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Thursday, December 7, 1972
He pointed to a "striking fact" that in spite of this unusually
wide spectrum of difficulties, Hong Kong's exports had still expanded
by 10 per cent as compared with 1971. "This is a very fine achievement
in the circumstances, from which we can take considerable encouragement."
In other respecta, Sir Murray said, Hong Kong's economy continued
to boom to the extent that a shortage of labour was still one of the
industry's bigger problems.
"This is a tribute to the persistence and ingenuity of our
manufacturers, not just in textiles but in other industries as well;
and it justifies the confidence I expressed last year in Hong Kong's
ability to expand its economy in relatively difficult times as well as
in good."
As regards future development, the Governor said there was a
"quickening of economic activity" in Hong Kong's major markets in North
America and Western Europe, and hopefully this should lead to an increased
growth in world trade in the course of 1973.
"There should therefore be better opportunities for our exporters
which, provided they can take advantage of them, should lead to a further
satisfactory growth in exports next year," he said.
Sir Murray said Hong Kong had to depend on the competitiveness,
quality and sophistication of its products to keep ahead in the race,
and he knew that industry was doing a lot in this respect.
/He said