TELEGRAPHIC ADDRESS:
MATHESON LONDONEC 3
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Matheson & Co. Ltd
3 Lombard Street
London EC3V 9AQ
PRIVATE & CONFIDENTIAL
3rd April, 1990
HONG KONG
Many thanks for your letter of the 28th March enclosing a copy of your letter from John Major on the question of United Kingdom Assets in Hong Kong.
I have seen a copy of Adrian Swire's letter to you of the 30th March and my views are very much the same as his. I continue to feel that there are very large assets in Hong Kong owned, managed or controlled by British firms and individuals, which are not clearly identified by the £2 billion book value census figures. For example, the Jardine Group, Hongkong Bank Group and the Kadoorie family interests are not owned by United Kingdom companies and therefore, these figures are not included in the triennial census of overseas assets.
I still think the most realistic statistic showing the overall British Commercial influence in Hong Kong is the British Managed or Controlled content of the local stock market gross capitalisation and while these do not pretend to be net figures, they also do not take into account United Kingdom portfolio investment in the other 60% of the stock market, nor direct unquoted British investment in Hong Kong. I enclose an up-to-date schedule of British Managed or Controlled Public Companies in Hong Kong.
All of us who are involved in Hong Kong are most encouraged by your interest.
With best personal regards.
HENRY KESWICK
The Rt. Hon. Michael Heseltine P.C., M.P.,
House of Commons,
Westminster,
LONDON, S.W.1.A OAA.
REGISTERED OFFICE 3 LOMBARD STREET LONDON EC3V 9AQ REGISTERED NUMBER 100295 ENGLAND
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