TNAG-1950-FCO40-2778-Hong-Kong-Exchange-Fund-1989 — Page 81

CODE 18-77

PJYAGX

Reference

73....

Mr Edwards,

Legal Advisers

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Apt.

HONG KONG: EXCHANGE FUND ORDINANCE (EFO)

1914

1. In your absence, Chris Whomersley gave an opinion on the problems raised in Hong Kong telnos 804 and 1000.

2. Chris Elston, Bank of England, has commented at some length (his letter of 3 April) and Margaret O'Mara, Treasury, has today telephoned to say she agreed with Elston's 'advice' but wanted clarification of the term 'borrow' as referred to by Elston.

3. Before I go back to Hong Kong I should very much appreciate your opinion on Chris Elston's 'cautious' advice and perhaps you could spell out exactly on what we need Hong Kong's clarification.

4. Since Hong Kong are chasing us for positive advice, I should like to pose the right question as accurately as possible. Your help would be much appreciated.

18 April 1989

HKC105/1

HKC105

Cε45

J

Peter Morin

P J Morris

Hong Kong Department WH312

270 2653