GRPS 345
PRIORITY
CYPHER/CAT A
FM HONG KONG 139539 Z
CONFIDENTIAL
(242)
ཤ
Yes.
n,
a good damage
Goodfello
14/X11
limitation leby
1973. INF
As
CONFIDENTIAL
TO PRIORITY F C O TELNO 1443 OF 13TH DECEMBER, 1973. ROUTINE HONG KONG GOVERNMENT OFFICE LONDON,
LAST
STERLING GUARANTEE.
गे
PEX!
YOUR TELEGRAM NUMBER 1272.
WE HAVE NOT YET SEEN THE REPORT YOU REFER TO BUT WE DO KNOW IT WAS WRITTEN BY DEREK DAVIES, EDITOR OF THE FAR EASTERN ECONOMIC REVIEW, AN ERRATIC AND EMOTIONAL CHARACTER PRONE TO MISCH-- IEVOUS INTERPRETATION. WE HAVE SPOKEN TO HIM AND MADE THE
FOLLOWING POINTS:
(1) OBVIOUSLY BROAD POLITICAL CONSIDERATIONS WERE CAREFULLY
CONSIDERED BY THE GOVERNMENT IN ARRIVING AT A DECISION ON SUCH A LARGE AND PRESTIGIOUS PROJECT AS THE MASS TRANSIT RAILWAY, BUT THESE WOULD BE ENTIRELY IN FAVOUR OF A PREFERENCE FOR THE ANGLO-ITALIIN GROUP:
(2)
(3)
(4)
(5)
(6)
THERE WAS, AT NO TIME, ANY QUESTION OF POSITIVE OR NEGATIVE TRADE OFFS BEING SOUGHT OR OFFERED BY THE HONG KONG GOVERNMENT:
IN PARTICULAR, THE STERLING QUESTION HAS NEVER BEEN LINKED UP, IN ANY WAY, WITH THE STEERING GROUP'S OR EXECUTIVE COUNCIL'S
CONSIDERATION OF THE PROJECT:
TO TALK ABOUT HONG KONG'S REPEATED REQUESTS FOR A RENEWED (STERLING) AGREEMENT?' IS QUITE MISLEADING:
THE REFERENCE TO NAIROBI IS JUST LAUGHABLE AS HADDON-CAVE WAS NOT EVEN THERE. OWING TO THE PRESSURE OF BUSINESS IN HONG KONG
HE HAD TO MISS THE I.M.F. MEETING:
THE DECISION ON THE MASS TRANSIT RAILWAY PROJECT WAS BASED EINTIRELY ON COMMERCIAL CONSIDERATIONS, HAVING REGARD TO THE NEED TO ENTER INTO A CONTRACT WHICH OFFERED SATISFACTORY
TERMS.
HONG KONG HAS ALWAYS HAD A LARGE DEGREE OF INDEPENDENCE IN THE MANAGEMENT OF ITS FINANCIAL AND ECONOMIC AFFAIRS, AND THIS DECISION LIKE MANY OTHERS WAS TAKEN ON ITS MERITS AND TO TALK ABOUT IT BEING INFLUENCED BY A SO-CALLED "MOOD OF INDEPENDENCE'' IS RIDICULOUS.
CONFIDENTIAL
/ 2.WE
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