XN000022-1976-09-20 — Page 2

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MONDAY, SEPTEMBER 20, 1976

GOVERNOR OPENS CONFERENCE OF ASIAN AND PACIFIC ACCOUNTANTS

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ACCOUNTANTS IN THE PACIFIC AND ASIAN REGION WILL HAVE A MAJOR PART TO PLAY IF THE ECONOMY IN THIS AREA IS TO CONTINUE TO EXPAND, THE GOVERNOR, SIR MURRAY MACLEHOSE SAID TODAY.

HE WAS SPEAKING AT THE OPENING OF THE EIGHTH CONFERENCE OF ASIAN AND PACIFIC ACCOUNTANTS AT THE CITY HALL.

SIR MURRAY SAID: +ONE HEARS MUCH OF THE OTHER ECONOMIC ACTIVITIES IN HONG KONG, BUT WE ARE APT TO FORGET THAT WHILE PROSPERITY OF HONG KONG IS BASED ON INDUSTRIAL EXPORTS, THIS PROSPERITY OWES MUCH TO THE QUALITY AND VARIETY OF BUSINESS SERVICE THAT HAVE ALREADY BEEN DEVELOPED AND AMONG THESE THE PRACTICE OF ACCOUNTANCY STANDS HIGH.+

THE GOVERNOR REFERRED TO THE RENEWED PROSPERITY AND CONFIDENCE IN HONG KONG AND SAID THAT ALMOST ANY INDICATOR SHOWED AN ENORMOUS RESURGENCE FROM THE RECESSION OF TWO YEARS AGO,

FOLLOWING IS THE FULL TEXT OF THE GOVERNOR'S SPEECH:

+1 WOULD LIKE TO WELCOME YOU TO HONG KONG FOR THIS YOUR EIGHTH CONFERENCE. I AM SURE YOU HAVE CHOSEN HONG KONG FOR THE QUALITY OF SERVICES THAT OUR COMMERCIAL SECTOR CAN PROVIDE, AND I CERTAINLY HOPE THAT YOUR EXPECTATIONS WILL BE FULFILLED. INDEED THIS NEW CONFERENCE CENTRE IS THE LATEST EXAMPLE OF OUR EXPANDING SECTOR OF BUSINESS SERVICES.

+ONE HEARS MUCH OF THE OTHER ECONOMIC ACTIVITIES IN HONG KONG, BUT WE ARE APT TO FORGET THAT WHILE PROSPERITY OF HONG KONG IS BASED ON INDUSTRIAL EXPORTS, THIS PROSPERITY OWES MUCH TO THE QUALITY AND VARIETY OF BUSINESS SERVICE THAT HAVE ALREADY BEEN DEVELOPED AND AMONG THESE THE PRACTICE OF ACCOUNTANCY STANDS HIGH.

+THIS CONFERENCE IS HELD AT A TIME OF RENEWED PROSPERITY AND CONFIDENCE IN HONG KONG, ALMOST ANY INDICATOR SHOWS AN ENORMOUS RESURGENCE FROM THE RECESSION OF TWO YEARS AGO. IN THE FIRST SIX MONTHS OF 1976 THE VALUE OF DOMESTIC EXPORTS WAS 51% AND THAT OF IMPORTS 39% HIGHER THAN IN THE FIRST HALF OF 1975, AND THE CORRESPONDING INCREASES IN VOLUME WERE 36% AND 37% RESPECTIVELY.

+THIS RENEWED PROSPERITY IS FAIRLY TYPICAL OF THE PAC IF IC AND ASIAN REGION. SINCE THE PROSPECTS FOR STEADY IF UNDRAMATIC GROWTH IN THE REGION'S MARKETS OF AMERICA AND EUROPE ARE ALSO GOOD, THERE IS EVERY HOPE THAT THE PACIFIC AND ASIAN REGION WILL CONTINUE TO BE ONE OF THE MAJOR GROWTH AREAS IN THE WORLD,

IN THIS PROSPERITY AND GROWTH YOUR PROFESSION HAS A MAJOR PART TO PLAY. THE ART AND DISCIPLINE OF ACCOUNTANCY SHOULD DO FOR THE BODY ECONOMIC WHAT THE MEDICAL PROFESSION DOES FOR THE BODY CORPORAL. IT DIAGNOSES FINANCIAL HEALTH OR SICKNESS, IT PRESCRIBES TO MAXIMISE THE FIRST AND CURE THE SECOND, IT ADVISES CORPORATE SURGERY HERE OR A GRAFT THERE, AND AS CONSTANTLY AS ANY DOCTOR IT FROWNS ON EXCESS AND SMILES ON DISCIPLINE, AND OF COURSE FOR ALL THESE ACTS OF FINANCIAL BENEFACTION LEGITIMATELY AND LIKE ANY DOCTOR IT TAKES ITS FEE.