TNAG-0525-FCO40-620-Visit-of-UK-Members-of-Parliament-(Defence-and-External-Affa-1975 — Page 100

ECONOMY

ANNEX C

1.

Members may be aware of the fact that Britain has a balance of trade deficit with Hong Kong. This does not tell the whole story: but it is difficult to quantify the other items in the

account.

Trade Deficit

£292 m.

£158 m.

+ £40 m. defence (declining) + interests on UK deposits

Invisibles

£150 m. earnings from Kai Tak

£20 m. insurance shipping

£100 m. insurance general

£15-20 m. Profits from manufactures

Banking

China Bank's sterling holdings etc

Shipping Register

Remittances in general