(3001) Dd.145244 400m 8/73 L.Ltd. Gp.839
NOTHING TO BE WRITTEN IN THIS MARGIN
Registry No.
SECURITY CLASSIFICATION
Top Secret.
Secret.
Confidential.
DRAFT PASSAGE FOR A PRIVATE
LETTER
To:-
w/198
Type 1 +
FROM
Telephone No. Ext.
Restricted.
Unclassified.
PRIVACY MARKING
In Confidence
Department
On question of a guarantee for the sterling balances
the Treasury [are, I sincerely hope, on the point
of agreeing] [have now agreed] to an MSP of 80% for
Hong Kong for the interim period up to March 1974.
Our officials have worked hard for this, which was
your own official proposal, and I hope you can
welcome it.
As for your view that Hong Kong and UK/Hong Kong
relations would in the long run be better off withou
a guarantee, you will be able to discuss the
financial implications with Barratt of the Treasury,
if he comes to see you in November. I know the
Treasury take the view that the guarantee is, in
for the recipients, normal times, a valuable safeguard which should not
be lightly cast aside. (Incidentally Barratt will
know nothing of your earlier suggestion to Duncan
Watson, on the same subject, as our officials
decided not to muddy the waters of Treasury consideration of the interim arrangement.)
As far as our political relations are concerned, I
can see the attractions of responsible freedom, but
I still wonder whether in fact it would lead to less
friction. There would inevitably come a time when
/you
SECRET
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