7
ity guess is that, for as long as Hong Kong shipowners maintain
this responsiveness to demand and this sense of responsiblity to what is
under their charge, their prospects for the future are excellent. Hong
Kong, the background for their operations, will continue to prosper and I
think the capital markets will be able to continue to provide the funds for
them to acquire more ships. They will still have access to the efficient
shipyards of Japan and also Korea and probably eventually China. They will
still work to improve the quality of ong Kong's seamen. I see little
prospect of the nong Kong Government being forced by changing circumstances
to modify significantly its fiscal and economic policies. So I can see no
reason why our shipowners should not continue to develop and to operate
their fleets successfully.
I realise that all of us are preoccupied about the many uncertainties
which overhang world markets. Inflation, oil prices, tension between great
powers, threat of instability in the Middle East, the destabilising effect
of the policies of Vietnam, and finally fear of thet recession in the United
States of america which has long been predicted but has so far fortunately not
really materialised. Nevertheless in spite of all these factors, and this is
an area which has always lived with difficulties, I remain basically optimistic.
I beleive that what I have said about Hong Kong applies also to the prosperity
of this whole area. The developed countries of Europe and America have been
extraordinarily slow to appreciate its potential. But they are beginning to
do so now. And if I had to name only one of the many factors that have brought
this about, I would unhesitatingly refer to the situation of the Feople's
Republic of China. Its new relationship with the United States, Japan,
Europe and also with the countries of South East Asia, lifted a cloud of
uncertainty which hung over East asia for so long. horeover the statesman-
ship of its government's new economic and commercial policies have aroused
intense interest among all trading nations, and their implementation will
/steadily
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