CONFIDENTIAL
ECONOMIC INDICATORS
12. WITH THE NOTABLE EXCEPTION OF THE STOCK MARKETS, MOST LEADING INDICATORS REMAIN FAVOURABLE. THE EXPORT SECTOR HAS CONTINUED TO GROW, CREATING MORE JOBS AND HIGHER REAL WAGES IN MANUFACTURING
INDUSTRY (THOUGH NOT IN THE CONSTRUCTION INDUSTRY, WHERE EMPLOYMENT AND REAL WAGES HAVE CONTINUED TO FALL, REFLECTING CONTINUING WEAK
DEMAND FOR PRIVATE RESIDENTIAL PROPERTY),
13. RETAINED IMPORTS OF CAPITAL GOODS HAVE CONTINUED TO INCREASE, LARGELY DUE TO AN INCREASE IN RETAINED IMPORTS OF ELECTRICAL
MACHINERY. THIS SUGGESTS THAT INVESTMENT IN PLANT AND MACHINERY
MAY HAVE PICKED UP, BUT IT IS TOO EARLY TO PREDICT WHETHER THIS
INCREASE WILL BE SUSTAINED.
BRAY
FUTURE OF HONG KONG
COPIES TO:-
LIMITED
HD/HKD
HD/FED
HD/PLANNING STAFF
HD/PUSD
DEP HD/PUSD
RESEARCH D (MR WALKER)
LEGAL ADVISERS (SIR J FREELAND) PS
PS/LADY YOUNG
PS/MR LUCE
PS/PUS
SIR W HARDING
SIR C TICKELL MR GOODALL
BUCKINGHAM PALACE
(REPEATED AS REQUESTED}}
THIS TELEGRAM WAS NOT
ADVANCED
PS/LORD PRESIDENT OF THE COUNCIL
PS/HOME SECRETARY
PS/CHANCELLOR OF THE EXCHEQUER
PS/LORD PRIVY SEAL
PS/SECRETARY FOR TRADE & INDUSTRY
COPIES TO:- (VIA ADR)
MR ROBERTS NEWS DEPT
MR BURROWS LEGAL ADVISERS
MR FIFOOT LEGAL ADVISERS MR POWELL NO 10 DOWNING ST.
MR INGHAM NO 10 DOWNING ST.
MR MARTIN ASSESSMENTS STAFF CABINET OFFIC
MR CARTLEDGE CABINET OFFICE
MR BRENNAN
CABINET OFFICE
PS/S OF S FOR DEFENCE
PS/ATTORNEY GENERAL
SIR P CRADOCK ROOM K195
-4- SIR P CRADOCK NO 10 DOWNING ST.
CONFIDENTIAL