TNAG-0623-FCO40-771-Hong-Kong-Government-investments-in-South-African-stocks-1977 — Page 24

2.

CONFIDENTIA..

Audit and the Exchange Fund Advisory Committee.

5.

Incidentally, the list of counties in which we make investments (in Government or Government- guaranteed stocks) is periodically revised, having regard to the view the Financial Secretary and the Exchange Fund Advisory Committee take on the general security (in financial and other terms) of the markets concerned.

6.

At the moment the list of designated

countries is as follows:

Australia, Austria, Belgium, Canada, Denmark, Eire, Federal Republic of Germany, France, Holland, Japan, New Zealand, Norway,

Switzerland, United Kingdom, United States of America.

As you will see South Africa no longer appears in the list and it follows that the possibility of expanding our portfolio of South African stocks does not arise.

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