CONFIDENTIAL
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INVESTMENT RESULTS FOR 1991
32.
The Fund's yield, calculated on the average of the
opening and closing values of the Fund's assets (including gold and
loans) was 7.39% in 1991, compared with 10.15% in 1990. This
excludes the effects of unrealised investment and exchange gains.
Taking these into account the yield for 1991 would be 9.52% compared
with 13.33% for 1990. The lower yield was partly attributable to
the unrealised exchange losses taken into account at the end of 1991 as opposed to gains at the end of 1990 and partly due to the fact
that the 1990 yield was boosted by the gain realised on the sale of
shares in Hong Kong Telecommunications Limited.
33.
an
Interest income for 1991 amounted to $15,647.9 million,
increase of 7.28% over that of 1990 of $14,586.7 million.
Interest income excludes gains on Treasury Bills that had not
matured at the year end. The difference between the book value and the face value of Treasury Bills held at 31 December 1991 was $179.5
million (1990: $266.3 million). This is a measure of the profits
which will be brought to account when these Bills mature in 1992.
34.
Dividends from equity investments amounted to $46.0 million in 1991. This includes $34.8 million (1990: $45.1 million)
from The Cross Harbour Tunnel Company Limited and $11.2 million
(1990: $7.7 million) from Hong Kong Air Cargo Terminals Limited.
Returns on cost for 1991 and 1990 were as follows :
1991
1990
T
The Cross Harbour Tunnel Company Limited
10.93*
14.17
Hong Kong Air Cargo Terminals Limited
59.62
41.12
The Hong Kong Building and Loan Agency Limited
**
15.86
The shares were sold in November 1991 and only three dividends
were received in 1991.
** The shares were sold in February 1991.
CONFIDENTIAL