2
THURSDAY, DECEMBER 23, 1976
TRIBUTE TO H.K. EXPORT CREDIT INSURANCE CORP.
****
EXPORTS PUT TO THE HONG KONG EXPORT CREDIT INSURANCE CORPORATION FOR COVER ARE NOW WORTH FOUR TIMES THE AMOUNT OF $400 MILLION IT HAD DURING ITS FIRST YEAR OF OPERATION.
SPEAKING AT THE TENTH ANNIVERSARY OF THE CORPORATION TODAY (THURSDAY), THE GOVERNOR, SIR MURRAY MACLEHOSE, SAID IT WAS A TRIBUTE TO ITS FLEXIBILITY AND RESPONSIVENESS THAT IT HAD COPED SO WELL WITH THE POLITICAL AND ECONOMIC VAGARIES OF WORLD TRADE OVER THE PAST DECADE AND IN PARTICULAR IN THE LAST THREE YEARS.
+
+ IN SPITE OF SUCH TESTING CIRCUMSTANCES, THE CORPORATION HAS BEEN ABLE TO IMPROVE ITS SERVICES, EXPAND THE COVER IT PROVIDES AND AUGMENT ITS RESERVES,+ HE SAID.
THE CORPORATION, HE ADDED, WAS NOW REGARDED AS A MODEL FOR SUCH ORGANISATIONS IN THE REGION AND A NUMBER OF NEIGHBOUR ING COUNTRIES HAD BEEN ANXIOUS TO LEARN FROM THE HONG KONG EXPERIENCE.
THE FOLLOWING IS THE FULL TEXT OF THE GOVERNOR'S SPEECH:
+MR. COMMISSIONER, LADIES AND GENTLEMEN:
+TODAY THE HONG KONG EXPORT CREDIT INSURANCE CORPORATION CELEBRATES ITS TENTH A INIVERSARY, THIS COINCIDES HAPPILY WITH THE $10 BILLION MILESTONE IN EXPORTS DECLARED UNDER ITS POLICIES WHICH THE CORPORATION REACHED THIS YEAR. DURING THE FIRST YEAR OF
ITS EXISTENCE, EXPORTS WORTH ABOUT $400 MILLION WERE PUT TO THE CORPORATION FOR COVER. THE PRESENT FIGURES ARE NOW FOUR TIMES THAT AMOUNT.
+ IT IS A TRIBUTE TO THE FLEXIBILITY AND RESPONSIVENESS OF THE CORPORATION THAT OVER THE PAST DECADE IT HAS COPED SO WELL WITH THE POLITICAL AND ECONOMIC VAGARIES ATTENDING WORLD TRADE.
+THE LAST THREE YI'ARS, IN PARTICULAR, HAVE WITNESSED ENORMOUS UPHEAVALS IN OVERSEAS MARKETS. CHANGES IN THE FORTUNES OF BUYERS HAVE BEEN RAPID AND UNPREDICTABLE, WITH SUDDEN BANKRUPTCIES AND INSOLVENCIES WHICH NOBODY COULD HAVE FORESEEN.
+YET, IN SPITE OF SUCH TESTING CIRCUMSTANCES, THE CORPORATION HAS BEEN ABLE TO IMPROVE ITS SERVICES, 'EXPAND THE COVER IT PROVIDES AND AUGMENT ITS RESERVES.
+ONLY RECENTLY DID THE CORPORATION INCREASE ITS LIABILITY PERCENTAGE FROM 85 PER CENT TO 90 PER CENT, LEAVING POLICY-HOLDERS TO BEAR ONLY 10 PER CENT OF THE RISK.
+ THE CORPORATION NOW SERVICES CLOSE TO 900 POLICIES AND OFFERS PROTECTION FOR NEARLY EVERY MARKET OVER ALMOST THE ENTIRE RANGE OF HONG KONG PRODUCTS.
/+17 MUST