XN000022-1976-06-12 — Page 3

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SATURDAY, JUNE 12, 1976

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HE DISCLOSED THAT ONE ESTATE OF 185 ACRES IS AT PRESENT BEING CONSTRUCTED AT TAI PO AND THE FIRST SITES SHOULD BECOME AVAILABLE FOR OCCUPATION EARLY NEXT YEAR,

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SIR MURRAY SAID, +ANOTHER ESTATE IS PLANNED FOR YUEN LONG AND WE HAVE OUR EYE ON POSSIBLE SITES FOR OTHERS AT PILLAR POINT, KOWLOON BAY AND PERHAPS JUNK BAY,

TO SPEED UP THIS PROCESS, A PROVISIONAL AUTHORITY UNDER THE CHAIRMANSHIP OF A DISTINGUISHED BANKER HAS BEEN ESTABLISHED AND A PROFESSIONAL CHIEF EXECUTIVE APPOINTED.

THE AUTHORITY IS EXPECTED TO ANNOUNCE THE BASIC TERMS AND CONDITIONS FOR LETTING SITES BEFORE AUTUMN SO THAT THOSE INTERESTED CAN PLAN WITH A VIEW TO OBTAINING SITES NEXT YEAR.

THE GOVERNOR ALSO PAID TRIBUTE TO THE DOW CHEMICAL FOR PLACING CONFIDENCE IN THE ECONOMIC PROSPECTS AND SOCIAL AND POLITICAL STABILITY OF HONG KONG BY ESTABLISHING THE POLYSTYRENE PLANT.

+THIS NEW PLANT, HE SAID, +HOWEVER, REFLECTS GROWING RECOGNITION THAT HONG KONG'S EXPORT INDUSTRY HAS NOW CREATED A WORTHWHILE DOMESTIC MARKET FOR EQUIPMENT AND MATERIALS, SUCH AS POLYSTYRENE. HITHERTO IMPORTED ALMOST ENTIRELY FROM MOŘE ADVANCED COUNTRIES.

+THE DEMAND IS NOW SUFFICIENT TO JUSTIFY THEIR PRODUCTION IN HONG KONG.

+WE HAVE RECENTLY SEEN, OR SOON EXPECT TO SEE, OTHER DEVELOP- MENTS TO PROVIDE AN INCREASINGLY SOPHISTICATED BACK-UP FOR OUR

INDUSTRY.

+1 AM THINKING, FOR EXAMPLE, OF THE MANUFACTURE OF MACHINE TOOLS CHEMICAL PRODUCTION IN FIELDS DIFFERENT FROM THOSE SERVED BY THIS PLANT, AND PERHAPS THE ESTABLISHEMNT OF FOUNDRY FACILITIES,+ SAID THE GOVERNOR.

NOTE TO EDITORS:

COPIES OF FULL TEXT OF THE GOVERNOR'S SPEECH WILL BE AVAILABLE FOR COLLECTION IN THE G.1.5. PRESS BOXES LATER THIS AFTERNOON.

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