On the wane
E.C. Barrington's letter published in your 28 November issue in which he opines that the sources of power in Hong Kong lie in (1) the Jockey Club, (2) Jardine Matheson and (3) the Governor, needs updating. As one of the two printers of money the Hong Kong and Shanghai Bank is undoubtedly a powerful force in the territory. Its majority stake in the principal local paper (South China Morning Post), coupled with its shareholding in the Far East Economic Review, surely places it higher up the totem pole of power than the position given it by Mr Barrington. On the other hand, Jardine's is a declin- ing influence in the Colony, and about time too, as it is out of step with events and has failed effectively to deal with local Chinese ambitions, unlike some of the other so' called Hongs. Meanwhile Michael Sandberg, the chair- man of 'the Bank', has consolidated his power base and is now chairman of the Jockey Club. Thus he holds sway over two legs of the power stool, the third remaining with the present Governor who must surely be looking forward to his retirement to the relative tranquillity of Scotland amongst whose inhabitants the power base used to lie.
Richard M. Holloway
17 Watford Road, The Peak, Hong Kong
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