GR 300
CYPHER/CAT A
FM BTC HONG KONG 180955Z
RESTRICTED.
RESTRICTED
1HKK3/515/9
TO ROUTINE F C O TELELEGRAM NUMBER DTC 135 OF 19 NOVEMBER.
FOR JANVRIN, HKIOD FROM KINNEAR.
YOUR LETTER HKK 3/543/9*
LAST
135
far.
IST
SELECT COMMITTEE ON EXPENDITURE.
I AM SORRY NOT TO HAVE REPLIED EARLIER. I HAD HOPED TO OBTAIN
SOME USEFUL INFORMATION ON INVISIBLED AS A RESULT OF AN EXERCISE
BEING CONDUCTED BY THE HONG KONG GOVERNMENT, THIS IS NOT YET
AVAILABLE BUT MAY BE TOMORROW. IN THE MEANTIME I HAVE THE FOLLOWING
COMMENTS ON THE ATTACHMENT TO YOUR LETTER:
(1) PARA 3. YOU MAY LIKE TO MAKE THE POINT, FOR PRESENTATIONAL PURPOSES, THAT HONG KONG IS OUR LARGEST PER CAPITA MARKET IN THE FAR CAST, WITH THE EXCEPTION OF SINGAPORE, AND THAT WE EXPORT MORE TO HONG KONG THAN TO SUCH LARGE COUNTRIES AS INDIA, BRAZIL, THE SOVIET UNION OR CHINA,
THE FIGURE FOR EXPORTS OF RAW MATERIALS AND SEMI-MANUFACTURERS
SEEMS A LITTLE HIGH: MY OWN CALCULATION IS 30%, WITH 40% FOR CAPITAL
GOODS.
(11) PARA 4, ACCORDING TO OUR RECORDS, 4,500 BRITISH COMPANIES ARE REPRESENTED BY AGENTS IN HONG KONG AND THERE ARE AT LEAST 147
BRANCHES OF BRITISH COMPANIES AND FINANCIAL INSTITUTIONS, INCLUDING 3 RETAIL BANKS, 4 BANK REPRESENTATIVE OFFICES, 9 MERCHANT BANKS AND
8 STOCKBROKERS, IS THE FINAL SENTENCE OF THIS PARAGRAPH STILL
VALID? MY UNDERSTANDING IS THAT HONG KONG'S RESERVES HELD IN
STERLING ARE NOW A MUCH LESS SIGNIFICANT PROPORTION OF TOTAL OVERSEAS
HOLDINGS OF STERLING THAN THEY USED TO BE.
RESTRICTED
/(III)
No comments yet.
Private notes are available after approval.