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Trade Commission, is the fact that Japanese products are not put on the market at a price slightly below the current selling price, but are usually so far below current prices as to preclude any possibility of competition. This is perhaps reminiscent of the pre-war German methods of driving competitors out of existence and completely collaring a market as a preliminary to raising their own prices. It is, however, doubtful whether the Hong Kong market could ever be "collared" completely by any one importer of cement.
17.
On the other hand it must be remembered that the imposition by Hong Kong of a tariff or quota restriction on the import of foreign cement will not only be tantamount to the grant to the Green Island Cement Company of a subsidy, which will eventually have to be paid for by the general public, but will also be a departure from those free trade principles which have for so long been the guide posts of this Colony's economic policy.
18.
Such a departure is not to be made lightly or without due realisation and acceptance of its attendant liabilities which are perhaps not immediately apparent. It is a significant fact that the longer
we debated this matter the less inclined we were to make any recommendations involving violation of the free port status of Hong Kong.
19.
It was obvious from the beginning that neither a quota system nor a dumping duty would adequately meet the requirements of the Green Island Cement Company. The former would not excludo more than a small portion of Japanese imports from the Hong Kong market, while the latter would be too frankly discriminatory and would