28404
HKGOVT G
61190 HKG IS HX
GIS 152/82
COMMISSIONER EXDIS
MARCH 10, 1982
by Clasi
hu tagas der Moos.
JM Brillian
A CONTRACT FOR A HKDOLLAR 220 MILLION PIPE AND TUNNEL PROJECT TO HELP 800ST HONGKONG'S WATER SUPPLY WAS SIGNED YESTERDAY BY TWO CHINESE FIRMS, CHINA CONSTRUCTION ENGINEERING CORPORATION AND GUANGDONG WATER CONSERVANCY AND HYDROPOWER ENGINEERING DEVELOPMENT CO., LTD.
IT IS THE BIGGEST OF NINE CONTRACTS AWARDED SO FAR UNDER THE FIRST STAGE OF A HKDOLLAR 1 300 MILLION SCHEME TO PROVIDE FACILITIES FOR RECEIVING EXTRA WATER FROM CHINA.
THE 20 KILOMETRE PIPE AND TUNNEL SYSTEM WILL RUN FROM MUK WU, NEAR THE HONG KONG-CHINA BORDER, TO TAI LAM CHUNG IN THE WEST NEW TERRITORIES.
WHEN COMPLETED AT THE END OF 1984 THE NEW SYSTEM, TOGETHER WITH A PUMPING STATION TO BE CONSTRUCTED AT AU TAU, NEAR YUEN LONG,
WILL RAISE WATER SUPPLY TO THE WHOLE WEST NEW TERRITORIES BY 910 000 CUBIC METRES DAILY.
HONGKONG IS THIS YEAR RECEIVING 182 MILLION CUBIC METRES OF WATER FROM CHINA. STARTING FROM 1983, WATER SUPPLIES FROM CHINA WILL INCREASE BY AN AVERAGE OF 35 MILLION CUBIC METRES PER YEAR TO A MAXIMUM OF 620 MILLION CUBIC METRES IN 1995.
HONGKONG AND SHANGHAI BANKING CORPORATION YESTERDAY REPORTED A SUBSTANTIAL INCREASE IN PROFITS LAST YEAR TO SLIGHTLY ABOVE HKDOLLAR 2 BILLION, MAINTAINING ITS RECORD OF APPROXIMATELY DOUBLING EARNINGS EVERY TWO YEARS, SAYS SCMP FRONT PAGE ITEM.
STORY SAYS SHAREHOLDERS WILL RECEIVE A 44 PER CENT FINAL NET PROFIT AFTER DIVIDEND AND A ONE FOR THREE BONUS ISSUE. TAX AND TRANSFERS TO INNER RESERVES AMOUNTED TO HKDOLLAR 2.003 BILLION, COMPARED WITH HKDOLLAR 1.431 BILLION IN 1980.
HOWEVER THE BANK WARNED OF SHADOWS OVER PROSPECTS THIS YEAR. LOWER OIL PRICES HAD CONTRIBUTED TO AN EASING OF INFLATIONARY PRESSURES BUT, WITH TIGHT MONETARY POLICIES PREVAILING IN MOST INDUSTRIALISED ECONOMIES, INTEREST RATES HAD REMAINED HIGH,
THESE FACTORS, TOGETHER WITH EFFORTS TO RESTRAIN THE INCREASE IN PUBLIC SECTOR EXPENDITURE WOULD INHIBIT ECONOMIC GROWTH IN 1982. THE STOCK MARKET STAGED A TECHNICAL RECOVERY AFTER FALLING SHARPLY EARLIER IN RESPONSE TO STEEP DECLINE ON WALL STREET
HANG SENG INDEX CLOSED UP OVERNIGHT, SAYS SCMP BUSINESS NEWS. 4.47 POINTS TO 1 129.83.
ANALYSTS HOWEVER STILL DID NOT SEE ANY EVIDENCE OF A SUSTAINED RECOVERY FOLLOWING THE PRONOUNCED DECLINE WHICH HAD TAKEN MORE THAN TEN PER CENT OFF MARKET VALUES THIS MONTH, SAYS PAPER, ALTHOUGH MARKET IS EXPECTED TO RESPOND FAVOURABLY TO HONGKONG BANK RESULTS,
CHINA LED BY FAR ALL OTHER TRADING PARTNERS AS THE MARKET AND SOURCE OF HONGKONG'S RE-EXPORTED, GOODS LAST YEAR, SAYS BUSINESS NEWS. AS THE FASTEST GROWING SECTOR OF TRADE, OVERALL RE-EXPORTS ROSE BY 39 PERCENT TO A RECORD HKDOLLAR 41.739 BILLION.
PRESS BRIEFING BY SIR JACK CATER GETS STANDARD FRONT LEAD AND STRONG INSIDE COVERAGE IN SCMP.
SIR JACK SAID PEOPLE IN HONGKONG WERE OFTEN TOO SENSITIVE ABOUT WHAT BRITISH THOUGHT ABOUT THEM. HE SAID: +PERHAPS WE AT TIMES HAVE BEEN SEEING THINGS THROUGH THE WRONG END OF THE LOOKING GLASS.
WE HAVE A VERY GOOD PRESS.+ BRITAIN IS NOT ANTI-HONGKONG.
SIR JACK DESCRIBED AS +GROSS EXAGGERATION+ A SPEECH LAST WEEK BY MR IAN MACCALLUM THAT RELATIONSHIP BETWEEN HONGKONG AND BRITAIN WAS COMPLETELY ONE-SIDED.
BRITISH
ON THE SUBJECT OF PROMOTING HONGKONG INTERESTS IN LONDON, SIR JACK SAID AN AGGRESSIVE APPROACH WOULD BE MISGUIDED. PEOPLE KNEW OF HONGKONG'S QUALITIES, THE HARD WORKING POPULATION AND ITS ECONOMIC SUCCESS. HONGKONG HAD ALSO PROVIDED MANY JOBS IN BRITAIN.
SIR PHILIP HADDON-CAVE, AS ACTING GOVERNOR, WILL OPEN MTR TSUEN WAN EXTENSION ON MAY 10.
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28404 HKGOVT G 61190 HKGIS HX