D A Walker Esq
CONFIDENTIAL COVERING SECRET
21 January 1977
paragraphs 7-9 and 23 (ii) of Annex C. You will note, that there are two recommendations only on fiscal matters, both of a more long term nature than most of the other recommendations, As regards the first the provision of sufficient funds to finance the implementation of the accelerated programme of social reforms on which the Hong Kong Government has now embarked- I think you may also be interested to see the enclosed extract from the record of a meeting that Lord Goronwy-Roberts had with the Governor of Hong Kong and the Financial Secretary on 9 December covering the prospects for the 1977/78 Hong Kong budget. As for the second recommendation - an examination of the relationship between the Hong Kong Government and the banks in Hong Kong - Adrian Smith, the Senior Economic Adviser in this Office responsible for Hong Kong, and I are in touch with Tomkins in the Bank of England, but it is well understood between the three of us that if such an examination is to be recommended, there is no such feeling at present then the Treasury would be brought in from the beginning.
5. I am sending a copy of this letter to Tomkins in the Bank of England and to Humphrey Maud.
cc:
HJ Tomkins Esq (Bank of England) H JH Maud Esq (FRD)
2
CONFIDENTIAL COVERING SECRET
JA B Stewart
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