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Lord London visits Pakistan.

The Lord Mayor of London Sir Francis McWilliams was born on 8th February, 1926. Educated at St. John's, Portobello and later at Edinburgh's Holy Cross Academy, he was awarded a scholarship to Edinburgh University to read civil engineer when he was 16 and graduated in 1945 at the age of 19. Sir Francis is also a Barrister specialised in Arbitration who started his career as Engineer in Local Government in UK 1945-1953. His first overseas appointment was in the Malacca Municipality, Malaya as an Engineer in 1953. During 23 years in Malaysia he held various portfolios. In 1976 Sir Francis decided to return to England and having already been involved in arbitrations, decided to become a law student, being called to the Bar in Lincoln's Inn two years later. The decision to practice as an Arbitrator allowed Sir Francis to use both his engineering experience and his legal knowledge. Since 1979, he has been involved in the settlement of disputes in the UK and in many other countries. In addition to being a Fellow of the Institution of Civil Engineers and of the Chartered Institute of Arbitrators, he was elected a Fellow of the Royal Academy of Engineering in 1991. Other distinctions include a seat on the Board of the London Court of International Arbitration and membership of the Arbitration Advisory Panel of the Institution of Civil Engineers Sir Francis came to live in the City shortly after his return from Malaysia. As a penthouse resident in the Barbican's Shakespeare Tower, he enjoyed magnificent views across the roofs of London. Though he liked what he saw, he felt the residential community needed a greater social dimension and, with the help of his wife, responded by organising Shakespeare Tower parties. Both also became extensively involved in the Barbican Association, Sir francis serving two terms as its Chairman. This brought him into contact with members of the Corporation of London, which inspired him to stand for election in 1978 as a Common councilman fort the Ward of Aldersgate, leading to his election as Alderman for the Ward in 1980.

By City standards, the Ward has a large residential population, as well as steadily becoming the centre of the City's legal profession. It's therefore no coincidence that Sir francis is also President of the Aldersgate Ward Club. Amongst the numerous Corporation committees on which he has served are those for Barbican Development, City of London School Building, Mansion House Building and Guildhall Yard East Building, where his extensive knowledge of construction matters has proved invaluable. He is also a Trustee of the Sir John Soane's Museum. He served as Sheriff in 1988-89 and sites as a Magistrate of the City Bench. Francis married to Wyne in Scotland in 1950 and have two sons and one grandson.

The Lord Mayor of London, Sir Francis McWilliams is to visit Pakistan in April this year. He would be accompanied by a teas of businessmen. This would be followed by a visit of three delegations of British businessmen to Pakistan in quick succession. The first delegation would be targeting Pakistan's textile sector, the second, its engineering industry and the third delegation sponsored by the Trade Advisory Committee on Asia will look into investment opportunities in Pakistan.

London

The area administered by the London borough councils and the Corporation of London - covers 1,580 sq. km (610 sq. miles). The population has declined from about 8 million at the beginning of the 1960s because of the pattern of migration from inner city areas to outer suburbs. However, the rate of decline decreased markedly during the 1980s.

London is without doubt the principal international financial centre in Europe, and one of the three principal centres in the world alongside New York and Tokyo. It has the widest range of financial markets of any centre in the world. The diversity of institutional participation by banks, brokers and securities firms from around the world brings a depth of liquidity, and flexibility of approach, to its financial markets. London offers a unique concentration of continuous trading and innovative financial products and services as well as long standing expertise and credibility. According to an international survey conducted by central banks in April 1989, gross daily foreign exchange turnover in London averaged $ 241 billion a day - over a quarter of the recorded global total and seven times more than in Paris.

London has more foreign banks than any other centre. Some 526 foreign banks from 72 different countries are represented in London and 152 Stock Exchange members are foreign owned. London's total equity turnover, at Pound Sterling 322 billion, puts it ahead of both Frankfurt (Pound Sterling 153 billion) and Paris (Pound Sterling 65 billion). Over 550 international companies are listed in London - well above the number for any other European exchange. London's daily turnover in foreign equities exceeds that of New York or Tokyo and activity in European stocks is substantial. London's markets in the short-term domestic instruments are unsurpassed in the rest of the Europe. They include inter-bank deposits (Pound Sterling 6.4 billion outstanding at end 1991), certificates of deposit (Pound Sterling 54.6 billion outstanding); eligible bank bills (Pound Sterling 18.9 billion outstanding) and Treasury bills (Pound Sterling 9.3 billion outstanding).

