о
international currency much of it was, in fact, in non UK hands. At a stage some investors and not
only those from UK - decided, as investors will, that it was time to get out, either because they had some other new profitable use for their money, or because they felt it was time to take their profits before the market turned down, or both. This is surely the law of the investment or gambling jungle; some gamble higher, play it faster and make bigger profits and
losses than others. It needs no conspiracy or leak to achieve that and it is not a question of taking advant-- age of Hong Kong or of any special relationship between Hong Kong and the UK.
And we must not overlook in all this that much of
the money that came in must have stayed in. It is circulating in the Hong Kong economy now. Among other things it is in the form of investments in Hong Kong enterprises, industry, commerce and banking. And with it commercial houses, brokers, institutions, all to set
up shop, to invest in property and, in effect, further
to fuel the boom. No doubt like all businessmen they
all hope to make a profit. And no doubt most of them will remit some of it at some stage. But surely this is all to the good of proving Hong Kong as a financial centre one of whose prime attractions is the free move-
ment of money as well as skills. Industrialists as well as institutions and investors are being attracted by this from many parts of the world.
NO MONOPOLY
Britain
This brings me to my second general point. has no monopoly here in case any of you think it still
has. There may be some who think that it should have I have certainly heard foreigners (among others) express- ing surprise that this is not the case. Some who have
seen the position enjoyed even demanded
by some of the old "colonial powers" in their relations with their colonies, and even their ex-colonies, have even expressed
/disbelief.
J
3.