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THURSDAY, AUGUJA, 29, 1974
THE REPORT NOTES THAT HONG KONG'S TERMS OF TRADE DETERIORATED IN THE FIRST QUARTER, BUT SAYS THAT THIS WAS TO BE EXPECTED IN VICU OF RAPIDLY RISING WORLD PRICES. IMPORT PRICES OF FUELS INCREASED BY 150 PER CENT AND RAU MATERIAL PRICES BY 55 PER CENT.
IT GOES ON TO SAY THAT THE QUANTITY OF RAW MATERIALS, IMPORTED VARIED SUBSTANTIALLY FROM QUARTER TO QUARTER DURING THE YEAR. ALTHOUGH THIS WAS PARTLY DUE TO SEASONAL INFLUENCES. OTHER FACTORS, INCLUDING UNCERTAINTIES EMANATING FROM EXCHANGE RATE FLUCTUATIONS, OVERSEAS COMMODITY SHORTAGES AND RAPID INFLATION ON WORLD MARKETS, HAVE ALSO BEEN SIGNIFICANT.
IMPORT PRICES OF FOODSTUFFS INCREASED BY AN OVERALL 43 PER CENT IN THE FIRST QUARTER AND BY AS MUCH AS 126 PER CENT IN THE CASE OF RICE. AT THE RETAIL LEVEL,
AT THE RETAIL LEVEL, INCREASES IN THE PRICES OF FOODSTUFFS HADE BY FAR THE LARGEST CONTRIBUTION 77 PER CENT TO THE RISE IN THE GENERAL CONSUMER PRICE INDEX IN THE FIRST QUARTER, BUT INCREASED COSTS FOR FUEL AND LIGHT, NEWSPAPERS, DOMESTIC HELP AND EDUCATION, INCLUDING TEXTBOOKS, WERE ALSO OF IMPORTANCE.
IN THE SECTION ON THE MONEY AND FOREIGN EXCHANGE MARKETS, THE REPORT POINTS OUT THAT BANK LENDING FOR COMMERCIAL AND INDUSTRIAL PURPOSES IN THE SIX MONTHS TO MARCH 1974 INCREASED BY NEARLY AS MUCH AS IN THE SIX MONTHS TO MARCH 1973, AND THAT THE AVERAGE RATIO OF BANKS' ADVANCES AND LOANS TO DEPOSITS STOOD AT 88 PER CENT LAST HARCH WHILST THEIR AVERAGE LIQUIDITY RATIO WAS AS HIGH AS 42 PER CENT.
THE ECONOMIC REPORT IS PREPARED WITH THE ASSISTANCE OF THE NEWLY FORMED ECONOMIC REVIEW COMMITTEE OF WHICH THE FINANCIAL SECRETARY IS THE CHAIRMAN. MEMBERS OF THE COMMITTEE COMPRISE FOUR UNOFFICIAL MEMBERS OF THE EXECUTIVE AND LEGISLATIVE COUNCILS, THE DIRECTOR OF COMMERCE AND INDUSTRY AND THE SECRETARY FOR ECONOMIC SERVICES.
THE ECONOMIC REPORT, COSTING $3 PER COPY, IS OBTAINABLE FROM THE GOVERNMENT PUBLICATIONS CENTRE, STAR FERRY CONCOURSE.
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