TNAG-0426-FCO40-472-Construction-of-an-underground-railway-system-in-Hong-Kong-1973 — Page 51

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Your correspondent went on to say that the failure

to obtain satisfaction in its quest for some basic protection for its London reserves "undoubtedly triggered off resentment within the colony's Government ..... and this helped create a mood of independence which today's decision reflects." Again, this is far from the truth. Hong Kong has always had a large degree of independence in the management of its financial and economic affairs, and this decision was taken on its merits. To talk about it being influenced by a so-called "mood of independence" is ridiculous.

is ridiculous. Finally, the reference made by your correspondent to the World Bank meeting in Nairobi earlier this year must have been based on hearsay rather than facts. The Financial Secretary, Mr. Haddon-Cave, was not even there, hence he could not have been seated three rows back in the U.K. delegation as your correspondent claimed. Though Mr. Haddon-Cave attended the Commonwealth Finance Ministers Meeting in Dar-es-Salaam he had to miss the IMF meeting in Nairobi owing to pressure of business in Hong Kong.

RB/VE

Yours faithfully,

R. Boxall

Ronald Boxall

Principal Information Officer