TNAG-2255-FCO40-3239-Hong-Kong-Port-and-Airport-Development-Strategy-(PADS)-gene-1991 — Page 41

(Bla)

CONFIDENTIAL

112130 MDHIAN 5839

6. ON FINANCIAL PROJECTIONS (PARA 2), WE HAVE PROVIDED COPIOUS MATERIAL OVER THE THREE ROUNDS. WE HAVE ALSO MADE THE POINT ABOUT SELF-FULFILLING PROPHECIES. BUT I ACCEPT THAT I MAY WELL NEED TO REPEAT SOME OF THESE POINTS TO LU PING.

7. THE EXCHANGE FUND INCREASE IS IN REAL TERMS. WE WILL SAY SO.

8. WE HAVE ALREADY EXPLAINED OUR ASSUMPTIONS ABOUT CIVIL SERVICE

WASTAGE RATES TO THE CHINESE.

WILSON

YYYY

MAIN

77

.PADS

LIMITED

HKD

COMED

ECONOMIC ADVISERS

ERD

HD/FED

NEWS D

PLANNERS

ADDITIONAL

MR YAXLEY HKGO LONDON

NNNN

DISTRIBUTION

78

PUSD

RAD

PS/LORD CAITHNESS

PS/MR LENNOX-BOYD

MR BAYNE

MR MCLAREN

MR MILES

MR BURNS

PAGE

2

CONFIDENTIAL