This note continues an annual series of estimates of the United Kingdom's external assets and liabilities, and gives figures for the end of 1970. These are shown in the table on pages 214 and 215, which is followed by notes and definitions of the main items. The table is in the same form as in the article last year, 1 when the presentation was changed to follow the new arrangement of the capital account in the U.K. balance of payments statistics. The altered presentation and the methods of estimation employed were explained at some length last year and are not described on this occasion. The previous article also stressed the limitations of an inventory of this kind, and the problems of valuation of investments; these uncertainties remain.
The inventory does not include information about the direct investments of banks and insurance companies - whether by U.K. companies abroad or by overseas companies in this country - except for U.K. companies' investment in the United States, which is measured from estimates of the U.S. Department of Commerce. Another important omission is private individuals' holdings of property.