TNAG-2126-FCO40-3036-Investment-in-Hong-Kong-1990 — Page 107

1990-04-03 13:31 MARTIN BRANDON BRAVO M.P.

HKC 121/2

RECEIVED IN RECISTRY

DES

Hong Kong Government Office

香港政府駐英辦事處

Tel: of spion Street Lugon WIX 311

Mr Martin Brandon-Bra

-Bravo, MP

House of Commons London SW1A OAA

9 APR 1990

1964 Telex: 28404

2 March 1990

33

See PS

Minute 15/4 (with 40)

Dean Martin,

Following our brief telephone discussion earlier this week,

As far as I can

I had checked with my colleagues in Hong Kong. ascertain, the financial statistics quoted in the Chancellor's in the House on 20 written answer to Mr Heseltine's question February were not provided by Hong Kong.

I then checked the Bank of England Quarterly Bulletin (February 1990 issue: Table 14) and found that the UK external liabilities to and claims on Hong Kong in the Chancellor's reply indeed came from there. (US$30,407 million and US$29,865 million converted to pound

to pound sterling

sterling at £1 = US$1.6190 give £18,781 million and

million £18,446

respectively). definitions for the terms used in the Bank of England Quarterly Bulletin can be found in the extract attached.

In

The

of the two the

of absence

detailed breakdown a statistics, I am afraid I am not in a position to say the extent to which British portfolio investments in Hong Kong might or might not have been included. Perhaps, the Bank of England or the Treasury could help. The closeness of the liabilities and claims figures to the estimate of £20 billion for the gross stock market value of British owned, controlled or managed Companies in Hong Kong provided by Mr Martin Barrow and The Honour Hong Kong Campaign Group is þrumanly

a cuinuluojivo.

ľ