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HONG KONG: STERLING BALANCES
APPENDIX I
*
The attached tablos provido comprehensivo dotails of Hong Kong's
sterling balancos at 30th Juno 1967 (together with totals at somo carlior
datos in Table 3). Those figures differ from those usod in the standard
sorios of "U.K, storling liabilitios and clains" by the inclusion of certain
official holdings of socuri tios which are omitted from tho standard sorios
either because they are not liabilitios of the United Kingdom (viz. Common-
wealth sterling securities) or because they are rogarded as long-torn
investments rather than monotary assots (viz. British Government stocks hold
in the Crown Agonts' Special Funds and United Kingdom local authority
socuri tios).
Howover, those socuri tios constituto part of Hong Kong's total
official storling assots and aro thorofore included for the purpose of this
cxorciso.
Official Balancos
Thoso aro all hold with the Crown Agents and comprise backing for tho
noto issue (No to Socurity Fund), goneral government rosorvos (General Fund)
and funds, mainly invostod in securitios, which are carmarkod for special
purposos, c.ɛ. ponsion funds, savings banks' funds, otc. (Special Fund).
About one-fifth of the total of official balancos was hold in the form of
deposits and the romaindor in socuri tios, mainly gilt-odgod. A maturity
analysis of those securitios is not available to the Bank of England;
howovor, of total gilt-odgod securitios hold with tho Crown Agonts by all
countrios at the ond of Juno, a little under one-half wore in 0-5 year stocks
and most of the romaindor in over 10 year stocks.
* Astoriskod in Tablo 2.
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