TNAG-0381-FCO40-427-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1973 — Page 74

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PERSONAL

WICKS/

TO FLASH GOVERNOR HONG KONG TELNO 1112 OF 2 NOVEMBER 73.

PARLIAMENTARY QUESTION.

1. GEORGE CUNNINGHAM (ISLINGTON SOUTH WEST) HAS PUT DOWN THE FOLLOWING QUESTION FOR WRITTEN REPLY ON 6 NOVEMBER

BEGINS TO ASK THE SECRETARY OF STATE FOR FOREIGN AND

COMMONWEALTH AFFAIRS IF HE WILL STATE ON BEHALF OF BRITISH

DEPENDENT TERRITORIES THE TOTAL OF THEIR FUNDS DEPOSITED

WITH CROWN AGENTS FOR INVESTMENT ENDS.

2. HE ASKED A SIMILAR QUESTION (WRITTEN) ON 24 OCTOBER. THE MINISTER FOR OVERSEAS DEVELOPMENT ANSWERED: QUOTE VIRTUALLY ALL THE INVESTMENT PORTFOLIOS MANAGED BY THE

CROWN AGENTS ARE FOR THEIR OVERSEAS PRINCIPALS. THE TOTAL

NOMINAL VALUE OF THEM IS ABOUT POUNDS STERLING 875 MILLION.

IT WOULD NOT BE DESIRABLE TO REVEAL THE SEPARATE HOLDINGS OF

INDIVIDUAL PRINCIPALS OR GROUPS OF PRINCIPALS UNQUOTE.

PA

3. HIS PRESENT QUESTION IS DRAFTED TO HOLD THE SECRETARY

OF STATE RESPONSIBLE FOR DEPENDENT TERRITORY MATTERS ·

AND SPECIFICALLY TO EXTRACT THE FIGURES OF DEPENDENT

TERRITORY FUNDS DEPOSITED WITH CROWN AGENTS, THIS FIGURE

IS POUNDS STERLING 339 MILLION OF WHICH ONLY POUNDS STERLING

28 MILLION IS FROM TERRITORIES OTHER THAN HONG KONG. IF THE

TOTAL FIGURE IS DISCLOSED IN ANSWERING THE QUESTION CUNNINGHAM

AND OTHER INFORMED ODSERVERS WILL BE ABLE TO DEDUCE A REASONABLY

ACCURATE ESTIMATE OF HONG KONG'S STERLING BALANCES HELD BY

CROWN AGENTS.

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