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to our growth, because he may feel confident that we shall maintain our

free port status and our low tax structure,

Above all, he is aware that

we believe firmly in the benefits of vigorous trade, free from artificial

barriers. For my part I would wish that the businessman will be mindful

that much of the success of our business

forgets that at his, and our peril.

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industrialist or trader

In a world which is seemingly becoming more and more protectionist,

Hong Kong's performance over the last decade has once more vindicated our

belief in free trade. In a period when the world has been full of doubts

and anxieties exacerbated by oil crises, Hong Kong has recorded a sustained

high level of growth, illustrated by a 119 per cent increase in cargo handling

through the port, from 13.7 million tons at the beginning of the seventies

to almost 30 million tons today.

As we enter the eighties the future looks brighter for the

shipping industry than it did just a year ago. Frieght rates for bulk

carriers have improved, laid-up tonnage has gone down and second-hand

prices have risen. And locally, it is now clear that the Chinese Government

sees Hong Kong as playing an important part in its modernisation and

economic development programmes. The challenge is there and I am sure

that you ladies and gentlemen of the shipbroking profession, are well

prepared to play your vital role in meeting it. The pressure of

competition will be there too: and it was therefore most encouraging to

me Mr Chairman to hear you say that, as you move into the eighties, it

will be your duty to set the example and to enforce the policy "Ethics

must come first". There can be no doubt that honest business is good

business.

/Ladies and

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