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Wednesday, March 1, 1972
"Thus the rate of growth of imports, other than that element
associated with the casing in the rate of growth of domestic exports, should be maintained, for there will be no need for the banking system
to reduce credit facilities."
Net balances due from banks abroad stood at 36,400 million at the end of 1971 compared with $4,900 million at the beginning.
At the same time, the Financial Secretary pointed out, the Government's strong reserve position, which he termed a legacy of Sir John Cowperthwaite's "wise and firm handling of our affairs during the past ten years," would enable Members of the Legislative Council to contemplate with "eqanimity" the Draft Expenditure Estimates for
1972/73.
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