XN000022-1977-01-21 — Page 21

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catastrophies that started with the commodity inflation of 1973 and

ended with the recession of 1974 and 1975.

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Moreover, the prospect now is for just the sort of solid

steady growth that suits Hong Kong best, probably considerably

better than six per cent this year, and with an average of about

six per cent a year for the rest of the decade always assuming

no further external catastrophy. Though there are many unsolved

economic problems in the world and in the markets to which we

export, and though analysts have somewhat reduced their forecasts

of growth in them, all are agreed that significant growth there

will be

-

certainly sufficient growth to keep Hong Kong's capacity

occupied provided we maintain our traditional enterprise and flexibility.

We have every reason to draw confidence from the way Hong

is

Kong came through the recession and the speed of its recovery.

Anglo-Chinese relations are excellent. We have the support of the British Government and our relations with it are firmly based on mutual

We have understanding. The world's economy is slowly improving.

every reason to have confidence in our future prospects. This

the time not for questioning our means or our objectives, but for

determination to pursue the course we have so carefully charted to

make Hong Kong the place it can so easily be within a short span of

Certainly my last years here will be devoted to this end.

years.

As I see it, the essential feature of Hong Kong at this

moment is that its prospects are good. In these prospects clearly

this Chamber has a major part to play. I appreciate how much of

their time many of its leading members spend on public affairs.

Chamber includes so many of the important firms of Hong Kong that

it is very largely on their enterprise and skill, and that of their

The

/employees,