XN000022-1972-12-07 — Page 3

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Thursday, December 7, 1972

He pointed to a "striking fact" that in spite of this unusually

wide spectrum of difficulties, Hong Kong's exports had still expanded

by 10 per cent as compared with 1971. "This is a very fine achievement

in the circumstances, from which we can take considerable encouragement."

In other respecta, Sir Murray said, Hong Kong's economy continued

to boom to the extent that a shortage of labour was still one of the

industry's bigger problems.

"This is a tribute to the persistence and ingenuity of our

manufacturers, not just in textiles but in other industries as well;

and it justifies the confidence I expressed last year in Hong Kong's

ability to expand its economy in relatively difficult times as well as

in good."

As regards future development, the Governor said there was a

"quickening of economic activity" in Hong Kong's major markets in North

America and Western Europe, and hopefully this should lead to an increased

growth in world trade in the course of 1973.

"There should therefore be better opportunities for our exporters

which, provided they can take advantage of them, should lead to a further

satisfactory growth in exports next year," he said.

Sir Murray said Hong Kong had to depend on the competitiveness,

quality and sophistication of its products to keep ahead in the race,

and he knew that industry was doing a lot in this respect.

/He said