CONENTIAL
Staling Assets
A surplus of £9 million is budgeted for in the current year. 32. Hong Kong is the largest single holder of sterling, aspeto. These assots stood at £445 million at the end of 1959, comprising official funds (2256 million) and private funds
A further (£189 million) held for residents and banks.
£18 million the recently transferred to the UK by the long
Kong Government.
BOGIAI, SRVICES
33. The great post-rer increase in Hong Kong's population (largely by immigration from China) hes involved a formidablo
programme of expansion in the social services
health servicos, education, water supplies.
housing,
Although
massive advances have been made in these fields in the last twenty years, a great deal remains to be done and there arc some formidable problems (not confined to financial considerations) involved.
Hong Kong Department 23 June, 1970
CONFIDENTIAL