SATURDAY, OCTOBER 26, 1935
+DON'T STRIKE BLOW AT HK,+ GOVERNOR URGES U.S.
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A PLEA THAT CONCERN ABOUT SOME DOMESTIC PROBLEMS IN THE UNITED STATES SHOULD NOT LEAD TO +A BLOW BEING STRUCK+ AGAINST HONG KONG, WHICH NEEDED TRADE TO SURVIVE, WAS MADE TONIGHT BY THE GOVERNOR, SIR EDWARD YOUDE, TO A VISITING GROUP OF TOP AMERICAN CORPORATION EXECUTIVES.
ADDRESSING THE TIME NEWS GROUP TOUR, THE GOVERNOR SAID THAT HONG KONG, MORE THAN ANY OTHER TERRITORY, ALREADY PRACTISED FREE TRADE AND ALLOWED OPEN ACCESS TO AMERICAN BUSINESS AND PRODUCTS.
+WE KNOW THAT ONE COUNTRY'S SURPLUS IS ANOTHER COUNTRY'S DEFICIT, BUT GIVEN THE SMALL SIZE OF THE HONG KONG DOMESTIC MARKET, HONG KONG CANNOT BY ITSELF SOLVE THE PROBLEM OF THE UNITED STATES TRADE DEFICIT.
+WE ARE ALREADY DOING ALL THAT WE CAN WITHIN OUR LIMITED POWER TO HELP AND WE WELCOME THE MARKETING OF MORE U.S. GOODS HERE TO IMPROVE THE BALANCE, THE GOVERNOR TOLD THEM.
POINTING OUT ALSO THAT HONG KONG IMPORTED OVER TEN TIMES MORE PER CAPITA FROM THE U.S. THAN THE U.S. IMPORTED FROM HONG KONG, THE GOVERNOR SAID: NO GOVERNMENT SUBSIDIES, HIDDEN OR OTHERWISE, PROVIDE HONG KONG MANUFACTURERS WITH AN UNFAIR COMPETITIVE EDGE.+
SIR EDWARD SAID THAT HONG KONG'S NEW RELATIONSHIP WITH CHINA WAS A VALUED ONE, BUT ITS TRADITIONAL TRADING AND FINANCIAL RELATIONSHIP WITH THE REST OF THE WORLD STILL LAY AT THE HEART OF THE HONG KONG ECONOMY.
+AND THUS OF THE WELL BEING OF OUR SOCIETY, HE ADDED.
ACCESS TO HONG KONG'S ESTABLISHED MARKETS IN THE U.S. AND EUROPE, SIR EDWARD SAID, REMAINED +CRUCIALLY IMPORTANT+.
+ IT IS FOR THESE REASONS THAT HONG KONG VIEWS WITH ALARM ANY TREND TOWARDS PROTECTION ISM, PARTICULARLY IN THE UNITED STATES,+ THE GOVERNOR SAID.
HONG KONG KNEW WELL, SIR EDWARD SAID, THAT OPEN MARKET AND FAIR TRADING PRACTICES WERE THE ONLY SOUND BASIS FOR THE HEALTHY DEVELOPMENT OF WORLD TRADE.
+WHAT IS MORE WE PRACTICE WHAT WE PREACH. OUR DOMESTIC MARKET IS PROBABLY THE MOST OPEN IN THE WORLD. APART FROM MODEST EXCISE DUTIES ON A VERY LIMITED RANGE OF PRODUCTS, WHICH ARE ALSO IMPOSED ON SUCH PRODUCTS MADE HERE, HONG KONG IS A FREE PORT. THERE ARE NO NON-TAR IFF OBSTACLES TO IMPORTS INTO HONG KONG, SIR EDWARD SAID.
HONG HO