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Kalitk(1)
THICK
GR 160
SECRET
DESKBY 11083OZ
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201983
SECRET
FM HONG KONG 11040OZ OCT 83
TO IMMEDIATE FCO
TELEGRAM NUMBER 1500 OF 11 OCTOBER
FOR CLIFT (HONG KONG DEPARTMENT) FROM BREMRIDGE
YOUR TELNO 1027: PROPOSED FINANCIAL MEASURES
WE ARE NOT SURE WHAT YOU MEAN BY OPERATIVE PART OF THE MEMORANDUM.
4T SEEMS SAFER TO SEND YOU THE WHOLE PAPER WHICH FOLLOWS IN MIFT.
See (64)
2. JN SO FAR AS YOUR PARAGRAPHS 2 AND 3 ARE CONCERNED YOUR
UNDERSTANDING OF THE CENTRAL ELEMENT IN THE PROPOSAL IS CORRECT,
BUT IT SHOULD PERHAPS BE EMPHASISED THAT CERTIFICATES OF
INDEBTEDNESS WILL CONTINUE TO BE DENOMINATED IN HONG KONG DOLLARS.
AS CAN BE SEEN FROM PARAGRAPH 22 IN THE EXCO PAPER THE SCHEME WILL
NVOLVE A LEGAL SHORT CUT, BUT THE PROCEDURE WILL BE NO DIFFERENT TO THAT USED WHEN CERTIFICATES WERE PAID FOR IN STERLING, AT
WHICH TIME THE CERTIFICATES WERE ALSO DENOMINATED IN HONG KONG
DOLLARS.
3. THE ATTORNEY GENERAL HAS SEEN AND AGREED THIS REPLY. HE MAY WISH
TO RAISE THE MATTER FOR DISCUSSION AT EXCO TOMORROW.
YOUDE
LIMITED
HD| HKD LEGAL ADVISERS
SECRET
COPIES TO
MIR BURROWs,
LEG ADVISERS.
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