TNAG-1950-FCO40-2778-Hong-Kong-Exchange-Fund-1989 — Page 55

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their legal advisers' views

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to have your vers

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I have fold the Department to reine the

2.

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then drain the points other then seen 7(3)

brand

unseared banning.

Mr Edwards

Unwander

(D.M. EDWARDS) 11/5/89

1. I do not find Mr. Gannon's views very convincing; I have made a number of marginal comments, but the main criticism I would make is that he relies too much on implications into the Ordinance and fails to due weight to the express power to borrow. However, to

my mind, the crucial point is that the matter is not free from doubt, and that, therefore,

matter of policy

a decision needs to be taken

give

ад

a

as to whether this is satisfactory given the importance of the issue.

18/5/89

C.A. Whomesley

Legal

Advisers