4
to employ such staff as a firm seeș fit, and freedom to remit profits and
capital at will, and in comparison with other communities there is
So in Hong Kong
a refreshing absence of regulations and red tape. the entrepreneur probably does enjoy greater freedom to get on with
his job than in any comparable place of business. We have every
intention of adhering to this general approach.
"The prudently orthodox financial philosophy of the government
is consistent with this general approach. Hong Kong must be unusual
amongst the major cities of the world in having debt of only negligible
proportions and in maintaining at the same time very large fiscal
reserves. Of course Hong Kong has never received aid, and suspects
that none would help her if she failed, and I can assure you that this
background can be a stern enforcer of financial discipline.
"But Hong Kong is not just an industrial, commercial or
financial institution.
It is a community of about 4 million,
intensely shrewd and active people. It is governed with more real
freedom than any other community in Asia and yet
-
-
because of eircumstances
without elected government,
It is a
which are forced upon it
fascinating and constantly evolving story. How in these circumstances
the government seeks to achieve consent for its policies, tries to be
responsive to the wishes of its people and aims to achieve their
participation because in these respects Hong Kong really is unique in
the world. Nowhere else can the constitution be so authoritarian but
the practice be so deeply imbued with liberal traditions and safeguards,
"The major problem of Hong Kong is sheer weight of numbers
and the rapidity with which they have built up through immigration since
the 50's. This has created great problems of providing housing, education
and social welfare and the whole infrastructure that makes life in a
/community