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HONG KONG: STERLING BALANCES
APPENDIX I
*
Tho attachod tablos provide comprehensivo dotails of Hong Kong's
sterling balances at 30th June 1967 (togothor with totals at some carlior
datos in Tablo 3). Those figuros differ from those usod in the standard
sorios of "U.K. storling liabilitics and clains" by the inclusion of certain
official holdings of socuritios which aro omitted from the standard sorios
oither because they are not liabilitios of the United Kingdom (viz. Common-
woalth sterling securities) or because they are rogarded as long-torm
investments rather than monotary assots (viz. British Government stocks hold
in the Crown Agents' Special Funds and United Kingdom local authority
socuri tios).
However, those securitios constituto part of Hong Kong's total
official storling assots and aro thorofore included for the purpose of this
oxorciso.
Official Balancos
Those are all hold with the Crown Agonts and comprise backing for tho
noto issue (Noto Security Fund), concral government roserves (Gonoral Fund)
and funds, nainly invostod in sccuritios, which arc carmarked for special
purposos, e.c. pension funds, savings banks' funds, etc. (Special Fund).
About one-fifth of the total of official balancos was hold in the form of
deposits and the romaindor in socuri tios, mainly gilt-odgod. A maturity
analysis of those securitios is not availablo to the Bank of England;
howovor, of total silt-odgod securities hold with tho Crown Agonts by all
countries at tho ond of Juno, a little under one-half woro in 0-5 year stocks
and most of the romaindor in over 10 yoar stocks.
* Astoriskod in Tablo 2.
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