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TUESDAY, NOVT:DER 5, 1974.
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THE AVAILABILITY OF SURPLUS FUNDS OVER THE PAST DECADE OR MORE HAD RESULTED IN THE BUILDING UP OF FINANCIAL RESERVES INCLUDING THE RESERVES HELD IN LONDON. APART FROM PROVIDING - BACKING FOR ITS CURRENCY, THESE STERLING RESERVES HAD EARNED HONG KONG ADDITIONAL REVENUE. BUT IT WOULD BE WRONG TO ASSUME THAT BECAUSE IT WAS AMONG THE LARGEST CLIERS OF STERLING DALANCES HONG KONG HAD BECOME AS WEALTHY AS CERTAIN MIDDLE EASTERN STATES. IN FACT, ITS CURRENT RESERVES REPRESENTED NO MORE THAN 50 PER CENT OF ITS CURRENT ANNUAL EXPENDITURE.
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MOREOVER, DURING THE NEXT THREE YEARS ALONE ITS PROJECTED CAPITAL EXPENDITURE WOULD REQUIRE IT TO FILD A FURTHER $2,000 MILLION, WHETHER BY WAY OF INCREASED TAXATION OR DY RAISING FOREIGN LOANS, QUITE APART FROM THE USE OF ITS RESERVES TO OFFSET THE DEFICIT ANTICIPATED ON ITS CURRENT DIMCET.
+1 SHOULD ADD+ SAID MR. KIDD +THAT IT IS ENTIRELY OUR OWN DECISION WHETHER OR NOT WE KEEP OUR STERLING DALANCES IN LONDON, AND IN THIS MATTER WE ARE UNDER NO CONSTRAINT FROM THE BRITISH GOVERNMENT.+
MR. KIDD CONCLUDED: +IT MAY WELL DE THAT OUR CAUTIOUS OPTIMISM ABOUT OUR CONTINUING PROSPERITY LASED UPON OUR INTERNATIONAL TRADING POSITION WILL BE CONFOUNDED. BUT IF THIS SHOULD BE THE CASE, IT WILL BE IN SPITE OF THE UNREMITTING EFFORTS OF THE PEOPLE OF HONG KONG WHOSE VERSATILITY, ENTHUSIASM, ALD CONFIDENCE IN THEIR OWN FUTURE HAS ALREADY CARRIED THEM THROUGH CRISES WHICH WOULD HAVE DAUNTED A LESS ENERGETIC COMMUNITY.+
NOTE TO EDITORS:
GOVERNOR TO PRESENT INSIGNIA TO 54 MEMBERS OF THE COMMUNITY
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FIFTY-FOUR HONG KONG RESIDENTS WHO WERE DECORATED BY THE QUEEN FOR SERVICES TO THE COMMUNITY WILL RECEIVE THEIR INSIGNIA FROM THE GOVERNOR, SIR MURRAY MACLEHOSE, AT A PRESENTATION CEREMONY AT GOVERNMENT HOUSE TOMORROW (WEDNESDAY).
THE INSIGNIA INCLUDE TWO C.B.E.'S, FIVE O.B.E.'S, ONE I.S.0., TWO M.B.E.'S (M), SIX M.B.E.'S, AND ONE M.B.E. (H).
COPIES OF A LIST OF RECIPIENTS OF THE INSIGNIA WILL BE AVAILABLE FOR COLLECTION FROM THE PRESS ROOM, G.I.S. SIXTH FLOOR, BEACONSFIELD HOUSE, AT 11.30 A.M. TOMORROW.
ONLY PRESS PHOTOGRAPHERS WITH SPECIAL PASSES WILL BE ADMITTED TO GOVERNMENT HOUSE, THEY ARE REQUESTED TO ASSENDLE AT THE GUARD ROOM OF GOVERNMENT HOUSE NOT LATER THAN 11 A.M. G.1.5. OFFICERS WILL BE ON HAND TO ASSIST THEM.
NEWSPAPERS NOT RECEIVING PASSES WILL BE ABLE TO OBTAIN PHOTOGRAPHS BY MAKING ARRANGEMENTS FOR THE SUPPLY OF PRINTS IN THE ORDINARY WAY WITH FRANCIS WU STUDIO, GLOUCESTER DUILDING, AT-224500.