TNAG-0622-FCO40-770-Budget-of-Hong-Kong-1977 — Page 90

REG

RE.

0.01

31 MAR 1977

CONFIDENTIAL

Lear

28

Mr Stewart HKD o.r.

31 MAR 2011

HKK 100:2

31/2

1. I have read with interest Mr Smith's minute of 25 March. In the light of Mr Smith's trenchant criticism, we surely need to consider once more the position of the Financial Secretary in Hong Kong.

If we are not careful a recession will creep up on us unexpectedly, and once more Hong Kong will make fools of the British Government.

(27)

David Lipsey

David Lipsey Political Adviser

29 March 1977

c.c.

Mr M Stewart Mr A Smith

CONFIDENTIAL

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