TNAG-0449-FCO40-514-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1974 — Page 13

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PARLIAMENTARY QUESTION

for WRITTEN | answer on 5 November 1974

PML + 10 Dep

The draft reply should reach the Parliamentary Office through your Under-Secretary by

6

"Noen Wednesda

•6 Avebes

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.

Jr. David (imal's

No figures are available for the proportion of Hong Kong budget surpluses which have been invested in sterling.

The 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 equivalent of HK$ 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

Revenue

Sterling

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

3006

1844

2916

1973

3754

1274

3089

The

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.

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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