Registry No.
ECURITY CLASSIFICATION
Top Secret,
Secret.
Confidential.
Restricted.
Unclassified.
RIVACY MARKING
In Confidenc
Copy to PS1 Mr. Rowlands
DRAFT
To:-
Mr Murray
CONFIDENTIAL
submission
Mr Cortazzi
PS/Lord Goronwy Roberts
1
1
Type 1 +
From
....
MR STEWART
•Tefephone No. Ext.
HONG KONG: INVESTMENT IN SOUTH AFRICAN STOCK
ir Reid, CSAD,
R. E308
Вья
BLOCK CAB
Background
+
Department
$
DSR 11
Mr Maud, FRD
G.61 B/G
ir Smith,
Senior Economic
G/72/G
Adviser
Mu-hippey
(Ines Kang
& values will
differ
because I
Huelvatung
archange
nator).
It has emerged from the latest available report from the
Hong Kong Government's Director of Auditing Services for the
་
financial years. 1974/75 and 1975/76 that the Hong Kong...
have,
Government has invested some of its surplus financial balances
in South African stocks. I attach a table listing 12 different
•
41
stocks in which investments have been made. It will be seen
that the Hong Kong Government purchased one new stock,
50,000 DM worth of South African Government 7.75% bonds, in
1975/76 and that other changes in its holdings during the same
financial year resulted in total holdings of approximately
£2,832,836 at 31 March 1976 compared to approximately
бног 82,360,949 at 31 March 1975.It is not known,when most of the L stocks were originally purchased. Figures for the 1976/77 financial year would not normally be available to us before
December 1977.
South African
*
2. The stocks in which the Hong Kong Government have invested are Euro-currency loans, mainly in Deutschmarks,
buttheir in undoubtedly within South Afrion. Most of the
stocks held are for general South African Government use
(six .cases). The others are for the State Electricity Board
(ESCOM) and the State Iron and Steel Corporation (ISCOR)
/(four
·‚,1」 ‛》 -