the programme myself, reading the transcript
gives one the impression that not only did the
programme give an entirely false picture of
Hong Kong and put both the Hong Kong Government
and the British Government in the worst possible
light, but must also have given the Chinese
Mission in Portland Place and their sympathisers
much satisfaction. This view is shared by
others who did watch the programme in question.
To suggest, as Mr. Pettifer did in his
opening remarks that "money poured out of the
Colony" in those difficult weeks in the middle
of 1967 is quite false (unsubstantiated reports
of this nature were circulating at the time,
fostered by those in Singapore and Taiwan who
hoped to benefit from any flight of funds from
Hong Kong). There was undoubtedly some move-
ment of funds out of the Colony; it would be
surprising if it were otherwise, considering the
amount of "hot" money Hong Kong attracts.
J
But
while total bank deposits fell by 12% during the
period May July 1967, much of this was due to
the Chinese preference to hold their money
themselves in time of uncertainty and little
of the reduction represented an outflow of
capital from the Colony. And to imply, as he
did later, that the support of the people for
the Hong Kong Government was due not to
sentiment and loyalty but entirely to material
self-interest (an imputation supported by the
highly contentious statement that they were
afraid of losing "the rewards of a decade of
struggle") ignores altogether the fact that
more than a million of the Colony's population
/ are
NOTHING TO BE WRITTEN IN THIS MARGIN