MONDAY, MAY 3, 1976
NOTE TO EDITORS -
THE FOLLOWING ITEM IS EMBARGOED UNTIL MIDNIGHT TONIGHT
(MAY 3) #-
HK MAY FACE NEW IMPORT CONTROLS BY BRITAIN
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THE CHAIRMAN OF THE HONG KONG ASSOCIATION IN LONDON, MR. JOHN SWIRE, SAID YESTERDAY (MONDAY) THAT IT WOULD BE +GROSSLY UNFAIR+ IF THE BRITISH GOVERNMENT IMPOSED NEW IMPORT CONTROLS ON HONG KONG.
ADDRESSING THE ASSOCIATION'S ANNUAL GENERAL MEETING IN LONDON, HE DESCRIBED LAST YEAR'S AGREEMENT BETWEEN HONG KONG AND THE EEC ON TEXTILE IMPORT RESTRAINTS AS HELPFUL.
AT LEAST, IT ENABLED HONG KONG MANUFACTURERS SOME DEGREE OF KNOWLEDGE OF THE SIZE OF THEIR POTENTIAL MARKET, HE ADDED.
MR. SWIRE POINTED OUT, HOWEVER, THE BRITISH TEXTILE INDUSTRY HAS BEEN PRESSING THE GOVERNMENT FOR MORE IMPORT RESTRICTIONS, NOT ONLY AGAINST HONG KONG BUT ALSO AGAINST EASTERN EUROPEAN COUNTRIES AND PORTUGAL.+
AND AT A RECENT DINNER GIVEN TO A FEW LABOUR M.P.S, HE ADDED, THEY WERE QUITE SURE THAT SELECTIVE IMPORT CONTROLS WOULD COME BEFORE THE END OF THIS YEAR.
+ IF HONG KONG IS TO BE INCLUDED IN THIS, FOLLOWING SO SOON AFTER THE AGREEMENT REACHED BETWEEN THE E.E.C. AND HONG KONG LAST JULY, HE SAID, +1 THINK THAT IT IS GROSSLY UNFAIR AND WOULD DENY MANUFACTURERS THE CHANCE OF REASONABLE PLANNING OF PRODUCTION.
MR. SWIRE SPOKE OF THE +CHANGE IN HONG KONG'S NORMALLY CONSERVATIVE FINANCIAL PRACTICE+ WITH THE DECISION TO FINANCE
BUDGET DEFICIT BY MEANS OF BORROWING.
+SOME OF YOU,+ HE SAID, WILL HAVE SEEN THE CONTROVERSY IN THE HONG KONG PRESS ABOUT THIS ACTION ON THE PART OF THE FINANCIAL SECRETARY.+
PERSONALLY, MR. SWIRE SAID HE AGREED WITH THIS POLICY BECAUSE +IT ENABLES HONG KONG CONTINUE TO IMPROVE ESSENTIAL SOCIAL SERVICES AT A TIME WHEN GOVERNMENT REVENUES ARE NOT AS
·BUOYANT AS THEY USED TO BE.
+IN POINT OF FACT, HE SAID, THE RAPID RECOVERY IN EXPORTS SINCE THE LOANS WERE NEGOTIATED HAS PROBABLY MEANT THEY WERE UNNECESSARY. BUT THIS IS A TRIBUTE TO HONG KONG'S POWERS OF RECOVERY, THE THEORY WAS RIGHT,
MR. SWIRE