This article continues the annual series of estimates of the United Kingdom's external assets and liabilities and gives figures for the end of 1971. These are shown in the table on pages 218-19. Notes and definitions of the main items were given in last year's article published in the June 1971 Bulletin (pages 216-17). An earlier article in the September 1970 Bulletin (pages 308-19) described the methods of estimation. It stressed the limitations of an inventory of this nature, which brings together a variety of types of financial claims and obligations, which are different in kind and also differ in degree of liquidity and method of valuation. It also mentioned some important omissions. These considerations all still apply.