in favour of letting the draft go as it stands provided you and Mr Holland agree.

812. Cambridge

S JG CAMBRIDGE

Financial Relations Department

7 November 1973

cc: Mr Holland

DD 145177 219242 500M 4:73 GM 3643/2