XN000022-1977-10-24 — Page 3

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MONDAY, OCTOBER 24, 1977

+BROADLY SPEAKING YOUR PROBLEMS ARE 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.

+ONE CAN ONLY SAY THAT THE DEMAND FOR MEASURES TO ACCELERATE RECOVERY IS BECOMING MORE WIDESPREAD AND MORE AUTHORITATIVE, AND THAT HOPEFULLY MEASURES WILL FOLLOW, BUT WHEN AND OF WHAT DEGREE AND WITH WHAT EFFECT REMA INS TO BE SEEN.

+ IF I CAN OFFER NO PANACEA, I CAN SAY HOW DELIGHTED I AM THAT YOU HAVE CHOSEN HONG KONG FOR YOUR MEETING. IT IS A CITY BUILT ROUND A HARBOUR, BASED ON SEABORNE TRADE, AND WHICH HAS AMONGST ITS RESIDENTS SOME OF THE LARGEST SHIPOWNERS OF THE WORLD. SO I HOPE THAT HERE YOU WILL FEEL AT HOME, AND AMONGST FRIENDS, AND THAT YOU WILL ENJOY YOUR VISIT.

+1 ALSO HOPE YOUR DISCUSSIONS WILL PROSPER AND THAT YOU WILL LEAVE HERE WITH MORE HOPE THAN WHEN YOU CAME. PERHAPS YOU WILL, BECAUSE THIS IS 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.

+YOU HAVE ALL THESE QUALITIES AND THEREFORE EVERY REASON TO RETAIN THE SAME OPTIMISM.

+THE WORLD'S TANKER INDUSTRY IS ONE OF THE BAROMETERS OF WORLD TRADE AND THE SOONER IT RETURNS TO +SET FAIR+ THE BETTER FOR ALL OF US.

+MR. CHAIRMAN, MR. PAO I THANK THE INDEPENDENT TANKER OWNERS' ASSOCIATION FOR THIS EXCELLENT DINNER, I AM GLAD THAT YOU HAVE MET IN HONG KONG, AND I WISH SUCCESS TO YOUR DELIBERATIONS AND THAT A RETURN TO PROSPERITY WILL NOT BE LONG DELAYED.+

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