?
omet
CONFIDENTIAL
Bette
11.
Let me say that these developments are not related in any
way to the status or future of Hong Kong. On the contrary you
have every reason to be thankful for the ending of an injustice
and an anomaly which was a major source of friction and
misunderstanding in the world, and in particular in this area.
12.
I would like to say how glad I am that Sino-British
relations have steadily improved in recent years, and that they
are now once more on a correct and satisfactory footing.
Both countries have much to offer each other in trade and
Good relations between us must be to its lenefit of all
culture. [ I am sure that you will all join with me in wishing
Mr Addis, our new Chargé d'Affaires, every success in his
mission.
13. And now a word about trade. It was a great relief to
me that it was possible to achieve so quickly the realignment
of parities of the major international currencies.
With every
week that the confusion of exchange rates continued, the blight
of protectionism seemed to threaten more closely the continued
expansion of world trade. It has been on this expansion that
Hong Kong's success has been built, as well as on the skill
and enterprise of its people. But now the American surcharge
is removed and the future is brighter.
14.
Hong Kong, of course, still has to face a degree of
protectionism in its major markets for some of its products.
You are practical and realistic people and you know that this
is the price of your own phenomenal success, and that particularly
*
in the case of some textiles there must be a limit in some
markets to what is politically tolerable. But even where
/Hong Kong
4.
CONFIDENTIAL