CONFIDENTIAL
15
香港總督府
IN
23 MAR 2777
GOVERNMENT HOUSE
HONG KONG
M. Milton
Please submist
me
to
through the Minister of State after comrullay
F.R.D! This tooks
Thank you for your letter of 22nd at Tome.
بول
Tor Jult
4KK 122/1
15th March 1977
February.
2.
10
We hold the following stocks:
Description
Nominal Value
Held
Be
Zafici
(1) South African Railways
71% 1973/88
(2) South Africa 8% 1972/87
DM 5,000,000
US$ 200,000
(3) South Africa 7 3/4% 1972/87
(4) South Africa 6 3/4% 1969/84
(5) South Africa 71% 1971/78
US$ 450,000
DM
500,000
DFL 620,000
3.
Item (1) was a direct purchase made in May 1973. Items (2), (3), (4) and (5) were purchased by the Crown Agents for Overseas Governments and Administration under their discretionary investment mandate. The Crown Agents' purchases were made at various dates between August 1972 and January 1976.
4.
All of these stocks have been taken into the Exchange Fund in accordance with the arrangements detailed in paragraphs 75-84 of the Financial Secretary's 1976 budget speech. The accounts of the Exchange Fund are not, of course published. It follows, that if we have not been criticised already it is unlikely we shall be subject to any criticism in the future. Were we to sell these stocks now rather than keep them to maturity which is our policy in the absence of any profitable switch opportunities, we would make a loss on items (1) (3) and would just abour break even on items (4) and (5), and this would attract unfavourable comment from both the Director of
D.F. Murray Esq., CMG
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