  We rediscuss the question of what fraction of the population of MACHOs in the
halo of the Milky Way might be in the form of halo dwarfs, because recent
determinations indicate masses of the MACHOs, which are typical for such stars.
For this purpose we have analyzed the Third Catalogue of Nearby Stars and
identified the subdwarfs and a high velocity white dwarf in the solar
neighbourhood. The local mass density of these stars is 1.5*10^{-4} M_sun/pc^3,
which is only 3% of the current estimate of the local mass density of the MACHO
population. We compare the local density of subdwarfs with constraints set by
HST observations of distant red dwarfs. Using models of the stellar halo with
density laws that fall off like r^{-alpha}, alpha = 3.5 to 4, we find that the
HST constraints can only be matched, if we assume that the stellar halo is
flattened with an axial ratio of about 0.6. The non-detection of the analogs of
MACHOs in the solar neighbourhood allows to set an upper limit to the
luminosity of MACHOs of M_B > 21 magnitudes.
