3
Monday, February 14, 1972
On trade - the lifeblood of Hong Kong the Secretary of State said
PR
it was a "great relief" 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
temptation to each of the main trading nations "to look to its own defences,
to man the ramparts and raise the drawbridge" grew.
"Now the American surcharge is removed and the future in brighter."
Sir Alec said that Hong Kong, like the rest of the world, still had
"This is to some degree to face trade barriers against some of its products.
a tribute to your success.
But even where Hong Kong had to operate under restraints against its
textile exports, a "vast and profitable market still lies open to you."
Meeting The Challenge
And if the continued expansion of your exports required a conscious process of diversification, as he thought it did, none could doubt that Hong Kong would meet this challenge with the enterprise, ingenuity that had been shown
in the past.
The Foreign Secretary had earlier said that there was great interest
in Britain in Hong Kong's affairs,
There was a group of Members of Parliament who were constantly active
on Hong Kong's behalf and both he and his colleagues had to answer a steady
stream of letters and questions on Hong Kong.
These were mostly about social and industrial problems and about the
growth of Hong Kong industry and the competition which it offered.
/"But do