CONFIDENTIAL
Reference
381
Mr Cox
From: D S FISH
(Ext 3444)
HKA 233/1
No Stone 1116
бюже (incorporated Miss hishamon 1116
Hong Kong Department/FCO
Date: 9 June 1992
in ou draft)
cc Mr Kerby
тра
in
10-
HMOCS: ARRANGEMENTS
1. We spoke briefly about your draft submission to the Secretary of State with which you enclosed a draft minute for him to send to the Prime Minister. I now understand that the Secretary of State's preference is for a meeting with the Chancellor before an approach is made to the Prime Minister.
2. As I said in my note of 8 June, I agree that we should try to secure agreement to the traditional loss of career factors rather than those to which we have already secured Treasury approval. The Treasury will expect a convincing explanation of why we now believe that the continuity provision of the Joint Declaration no longer justifies a bespoke scheme for Hong Kong. They will also be quick to cast doubts on the out of the blue reference to a 14:1 exchange rate. We have previously argued for 16:1, a figure which we know the Treasury regard as over-generous; to now suggest a more munificent rate would surely lead to the sort of bargaining which you wish to avoid.
3.
Finally, I think that we could expand the reference to "42 previous cases" to make clear that we are talking about the process of transferring sovereignty. The indefensibility of leaving Hong Kong HMOCS officers uniquely at the mercy of fluctuating exchange rates appears to me to be the best way of highlighting the potential iniquity of a no safeguard outcome.
D S FISH
quç
Overseas Pensions Department
9 June 1992
CONFIDENTIAL
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