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WEDNESDAY, AUGUST 22, 1964
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+THUS, COMPARED WITH TWO YEARS AGO, THE HONG KONG DOLLAR NOW BUYS 24 PER CENT FEWER US DOLLARS, 27 PER CENT FEWER YEN AND 10 PER CENT FEWER DEUTSCHEMARKS. ALTHOUGH THERE HAS BEEN LITTLE NET CHANGE AGAINST STERLING, AND ALTHOUGH I COULD QUOTE A NUMBER OF CURRENCIES AGAINST WHICH OURS HAS ACTUALLY STRENGTHENED, THE OVERALL POSITION IS BEST SUMMARISED BY THE TRADE-WEIGHTED INDEX, WHICH NOW STANDS SOME 19 PER CENT LOWER THAN IN AUGUST 1982.
+TWO YEARS AGO, A REDUCTION IN BEST LENDING RATE TO 12-1/2 PËR CENT HAD JUST BEEN ANNOUNCED TODAY IT STANDS AT 15 PER CENT. THEN THE HANG SENG INDEX STOOD AT 1 035; TODAY IT IS AROUND THE 900 MARK. AND IF THERE WAS A SUITABLE SUMMARY INDICATOR OF THE PROPERTY MARKET, I AM SURE THAT IT WOULD EXHIBIT A SUBSTANTIAL SETBACK, HE SAID.
INDUSTRIAL PRODUCTIONS INDEX UP
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THE INDEX OF INDUSTRIAL PRODUCTION IN THE FIRST QUARTER THIS YEAR WAS 109.1, WHICH WAS 19.2 PER CENT ABOVE THAT IN THE SAME QUARTER LAST YEAR, ACCORDING TO SURVEY RESULTS RELEASED BY THE CENSUS AND STATISTICS DEPARTMENT TODAY.
THIS INDICATED THAT INDUSTRIAL ACTIVITY WAS MAINTAINED AT A RELATIVELY HIGH LEVEL, ALTHOUGH THE INDEX WAS 13 PER CENT BELOW THAT OF THE FOURTH QUARTER OF 1983 AND 4.2 PER CENT BELOW THE QUARTERLY AVERAGE OF 1983, AS A RESULT OF SEASONAL FACTORS.
THERE WERE SEVERAL INDUSTRIES WHOSE OUTPUT IN THE FIRST QUARTER THIS YEAR WAS EVEN HIGHER THAN THEIR QUARTERLY AVERAGES IN 1983. THESE INCLUDED THE TOBACCO, PAPER AND PAPER PRODUCTS, FABRICATED METAL PRODUCTS AND CONSUMER ELECTRICAL AND ELECTRONIC PRODUCTS INDUSTRIES.
THE SURVEY RESULTS ALSO ENABLE ANALYSIS TO BE MADE OF THE PRODUCTION TRENDS IN THE PAST TWO YEARS.
ACCORDING TO THE INDEX SERIES IN 1982, THE VOLUME OF INDUSTRIAL PRODUCTION IN THE FIRST QUARTER OF THE YEAR WAS 9.5 PER CENT LOWER THAN THE QUARTERLY AVERAGE OF 1981. CONSIDERABLE IMPROVEMENT WAS EXPERIENCED IN THE SECOND QUARTER WHEN THE INDEX ROSE BY 7.8 POINTS OR 8.6 PER CENT OVER THE PRECEDING QUARTER. THE TREND OF INCREASE CONTINUED INTO THE SECOND HALF OF THE YEAR, ENDING IN AN AVERAGE INDEX OF 100.2 FOR 1982.
THE YEAR 1983 STARTED OFF WITH AN INDEX OF INDUSTRIAL PRODUCTION OF 91.5 IN THE FIRST QUARTER. THE SECOND QUARTER SAW A VERY SUBSTANTIAL INCREASE IN THE VOLUME OF PRODUCTION, WITH THE
INDEX RISING TO 116.0, AND FURTHER TO 122.5 AND 125.4 IN THE THIRD AND FOURTH QUARTERS RÉSPECTIVELY. THIS RESULTED IN AN OVERALL INDEX OF 113.9 FOR 1983.