WEDNESDAY, NOVEMBER 27, 1935
40
BUSINESS CONFIDENCE RESTS ON GOVT PERFORMANCE
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THE PERFORMANCE AND LEVEL OF EFFICIENCY OF GOVERNMENT IS PERHAPS THE MOST IMPORTANT OF MANY ASPECTS AFFECTING BUSINESS CONFIDENCE, THE HON THOMAS CLYDESDALE SAID TODAY (WEDNESDAY).
SPEAKING ON THE FIRST DAY OF THE POLICY DEBATE IN THE LEGISLATIVE COUNCIL, HE SAID THIS WAS ESPECIALLY SO IN A TERRITORY LIKE HONG KONG WHERE THE POLITICAL SCENE WAS UNDERGOING FUNDAMENTAL AND DRAMATIC CHANGE.
+THIS CAN HARDLY BE OTHERWISE, GIVEN THE VERY HEAVY RESPONSIBILITY RESTING UPON THE GOVERNMENT FOR THE LONG-TERM PLANNING AND DAY-TO-DAY ADMINISTRATION OF ONE OF THE MOST EFFICIENT AND SUCCESSFUL ECONOMIC SYSTEMS IN THE WORLD TODAY.
+BECAUSE OF OUR UNIQUE POLITICAL CIRCUMSTANCES, THE GOVERNMENT WORKS UNDER THE GLARE OF INFORMED PUBLIC OBSERVATION, ASSESSMENT AND COMMENT.
+A POLICY WHICH HAS GONE WRONG OR WHICH LOOKS LIKE GOING WRONG IS VERY QUICKLY THE OBJECT OF CRITICISM AND CENSURE - AND RIGHTLY SO, HE SAID.
THE POINT WAS HOWEVER THAT GOVERNMENT POLICIES AND PROCEDURES HAD A DIRECT AND SWIFT EFFECT ON PUBLIC AND BUSINESS CONFIDENCE, HE ADDED.
MR CLYDESDALE SAID IT WAS NOT TOO MUCH TO CLAIM THAT THE SUCCESS OF THE TRANSITION FROM BRITISH TO CHINESE SOVEREIGN RESPONSIBILITY FOR HONG KONG WHICH WOULD SE BROUGHT DURING THE NEXT 12 YEARS WOULD DEPEND ALMOST EXCLUSIVELY ON THE RETENTION OF BUSINESS CONFIDENCE IN THE ABILITY OF THE GOVERNMENT T. MAINTAIN THE SYSTEMS, FREEDOMS, AND GROWTH PATTERNS TO WHICH WE HAD LONG BEEN ACCUSTOMED.
ON SPECIFIC ISSUES UPPERMOST IN THE MINDS OF BUSINESSMEN TODAY, HE SAID ON THE INTERNATIONAL FRONT THE THREAT OF TRADE PROTECTIONISM IN THE UNITED STATES WAS WORRYING LARGE SECTORS OF HONG KONG BUSINESSMEN SPECIFICALLY AND ALL HONG KONG BUSINESSMEN GENERALLY.
+CLOSER TO HOME WE ARE INTERESTED IN THE CONTINUING DEVELOPMENT IN CHINA, BOTH POLITICAL AND ECONOMIC.
+LET US HOPE THAT THESE WILL INDEED CONTINUE TO PROVIDE 'REATER GROWTH OPPORTUNITIES THAN ANY OTHER MARKET IN TRE
ORLD, HE SAID.
ON THE DOMESTIC FRONT, MR CLYDESDALE SAID INTEREST RATES, LABOUR AVAILABILITY AND COST, TEXTILE QUOTES, TAXATION THE LOCAL CLARENCY EXCHANGE RATE WEPELL ATTERS WHICH SXERCISED THE SUSINESS MIND.
HE