- 11
1273
H.K. dollars
Sterling
7,481,243.44
8,173,720.84
U.S. dollars
1
23,799,144.29
U.S. Treasury bills
1972
11,207,703.53
479,473.35
12,637,270.18
423,831.93 €33,884,340.50
£24,124,459.06
Because of high and rising interest rates and the difficulty of predicting movements in security prices 1973 earnings were kept in cash or pl.ced on deposit and not, as in previous years, used to buy investment securities. AS J result there was an increase of £15,758,481.44 (65%) over 1372 in money at call and Treasury Bills.
(ii)
Fixed deposits: £28,500,123.80.
A statement of fixed deposits is attached
as Appendix I to this report,
(iii) Investments:
£163,025,440.72.
The book and market values of investment
securities is shown in the statement attached to the balance
sheet.
The ratio between the assets of the fund
invested in (a) securities and (b) moneys held at call or short notice (including, from 1972, term deposits) over the lust 10 years was as follows:
1964 1965
1966
1367
1968
(a) 81.77 80.22 80.24 72.22 84.97
(b) 18.23 19.78 19.76
100.00 100.00 100.00
27.78 15.03
100.00 100.00
1962 (a) 83.48
1970 1371
85.66 83.15
1972 1973 80.48 70.51
(b) 16.5¢ 14.34 10.85 13.52 29.49
100.00 100.00 100.00 100.00 100.00
The main reasons for the relatively large decrease in the proportion of the fund's holdings of securities vore: (a) the sale of the £20 million vorth of British funds mentioned in paragraph 9 (1); (b) the fall in the market