TNAG-0379-FCO40-425-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1973 — Page 182

Mr Scanlon

Gib & Gen Dept

Reference....

fate

NCKS

$7

Parlaps we would my twis noort

other deferencia

1. We spoke. I am sorry that it has taken t some time to produce a form of words, but we had some difficulty in agreeing one with the Bank of England and the Treasury. I now su the following:-

"The latest figures we have for the reven of Hong Kong are for the fiscal year end ing March 1972, when it amounted to 3756.2 million. Speaking in Hong Kong o 13 December 1972, the Financial Secretar of the Hong Kong Government stated that the Hong Kong Government's Sterling assets amounted in March 1972 to 3406 mi i lion. Such moneys remain at the disposai of the Hong Kong Government. No Hong Ko revenue is paid to the British Treasury except for any specific services rendere and then only by agreement. As you will appreciate, the British economy does derive some benefit in so far as Hong Kong's assets are invested in this counte the Hong Kong Government for their part receive interest on such investments.

22 June 1973

1

D. h.

R B Crows on

Hong Kong & Indian Oceau D.

(17293) [d.897465 400m 1/73 G.W.B.Ltd.

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