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DIFFICULT TO SEE HOW IT COULD PROVIDE A BASIS FOR STERLING GUARANTEES FOR HMOCS PENSIONS. I AM CONCERNED THAT PURSUIT OF THIS PARTICULAR HARE WILL ONLY SERVE TO DELAY MATTERS. WE HAVE MANAGED TO RESTRAIN HMOCS REPRESENTATIVES FROM MAKING THE HMOCS QUESTION A PUBLIC ISSUE. THEY HAVE AGREED NOT TO TAKE FURTHER ACTION UNTIL THE END OF THE YEAR. HOWEVER, THE ASSOCIATION'S AGM WILL BE HELD ON 14 JANUARY 1992. I AM NOT CONFIDENT THAT WE CAN KEEP THE MATTER OUT OF THE PUBLIC ARENA AFTER THAT. I TOLD THE WHITEHALL TEAM THIS. IF IT BECOMES A PUBLIC ISSUE, THIS COULD CAUSE PROBLEMS BOTH HERE, IN THE UK, AND WITH CHINA.
4.
GIVEN THAT WE ARE UNLIKELY TO SOLVE THE PROBLEM OF STERLING SAFEGUARDS IN THE IMMEDIATE FUTURE, I BELIEVE THE ANSWER MUST BE TO PRESS AHEAD NOW WITH THE COMPENSATION ARRANGEMENTS AND LEAVE STERLING SAFEGUARDS TO BE DEALT WITH LATER. THE NEED FOR COMPENSATION PAYMENTS DOES NOT APPEAR TO BE IN DISPUTE. THIS SHOULD AT LEAST BUY US SOME TIME WITH THE HMOCS ASSOCIATION.
5.
I HAVE TOLD THE WHITEHALL TEAM THAT I PROPOSE TO RAISE THIS ISSUE WITH THE SECRETARY OF STATE WHEN I AM BACK IN LONDON IN JANUARY.
6. I HAVE ADDRESSED THIS TELEGRAM TO YOU PERSONALLY SO THAT IT DOES NOT AUTOMATICALLY GO ON A WIDE DISTRIBUTION.
WILSON
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SIR J COLES MR BURNS
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