5 November 1974
101
La
No 45W
Mr James Sillars (South Ayrshire): To ask the Secretary of State for Foreign and Commonwealth Affairs, how much of the Hong Kong budget surplus has been transferred to London in each of the past 10 years.
MR DAVID ENNALS
No figures are available for the proportion of Hong Kong
The budget surpluses which have been invested in sterling. latest published statement of Hong Kong Government assets and liabilities is for the 31st of March 1972. At that date, out of total assets of HK$ 3,006 million, cash, fixed deposits and investments in sterling were shown at the équivalent of Hke 1,844 million on the liabilities side. The General Revenue Balance, which represents accumulated budget surpluses, amounted to HK$ 2,916 million. Comparative figures for the whole period 1964-1973 (all as at the 31st of March) were as follows:
HK$ million
Cash, Fixed Deposits
General
Year
Total Assets
and Investments in Sterling
Revenue
Balance
1964
978
379
762
1965
1047
520
823
1966
904
445
688
1967
935
436
710
1968
995
377
788
1969
1160
397
949
1970
1633
661
1426
1971
2285
1167
2066
1972
1973
3006 3754
1844
2916
1274
3089
The Hong Kong Government invests part. of its budget surpluses abroad, in other countries as well as the UK, in its own interest as a normal means of investment. The funds so held abroad form part of its external reserves in the same way as those of any other government or monetary authority.
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Private notes are available after approval.