CONFIDENTIAL
(a) undue gloom (for example, on the part of members of
ExCo or the local press) about the UK's economic prospect, he might draw particular attention to the fact that whereas higher oil prices account for a very large slice of the present current account deficit, the UK is moving towards a situation of self-sufficiency in oil by 1980 and a net export position thereafter; (b) any suggestion that there is any discord between HMG
and Hong Kong on any aspect of the Colony's reserve holdings, he could firmly and squarely indicate that there is none, and that relations and co-operation on
these matters are very good and close.
Hong Kong & Indian Ocean Dept.
7 January 1975
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