XN000022-1974-03-13 — Page 17

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Wednesday, March 13, 1974

He urged that the increases be deferred for about four months

until the Green Paper on Transport has been debated in the Council,

He admitted that this might mean a possible loss of $30 million

in revenue. "But when compared to an estimated revenue of $5,679 million

for the year 1974-75, this represents only about one half of a per

cent."

Summing up, Dr. Chung said: "It is likely that mild economic

recession might occur in some of Hong Kong's markets and therefore

demand for Hong Kong's largely non-essential products could be eased.' I

But manufacturers and exporters are exerting greater efforts to develop

new markets.

However, Hong Kong's manufacturing industry was well-known

for its resilience and he believed that this time was no exception.

He therefore expected that exports will continue to expand by 20-30

per cent, though much of this increase will be due to price inflation.

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