TNAG-0449-FCO40-514-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1974 — Page 30

CONFIDENTIAL

Pi. Entro

p.c

MF 9/393/1

D A Walker Esq HM Treasury

Foreign and Commonwealth Office

London S.W.1

6 August 1974

HONG KONG: IMPLEMENTATION OF THE SIX MONTH GUARANTEE

As agreed on the telephone, I enclose a draft telegram to Hong Kong explaining why we have adopted the interpretation we have of how the 10% deduction should be calculated.

2. Although the point made in the last sentence of paragraph 2 of the draft is not really analogous to Hong Kong's case, you may nevertheless think it useful in showing them that the calculation and application of the 10% deduction is not

Otherwise the draft is I think self- always straightforward. explanatory.

SJG CAMBRIDGE Financial Relations Department

cc: Mr Crowson, HKIOD

Mr Aust, Legal Advisers

CONFIDENTIAL

Науката

I was

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was not

tai dra

dragtry 7

кладили

this, but it seems reasoude

Nou war

8/vil, p.c

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