XN000022-1976-06-12 — Page 12

Saturday, June 12, 1976

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"There now seems little doubt that, barring unforeseen

accidents in the world, the growth in the Hong Kong economy this

year will be greater than that forecast earlier in the year at the

time the Financial Secretary was preparing his Budget. We forecast

that our economy would expand by some 9% in real terms in 1976. We

can now expect something significantly better. Given this prospect

and the expansion in Government revenue that should go with it, the

prospects for progress in our social programmes are good. I repeat that

the fruits of economic growth must be made available to all our people,

while ensuring that the engine of growth, the economy, remains profitable

to management and labour, attractive to investors, in good running

order and able to deliver the goods. This is the Hong Kong philosophy.

It is not based on any political theory, but is pragmatically directed

to balancing the greatest reasonable liberty for the reward of private

initiative with the progress and welfare of the community as a whole.

"So these gentlemen are the aims of the community your company

has joined in which you are so welcome and have so much to contribute,

and to whose welfare your standards of construction and technique have

shown such scrupulous regard. You will find it open-hearted and stimulating,

and you will know the excitement of this city and its industry growing

up around you.

"I wish you all possible success and have great pleasure in

declaring this plant open."