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WEDNESDAY, OCTOBER 16, 1974
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+NO DOUBT OUR EXPORTERS WILL FACE INCREASED COMPETITION, AND PERHAPS DIFFICULTIES OVER FINANCE, BUT THERE IS A FAIR HOPE THAT IN OUR MARKETS AS A WHOLE A SUFFICIENTLY HEALTHY DEMAND WILL CONTINUE TO KEEP HONG KONG BUSY.+
THE GOVERNOR WENT ON TO SAY THAT LOCAL INDUSTRIALISTS, WITH THEIR USUAL ENTERPRISE, WOULD BE SEARCHING THE WORLD'S MARKETS FOR CONTRACTS, +AND YOU MAY BE SURE THAT THE TRADE DEVELOP- MENT COUNCIL WILL BE DOING EVERYTHING WITHIN ITS POWER TO HELP THEM TO FIND NEW OPENINGS AND EXPAND OLD ONES.
+THE GOVERNMENT FOR ITS PART, AND WITH THE SUPPORT OF HER MAJESTY'S GOVERNMENT, WILL CONTINUE TO DO ALL THAT DETERMINED NEGOTIATIONS CAN TO EASE RESTRICTIONS ON OUR TRADE AND RESIST ATTEMPTS AT FURTHER IMPOSITIONS.
+ THE PROSPECTS OF MAINTAINING OUR EXPORTS ARE FAVOURABLE BECAUSE HONG KONG'S PRODUCTIVITY IS NOW HIGH AND OUR COMPETITIVE POSITION ABROAD IS VERY STRONG, INDEED AS STRONG AS IT HAS EVER BEEN, SO WE ARE IN A POSITION TO SUPPLY WHAT DEMAND THERE IS NOW, AND TO RESPOND VERY QUICKLY TO ANY INCREASE IN DEMAND IN THE FUTURE.
+PROVIDED WE RETAIN THIS COMPETITIVE EDGE I EXPECT HONG KONG TO RIDE CURRENT PROBLEMS WITH LESS TROUBLE THAN MOST OTHER COUNTRIES,+ HE SAID.
THE GOVERNOR NOTED THAT WHEN HE ADDRESSED THE COUNCIL LAST YEAR THE GROSS DOMESTIC PRODUCT WAS INCREASING. IN REAL TERMS, AT AN ANNUAL RATE OF SOME SEVEN TO EIGHT PER CENT, JUST A LITTLE ABOYE THE GROWTH RATE WHICH IT WAS BELIEVED COULD BE SUSTAINED IN THE LONGER TERM.
THIS WAS AGAINST THE THEN BACKGROUND OF INTERNATIONAL EXCHANGE RATE VARIATIONS, COMMODITY SHORTAGES OVERSEAS, AND AN ALMOST UNBELIEVABLY RAPID RATE OF WORLD INFLATION. +IT REPRESENTED A TRULY REMARKABLE ACHIEVEMENT BY OUR MANUFACTURERS AND EXPORTERS.+
IT WAS TRUE, HE CONTINUED, THAT THIS WAS NOT WITHOUT SOME SLACKENING OF DEMAND IN THE LABOUR MARKET, AND THERE WERE IN CONSEQUENCE SOME WHOSE PERSONAL CIRCUMSTANCES WERE A GOOD DEAL LESS ROSY THAN THE PERFORMANCE OF THE ECONOMY AS A WHOLE MIGHT HAVE SUGGESTED.
+NEVERTHELESS, HONG KONG'S COMPETITIVE POSITION WAS EXTREMELY STRONG AND A GOOD DEAL STRONGER THAN A YEAR OR TWO EARLIER. THIS CARRIED THE POSSIBILITY, EVEN PROBABILITY, THAT OUR EXPORTS WOULD CONTINUE TO GROW AT A RAPID RATE, AND WITH THEM THE GROSS DOMESTIC PRODUCT.
+THERE WAS THEREFORE, GOOD REASON TO BELIEVE THAT THE DEMAND FOR LABOUR WOULD RISE AGAIN AND WITH IT WAGE LEVELS.+
/FURTHERMORE.