XN000022-1974-06-06 — Page 6

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THURSDAY, JUNE 6, 1974

CONTINUED ECONOMIC EXPANSION WILL BOOST STANDARD OF LIVING

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HONG KONG POSSESSES ALL THE INGREDIENTS FOR CONTINUED ECONOMIC EXPANSION AND THIS, OVER THE LONGER TERM, WILL MEAN STEADY IMPROVEMENT OF THE STANDARD OF LIVING OF ITS PEOPLE, THE DIRECTOR OF COMMERCE AND INDUSTRY, MR. JIMMY MCGREGOR, SAID TODAY. -

HE WAS SPEAKING AT THE CITY HALL AT THE OPENING OF THE FIRST FURNITURE EXHIBITION TO BE ORGANISED BY THE HONG KONG FURNITURE DEALERS' AND DECORATORS' GENERAL ASSOCIATION.

MR. MCGREGOR SAID I DON'T THINK THERE CAN BE MUCH DOUBT THAT THERE IS GOING TO BE CONTINUED GROWTH IN THE HONG KONG ECOXOMY FOR AS FAR AHEAD AS WE CAN SEE.

+THE PROBLEMS WE FACE AT PRESENT ARE RELATIVELY SHORT TERM AND WE ARE IN GOOD COMPANY- VIRTUALLY EVERY OTHER COUNTRY IN THE WORLD FACES THE SAME PROBLEMS.

+THERE ARE ENCOURAGING SIGNS THAT THE NEXT FEW MONTHS WILL SEE AN IMPROVEMENT IN WORLD TRADING PROSPECTS AND WE SHALL SHARE IN THIS. OUR INDUSTRIAL AND COMMERCIAL SECTORS ARE STRONG AND RESILIENT AND OUR WILL TO EXPAND AND IMPROVE IS SECOND TO NONE..

*WE HAVE ALL THE INGREDIENTS IN HONG KONG FOR CONTINUED ECONOMIC EXPANSION. THIS IN TURN WILL MEAN STEADY IMPROVEMENT · OF THE STANDARD OF LIVING OF ALL OUR PEOPLE OVER THE LONGER TERM AND THIS OF COURSE MEANS GREATER AND MORE DISCRIMINATING PURCHASING POWER IN OUR HOME MARKET.+

MR. MCGREGOR SAID THAT THE GREAT GROWTH OF HOME-OWNING AND THE IMPROVEMENTS IN LIVING CONDITIONS GENERALLY WILL EXPAND THE DEMAND FOR GOOD QUALITY FURNITURE.

+WHILST THE EXPORT MARKET WILL REMAIN AN EMPORTANT OUTLET FOR HONG KONG'S FURNITURE INDUSTRY, I HAVE NO DOUBT THAT OUR DOMESTIC MARKET IS GOING TO BE TREMENDOUSLY IMPORTANT IN THE YEARS AHEAD, HE ADDED.

THE GENERAL EXPANSION OF BUSINESS IN HONG KONG WOULD ALSO. CONTINUE TO CHALLENGE THE INDUSTRY WITH A PROSPECT OF LARGE SALES IN OFFICE FURNITURE.

THE EXHIBITION WAS OPENED BY MRS. MCGREGOR WHO PERFORMED A RIBBON-CUTTING CEREMONY.

MR. MCGREGOR SAID THE EXHIBITION PROVIDED THE EVIDENCE, IF ANY WAS NEEDED, THAT THE HONG KONG FURNITURE INDUSTRY IS STILL THRIVING, THAT IT HAS CONCERNED ITSELF WITH THE NEED TO MOVE WITH THE TIMES AND THAT IT IS NOW A SIZEABLE CONTRIBUTOR TO THE HONG KONG ECONOMY.

/IN 1970 .............