CONEIDENTIAL
A surplus of £9 million is budgeted for in the current year. 32. Hong Kong is the afgest single holder of sterling, acosts.
These assets stood at £445 million at the end of 1969, comprising official funds (2256 million) and private funds
(£189 million) held for residents and banks. A further
£18 million was recently transferred to the UK by the Ilong
Kong Government.
SOCIAL SUBVICES
33. The great post-war increase in Hong Kong's population (largely by immigration from China) has involved a formidablo
Although
programme of expansion in the social services - housing,
health services, education, water supplies.
massive advances have been made in these fields in the lact
twenty years, a great deal remains to be done and there are some formidable problems (not confined to financial
considerations) involved.
Hong Kong Department 23 June, 1970
CONFIDENTIAL