TELEGRAPHIC ADDRESS:
MR
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*
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Matheson & Co., Ltd
3 Lombard Street
London EC3V 9AQ
PRIVATE & CONFIDENTIAL
12/3
27th February, 1990
FH
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27 MAR 1990
TRY
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Mr Stimme
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Dear Michael
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W
HONG KONG
Mr Mclaren
W2s/
I was intrigued to see your written question of 20th February, to the Chancellor of the Exchequer, on the value of U.K. assets in Hong Kong.
I believe the information which you were given by the Treasury is irrelevant, probably incorrect in the methodology used for the 1987 figure and certainly considerably understates the British investment and influence in Hong Kong commerce.
I believe the figure which you have been given is a Department of Trade and Industry one produced by the British Trade Commissioner in Hong Kong in 1987 using his own estimates of book values of United Kingdom direct investment in the territory.
The figure you have been given is as irrelevant as if you were to ask the Treasury what was the value of the Duke of Westminster's assets in the Grosvenor Estate and you were given the reply that in 1987 the book value of the Grosvenor Estate was £20 million when it is clear to all that the Estate is worth £2 billion! (You would also be told that figures on his investment portfolio were not available).
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