XN000022-1980-11-17 — Page 2

MONDAY, NOVEMBER 17, 1980

HONG KONG'S SHIPPING ROLE RECOGNISED

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A STUDY IS BEING UNDERTAKEN TO SEE WHAT ACTIVITIES AT THE CONTAINER TERMINAL CAN BE MOVED AWAY FROM THE WATERFRONT TO BACK-UP FACILITIES ELSEWHERE, THE FINANCIAL SECRETARY, SIR PHILIP HADDON-CAVE SAID TODAY.

THIS IS TO ENABLE THE TERMINAL'S THROUGHPUT CAPACITY TO BE INCREASED TO COPE WITH THE FUTURE GROWTH OF OUR TRADE, HE SAID.

SPEAKING AT THE OPENING OF THE EXPOSHIP FAR EAST 80 EXHIBITION AT THE OCEAN TERMINAL, SIR PHILIP SAID THE CONTAINER TERMINAL HANDLED ITS FIRST SHIP JUST OVER EIGHT YEARS AGO AND NOW, IN TERMS OF THROUGHPUT, IT IS THE THIRD LARGEST IN THE WORLD, AFTER NEW YORK AND ROTTERDAM.

HE SAID HONG KONG'S ABILITY TO PROCESS SHIPPING AND CARGO EXPEDITIOUSLY AND COST-CONSCIOUSLY WAS PROVEN: DURING 1979 ALMOST 20 000 OCEAN-GOING SHIPS CLEARED THE PORT: ON AVERAGE, CONVENTIONAL SHIPS WORK CARGO AT BUOYS FOR 2.8 DAYS BEFORE DEPARTING AND THE AVERAGE TURNROUND PERIOD AT THE CONTAINER TERMINAL IS ONLY 21 HOURS.

+BUT, AS SHIPS BECOME MORE EXPENSIVE TO BUILD AND TO OPERATE, THE TIME THEY HAVE TO SPEND IN PORT WORKING CARGO MUST BE FURTHER REDUCED IF INCREASES IN FREIGHT RATES ARE TO BE CONTAINED IN THE INTERESTS OF OUR EXTERNAL COMPETITIVENESS AND IF THE FUTURE OF THE ENTREPOT ROLE OF THIS PORT IS TO BE ENSURED, SIR PHILIP SAID.

HE POINTED OUT THAT HONG KONG EMERGED AS AN ENTREPOT FOR THE REGION IN THE 1960'S AND RE-EMERGED AS AN ENTREPOT FOR THE CHINA TRADE IN THE 1970'S.

+ THE VALUE OF OUR VISIBLE TRADING TRANSACTIONS IS NOW ABOUT TWICE THE VALUE OF OUR GROSS DOMESTIC PRODUCT WHICH WILL PROBABLY REACH HK$110 BILLION THIS YEAR, HE SAID.

BY CONTRAST, HE ADDED, THE VALUE OF THE UNITED KINGDOM'S VISIBLE TRADING TRANSACTIONS IS ONLY ABOUT HALF THE VALUE OF GDP.

+ IF WE ARE TO TRADE COMPETITIVELY THE PORT MUST BE EFFICIENTLY MANAGED AND OPERATED.

+ THE GOVERNMENT WILL CONTINUE TO TAKE ITS RESPONSIBILITIES FOR THE OVERALL WORKING OF THE PORT AS SERIOUSLY AS EVER,+ SIR PHILIP SAID.

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