Exports
4
MM said we would never have been under such pressure on
textiles if UK had a favourable balance of trade with Hong
Kong. He had tried to interest exporters in the Hong Kong
market but this was difficult. British exports to Hong Kong
were four times the exports to China and two-thirds of the
exports to Japan.
LP said that there was a British Overseas Trade Board and
Mr. Dring said there was the Hong Kong Trade Advisory Group.
LP asked if there was any specific action proposed. MM said
that Sir Arthur Knight of Courtaulds thought there might be
prospects in Hong Kong in view of the depreciated value of
the pound and the increased value of the yen. Mr. Kaufman
had been discussing the question of ships. A package deal
whereby the owners would secure a charter and get a mortgage
had enabled them to consider British yards. There was a good
market for machinery in Hong Kong and the British Trade.
Commission in Hong Kong is examining it.
Up to 1963 Britain had had a favourable trade balance with
Hong Kong, Since then its share of the market had fallen
away. MM thought this might have something to do with the
very large companies having far too many agencies, and
accepting competitive agencies. But the market still remained.
He did urge that when trade missions were sent to China for
weeks at a time they should follow this by a week or
Hong Kong where they could do serious business.
might not be so glamorous as the trip to China but the
business done would probably be very much greater.
SO in
The visit
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