London's gilt-edged market is one of the largest government debt markets in Europe. At Pound Sterling 125 billion outstanding, the London market is among the most liquid in Europe, with a turnover averaging Pound Sterling 4.4 billion daily.

London has well-developed exchange and over-the-counter derivatives markets. These add depth to the securities markets. Futures trading volumes at LIFFE (at 16 million contracts in the first six months of 1991), are well above those of any other European exchange.

The management and syndication of the majority of euro-dollar and euro-yen bonds is based in London. Around three quarters of the euro-bond secondary market activity is estimated to take place in London.

London has substantial non-domestic shortterm instrument markets. The majority of euro commercial paper issuing and trading takes place in London. There is $ 76 billion outstanding ECP. Most non-sterling CDs in Europe tend to be issued and settled in London (Pound Sterling 65 billion outstanding on the UK banks' books). London has the largest gold market where at least 40 per cent of international gold turnover takes place.

The Corporation of London

The Corporation of London is the local authority for the financial and commercial heart of Britain, the City of London. It is committed to maintaining and enhancing the status of the Business City as one of the world's three leading financial centres through the policies it pursues and the high standard of services it provides. It also provides a host of additional facilities for the benefit of the nation. These range from over 9,000 acres of open space, including Epping Forest and Hampstead Heath, to the world famous Barbican Art Centre.

The Corporation is older than Parliament itself and today combines its ancient traditions and ceremonial functions with the role of a modern and efficient authority, looking after the needs of its residents, City businesses and over 300,000 people who come to work in the City every day. Among local authorities the Corporation is unique; not only it is the oldest in the country but it operates on a non-party political basis through its Lord Mayor, Aldermen and Members of the Court of Common Council. The Lord Mayor in particular plays an important diplomatic role receiving and entertaining foreign Heads of State and dignitaries and travelling widely in the UK and overseas, promoting British markets and services.
Pakistan's Trade with Britain
(Rs. in million)
Year Exports Imports
1986-87 4528 6175
1987-88 5323 7625
1988-89 5615 8005
1989-90 7234 7861
1990-91 10050 8435
1991-92 11375 12533
Source: State Bank of Pakistan Annual Report 1991-92


Pak-Britain Trade Relations

Pakistan and Britain are linked with bonds of historical and cultural ties extending over centuries. Over the year, Britain has emerged as a major partner of Pakistan in trade and investment. By September, 1991, Britain had made a total investment of Rs. 1,079 million in more than 70 industrial projects engaged in Chemicals, Pharmaceuticals, Tobacco, Oil prospecting and distribution, Ceramics and Engineering. Similarly it has extended valuable assistance to Pakistan in the form of technical assistance and soft loans, which has greatly contributed to the completion of major projects of irrigation and creation of large-scale infra-structure services in Pakistan.

The bilateral trade between the two countries has been growing steadily over the past year. Pakistan's exports to UK increased from Pound Sterling 174.4 million in 1986 to Pound Sterling 273.3 million in 1992, registering an increase of 56.7 per cent, while its imports from UK increased from Pound Sterling 254.6 million to Pound Sterling 313.2 million i.e. by 23 per cent in the same period. As could be well imagined, over 75 per cent of the exports from Pakistan was contributed by textiles, fabrics and apparels, while the predominant constituent of import from Britain were industrial plants and industrial raw materials.

However, the bilateral trade between Pakistan and Britain is a mere fraction of 1 per cent of the international trade Britain. The balance of trade between the two countries, which had all along been adverse to Pakistan, but had started showing signs of narrowing down in the late 1980s, has gain been widening in the recent past. This calls for redoubled efforts to take measures which would not only increase the overall bilateral trade, but also allow an enhancement in exports of finished and value-added goods from Pakistan. However, the emergence of a Single European market since January 1993 has induced lurking fears in minds that this market may not turn into protectionist, inward-looking ":Fortress Europe" edging out Pakistan in its imports, especially for items governed under the quota regime. The continued uncertainty about the next Uruguay Round of Talks has only strengthened this year. On the side of private investment also, the tendency of declining interest by the British Entrepreneurs is clearly discernible. There being no major industrial project set up with British investment in the recent years.
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Title Annotation:Lord Mayor of London Sir Francis McWilliams
Publication:Economic Review
Date:Mar 1, 1993
Words:1690
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