XN000022-1977-10-24 — Page 2

MONDAY, OCTOBER 24, 1977

HONG KONG BREEDS OPTIMISM SAYS GOVERNOR ******

THE GOVERNOR, SIR MURRAY MACLEHOSE, SAID THIS EVENING THAT THE SOONER THE WORLD'S TANKER INDUSTRY, WHICH IS ONE OF THE BAROMETERS OF WORLD TRADE, RETURNS TO SET FAIR+ THE BETTER FOR ALL OF US.

SPEAKING AT THE INDEPENDENT TANKER OWNERS' ASSOCIATION DINNER, SIR MURRAY POINTED OUT THAT THE PROBLEMS FACING THE INDUSTRY WERE A FACET OF THE SLOW RECOVERY OF ECONOMIC GROWTH IN THE WORLD, AND THE ABSENCE OF THE STRONG POLITICAL LEAD OR THE BUSINESS CONFIDENCE NEEDED TO PROMOTE IT.

BUT SIR MURRAY SAID THAT HONG KONG WAS A PLACE THAT BREEDS OPTIMISM.

+ENTREPRENEURIAL SKILL, FLEXIBILITY AND DILIGENCE ARE THE MAIN QUALITIES OF THE PEOPLE OF HONG KONG.

+WHATEVER THE MANY AND VARIED DIFFICULTIES WHICH HAVE CONFRONTED US, WE HAVE MANAGED TO RETAIN AN UND IMMED OPTIMISM ABOUT THE FUTURE.+

THE FOLLOWING IS THE TEXT OF SIR MURRAY'S SPEECH :

+ IT WAS KIND OF YOU TO INVITE ME TO THIS DINNER OF INTERTANKO, AND IT HAS BEEN AN HONOUR AND A PLEASURE TO MEET SO MANY DISTINGUISHED MEMBERS OF THE WORLD TANKER INDUSTRY AT THIS MEMORABLE AND ENJOYABLE EVENING.

+MR. PAO HAS SPOKEN OF THE DIFFICULTIES OF THE INDUSTRY.

+MASEF IELD WROTE:

+ I MUST GO DOWN TO THE SEA AGAIN, TO THE LONELY SEA

AND SKY

AND ALL I ASK IS A TALL SHIP AND A STAR TO STEER

HER BY+.

+BUT I THINK NOW IT WOULD BE MORE APPROPRIATELY WRITTEN :

+ I MUST GO BACK TO THE BANK AGAIN, TO THE CUSTOMER

AND THE YARD

AND ALL I ASK IS A FIXED PRICE AND A LONG-TERM

CHARTER+.

/+BROADLY