TNAG-0453-FCO40-518-Budget-of-Hong-Kong-1974-1975-1975 — Page 85

Mr Male

PS/Lord Goronwy-Roberts

RECEIVED IN REGISTRY No. 51

- JUN 1974

HKK 5/20

23

HONG KONG'S BUDGET

1. The Minister may perhaps be interested to read the attached text of a speech by the Acting Financial Secr of Hong Kong about the implications of this year's Kong Budget.

2. This is a useful plain man's guide to a subject !: has given rise to much misunderstanding within the In particular public opinion as a whole tends to bel Hong Kong's reserves have been frozen by HG for the purposes of Britain; that we milk them when we choor so; and that meanwhile Hong Kong is prevented from neitin any use of them. The sideline passage of Mr Jordan' speech should help to clear this up.

3. We have been working hard on the theme that it the officials of the Hong Kong Government to clear understandings about HMG's policy as far as possib! past they have been shy of doing this, fearing; to dra their own credibility. Mr Jordan's speech is a welcom developed step in the right direction.

to congratulate him.

I have written

5 June 1974

cc:

A C Stuart

Hong Kong and Indian Ocean Department

Mr Cambridge (Financial Relations Dept.)

FRD

Mr Foggon (Overseas Labour Adviser)