M.Hardwayn (FRD) CONFIDENTIAL
Telefumed today "No commute!
Mr R Thomas FRD - G62/G
likewise this Halvey on behalf of
Mr Speedy ECONOMISTS DEPT - G71A/G)
Separate copies
GOVERNOR OF HONG KONG'S VISIT, 7-10 DECEMBER: BRIEF ON THE PROSPECTS FOR THE 1977/78 HONG KONG BUDGET
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1. It has been agreed that one of the topics for discussion with the Governor of Hong Kong and the Financial Secretary,
Mr Haddon-Cave, during their visit next week will be the prospects for the next Hong Kong budget, which is due to be announced in February 1977.
2. I attach a draft brief. As indicated in the lead-in to paragraph 3, we do not have any factual up-to-date information from the Hong Kong Government itself to base a brief on. Instead, I have drawn on various bits of information that have come our way, including in particular Mr Adrian Smith's telegram reporting on his discussions in Hong Kong earlier this month.
A copy of this telegram, which was not given a general distribution, was attached to Mr Stewart's minutejto Mr Male and Mr Cortazzi (copies of which were sent to Mr Maud afid Mr Hayes).
3. The brief is not designed to deal with the question of the In hand possible establishment of a Central Monetary Institution in
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Hong Kong (paragraph 3 of Mr Stewart's minute of 26 November refers). We may, however, prepare a separate defensive brief on this topic. Nor does the brief deal with the question of Hong Kong's sterling reserves and the position of Mr Haddon-Cave. That, gain, will be dealt with separately, if necessary.
4. I should be grateful for any comments on the draft by noon tomorrow, Wednesday 1 December.
30 November 1976
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D F Milton
Hong Kong Department K 247 233 4381
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