ECONOMY
ANNEX C
1.
Members may be aware of the fact that Britain has a balance of trade deficit with Hong Kong. This does not tell the whole story: but it is difficult to quantify the other items in the
account.
Trade Deficit
£292 m.
£158 m.
+ £40 m. defence (declining) + interests on UK deposits
Invisibles
£150 m. earnings from Kai Tak
£20 m. insurance shipping
£100 m. insurance general
£15-20 m. Profits from manufactures
Banking
China Bank's sterling holdings etc
Shipping Register
Remittances in general