Registry No.
SECURITY CLASSIFICATION
Top Secret.
Secret.
Confidential.
DRAFT
Brid
To:-
Type 1 +
From
Telephone No. & Ext.
Restricted. Unclassified.
PRIVACY MARKING
५
..In Confidence
Départment
HONG KONG'S OFFICIAL INVESTMENT IN THE UK
end
At the of 1971, Hong Kong's #terling
a sets stood at £770 million an increase of
£88 million since September 1971.3312 millieH OF 1
total were British Goverment Stocks with the Crow
Agents (compared with 1272 mi in September),
2. In his Budget speech on I March, the Financial
"Hong Kong had to
t
gim thanker 6 Secretary said that we just year dong Kong's un omage.
the gilt edged market and the
Cares
of the Clay's puffnie by the play
The Crown Agenti in
London and the Accounían? General, acting with in
tribute to the proPaid
the broad guide Pher
Fund Advisug
for their La
down by the Exchang
In the increan
HK$1023
Legislative
Some Unofficial Members of the 1023
over the last
yea
million in the Colmy's resuver
Council in/subsequent debate urged that par of
Hong Kong's reserves should be diversified away from
London. In reply, the Financial Secretary said that
he hoped to hold talks in London on the management
& security & future of the Colony's sterling assets.
3. The Financial Secretary on his visit to London
the week beginning 24 April plans to discuss :
Crown
a) with the Agents the Bank of England :
various questions connected with the management of
Hong Kong's funds and investments;
(b) with the Treasury and the Bank :
(i) Utilisation of the 10% diversification facility
now available to Hong Kong under the Guarantee
(885363) Dd. 896639 1,000м 8/71 St.S.
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