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INDUSTRY AND TRADE
considers broadly any necessary controls over consumption. This committee includes representatives of the oil industry and the electric power companies.
The second committee is the Oil Distribution Committee, under a newly appointed Director of Oil Supplies, which proposes priorities and works out detailed plans for economising on oil consumption and for ensuring that priorities are met. This com- mittee includes oil company representatives and is serviced by a small oil supplies unit under the Director of Oil Supplies. Sub-committees of the Oil Distribution Committee have been established to include representatives of the electric power companies, other utilities, industry and transport.
By the end of the year, an order issued under Emergency Regulations had pro- hibited the use of electric lights for floodlighting or advertising purposes other than between certain specified hours; the territory had reverted to summertime; the power companies had reduced their voltage emission and spinning reserves; and a successful publicity campaign had been launched urging the public to economise in its use of power. Although the international situation continued to be extremely uncertain at the end of 1973, Hong Kong was ready to take the strain of any cut in supplies in 1974.
Industrial Development
Light industry predominates in Hong Kong-where a considerable variety of good quality goods is now produced-and will continue to do so in the foreseeable future. Rising labour costs, shortages of certain raw materials, competition from other low-cost countries in Asia, active consumer protection activities in Hong Kong's major overseas markets and additional restraints on Hong Kong's textile trade, have main- tained pressure on manufacturers to seek higher productivity and diversification into more sophisticated product lines and also to move into new industries.
Several institutional organisations support industry in its efforts to upgrade production, management and marketing techniques. The Commerce and Industry Department is also active in these fields and is also responsible within the government for promotion of overseas investment in Hong Kong industry. About 12 per cent of Hong Kong's 620,000 workers in the manufacturing industry are employed in factories owned or partly owned by overseas interests. During 1973, a modification in Hong Kong's industrial land policy attracted several major foreign manufacturers to set up plants in the territory and at the end of the year, further industrial ventures were under consideration. However, despite these favourable developments, industry was greatly concerned over the possible implications of the 1973 international oil crisis.
Continuing and possibly increased difficulties over supplies, not only of fuels essential for industrial power but also of essential raw materials, seem likely.
Textiles
The textile industry not only dominates Hong Kong's economy, accounting for 50.2 per cent of its domestic exports and 45.9 per cent of its industrial labour force, but is also a significant factor in international trade in textiles. This situation is likely