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WEDNESDAY, SEPTEMBER 11, 1974.
GOVERNOR SEES THRIVING WATCH INDUSTRY AT WORK
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THE GOVERNOR, SIR MURRAY MACLEHOSE, TODAY VIEWED MANUFACTURING OPERATIONS IN PROGRESS IN HONG KONG'S THRIVING WATCH INDUSTRY WHOSE EXPORT EARNINGS TOPPED $440 MILLION LAST YEAR.
SINCE 1960, WHEN EXPORTS TOTALLED $20 MILLION, THE NUMBER OF FACTORIES INVOLVED IN THE WATCH AND CLOCK INDUSTRY HAS GROUN FROM 70 TO 300, AND THE LABOUR FORCE HAS INCREASED FROM 2,550 TO OVER 11,500.
SIR MURRAY MADE A SHOP-FLOOR TOUR OF THE SAN PO KONG FACTORY OF STELUX MANUFACTURING CO. LTD, WHICH IS THE WORLD'S LARGEST PRODUCER OF WATCH BRACELETS.
ABOUT 2.500 WORKERS ARE EMPLOYED AT THE FACTORY WHICH TURNS OUT BETWEEN 20,000 TO 25,000 WATCH BRACELETS A DAY. SALES OF WATCH ERACELETS AND DIALS AVERAGE SOME $6 MILLION A MONTH AND THE MAIN EXPORT MARKETS ARE SOUTH-EAST ASIA, EUROPE AND THE UNITED STATES.
WHEN THE FIRM WAS STARTED 11 YEARS ACO IT EMPLOYED ONLY 30 JORKERS.
THE.GOVERNOR WAS ACCOMPANIED ON HIS VISIT TO THE FACTORY BY THE DIRECTOR OF COMMERCE AND INDUSTRY, MR. DAVID JORDAN, AND THE PRINCIPAL TRADE OFFICER, INDUSTRIAL DEVELOPMENT, MR. K.H. YEUNG.
THEY TOURED THE PREMISES WITH THE FIRM'S CHAIRMAN, MR. NG CHUE MENG= THE DIRECTOR AND GENERAL MANAGER, HR. ALBERT GAZELEY= AND THE FINANCIAL CONTROLLER, MR. STANLEY ROON.
THE PRODUCTION OF WATCH BRACELETS IS AN IMPORTANT SECTOR OF THE LOCAL WATCH INDUSTRY, ACCOUNTING FOR EXPORTS WORTH $132 MILLION LAST YEAR.
FOREIGN INVESTMENT HAS PLAYED A SIGNIFICANT ROLE IN THE DEVELOPMENT OF THE INDUSTRY. AT THE END OF MAY THIS YEAR IT TOTALLED $186 MILLJON, WITH THAILAND ACCOUNTING FOR $138 MILLION,
THE UNITED STATES $18 MILLION, BERMUDA $15 HILLION AND JAPAN. $11.5 MILLION.
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