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by making tooth brushes, ploughed back its profits and retooled for
canvas shoes, did the same thing again for box cameras, and is now
one of the biggest producers of high grade photographic and optical
goods in the world all within 25 years on the same site and with
even some of the same work-force. The ingredients are typical of
Hong Kong with determination to survive, acceptance of the need to
plough back profits, willingness to adapt and progress up the
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technological scale.
Naturally, none of this world have been possible
without the support of a first rate banking system.
"The principal industry is high-grade clothing and textiles,
but toys, electronics, clocks, watches, radios, cameras and optical
instruments are all important, and diversification into a wide range of
other industries is continuous. So too is the growth of service
industries to maintain and even build some of the machines for the
producers. The rate of progress has been so rapid that the government
has given high priority to technical education at all levels so as to
meet requirements for craftsmen, technicians and technologists.
"Hong Kong has the reputation of being the last outpost of
laissez faire and on this account has both its panegyrists and its
critics. The fact is that the government is disinclined to intervene
in the natural play of market forces except to stop abuse or distress
to the public, or if market forces left to themselves cannot meet
public needs. This is of course a large qualification, and there is
comprehensive legislation covering financial, commercial and industrial
activity, as well as labour relations, and Hong Kong would be an
insecure field for investment if there were not. But it is true that
Hong Kong does have comparatively low rates of tax and a comparatively
simple fiscal system; there is no exchange control, and there is freedom
/to employ