This article continues the annual series of estimates of the United Kingdom's external assets and liabilities, and gives figures for the end of 1973. These are shown in Table D on page 180, and are followed by notes and definitions for the main items. Both sterling and foreign currency items are included. The classification as 'public sector' or 'private sector' is according to the status of the domestic creditor or debtor. Public sector items are presented as in the balance of payments accounts, where reserves and related official financing items are shown separately from other official assets and liabilities. Private sector items are grouped under the headings 'investment' and 'banking and commercial'. The article in the September 1970 Bulletin pointed out the limitations of an inventory of this nature and the problems of valuation of investments. These considerations all still apply, and the estimates of portfolio investment are particularly precarious.