Our reference: 6/6/2
Your re
ace:
16
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BRITISH TRADE COMMISSION IN HONG KONG 7th Floor, Sheil House, Queen's Road, Central, HONG KONG Mail Address: P.O. Box No. 528, Hong Kong
Cable Address: "Uktrade Hongkong"
Telephone- 230176
23 January, 1969
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Import Deposit Scheme
May I refer once more to your letter of 13 January and to my letter 6/6/2 of 21 January in regard to statistical information about the impact of the scheme on Hong Kong's reserves.
2. I have now had another conversation with Patterson, the local Exchange Controller, who tells me that he will be in the United Kingdom at the beginning of February and will be available to brief you on the ins and outs of the Hong Kong financial scene if you contact him through Eric Haslam of the Bank of England.
"
3. Patterson went on to tell me that after consulting the various commercial banks in Hong Kong he had come to the conclusion that the Import Deposit Scheme had involved Hong Kong in advances of "less than £2 million Sterling from the inception of the scheme up to the present time. Patterson also informed me that the Hong Kong Government have in fact made deposits with the Hong Kong commercial banks to cover the latter's advances to traders who need assistance in connection with the Import Deposit Scheme. Apparently these advances are made by rule of thumb and as Patterson indicated amount to less than £2 million at the present
time.
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Yours ever
(M.P.V. Hannam) Principal Trade Commissioner
T. J. O'Brien, Esq.,
Financial Policy &
Aid Department,
Foreign and Commonwealth Office,
London, S.W.1.
Every effort is made to ensure that the information given herein is accurate, but no legal responsibility is accepted for any errors or omis- sions in that information and no responsibility is accepted in regard to the standing of any firms, companies, or individuals mentioned.