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view it would be impossible to give an estimate to any degree of accuracy.
What one can say is that necessarily with British banks, insurance companies,
considerable return on the t
shipping concerns and sinile companies present in Hong Kong there is a invisibles multis
pegrents account which may run into
sone hundreds of millions of pounds, perhaps 2200 millioner $300 million.
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It was put to us that the fact that Hong Kong is the second langest
British airport there is considerable value in negotiating flying rights
for British Airways and other British lines, as we can trade those off
against landing rights elsewhere in the world. Could you comment on that?
A. That is indeed the cace. I would prefer this next bit to be sidelined..
We do not low exactly, but we think it is probably of the order of £80
2100 million a year perhaps in exchange rights, but we would not wish that
to be generally known.
IR SANDELSON: It is important, possibly for the record, to establish,
since ono does not wish to underplay the significance of Hong Kong and its
value to this country, the possibility of what you have been hazarding,
although a somewhat rough and ready figure, as being the benefit to this country
in invisible cermings from Hong Kong, and that the figure you give of sone
€200 million or C300 million night be at least double that amount in
reality in annual invisible earnings to this country. It may be somewhere in the region of 2600 million, slightly less then the earnings to China,
in tems of foreign currency from her interests in Hong Kong. Might that
not establish a truer picture? A. I do not think any estimate I have ever
seen would put the figure as high as 2600 million. To some degree we are in the realns of speculation, but informed speculation based upon that is Inova
about the business in Hong Kong.
1R ROMAN: The 2300 million would include the value you referred to earlien
50.
of the civil aviation rights or not? A. I think: ps.
MR CONTACT: If there is a tripartite interest in maintaining the status
quo in Hong Kong, does that not now mean that tho roce 1927 has no relevance?
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