Covering TOP SECRET ECLIPSE
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because they have diverted and distorted normal economic
activity. They also carry with them risks of a dangerous
slump. The share index has indeed fallen by about a third
in the last two or three weeks. The Hong Kong Government
have taken action to control the stock exchanges and are
planning new rent control legislation; but the laissez faire
nature of their previous policies has meant that they have
probably taken too little action too late. The Governor is
well aware of these dangers, but would doubtless welcome our
support.
4.
I submit a draft despatch covering these points.
AcSha
A C Stuart
Hong Kong & Indian Ocean Department
30 March 1973
Copy to:
Mr Evans FED
Kun Wilfri
Wow Walin
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Covering TOP SECRET – ECLIPSE
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