XN000022-1981-02-12 — Page 2

THURSDAY, FEBRUARY 12, 1981

PROSPECTS FOR TRADE RECOVERY

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THE GOVERNOR, SIR MURRAY MAC LEHOSE SAID HE WAS CAUTIOUSLY OPTIMISTIC ABOUT PROSPECTS FOR SOME RECOVERY IN WORLD TRADE THIS YEAR +AND ABOUT HONG KONG'S ABILITY TO BENEFIT FROM IT, IF THE WORLD COULD BE SPARED FURTHER SHOCKS TO ITS ECONOMIC SYSTEM.

SIR MURRAY MADE THE COMMENTS AT THE OPENING OF THE HANG SENG SCHOOL OF COMMERCE IN SHA TIN TODAY (THURSDAY).

+HONG KONG IS JUSTLY NOTED FOR ENTREPRENEURIAL ACTIVITY AND OUR ECONOMIC GROWTH RATE IS THE ENVY OF OTHER COUNTRIES, HE SAID.

+BUT ITS POSITION AS A BUSINESS AND FINANCIAL CENTRE CAN ONLY BE CONSOLIDATED AND ITS INDUSTRIAL GROWTH MAINTAINED, IF THOSE WHO ENTER OUR PLACES OF BUSINESS HAVE A SOUND THEORETICAL AND PRACTICAL GROUNDING.+

SIR MURRAY DESCRIBED THE SCHOOL AS BEING A TYPICAL HONG KONG PROJECT TO HANDLE A PUBLIC NEED+ AND THE HANG SENG BANK AS A +TYPICAL HONG KONG INSTITUTION+.

THE GOVERNMENT GAVE THE SITE FOR THE SCHOOL, THE BUILDING WAS GIVEN PRINCIPALLY BY THE BANK AND ITS DIRECTORS AND IT WAS BUILT IN RECORD TIME.

THE FOLLOWING IS THE FULL TEXT OF SIR MURRAY'S SPEECHI

I AM IMMENSELY PLEASED TO BE HERE FOR THE OPENING OF THIS IMPRESSIVE NEW SCHOOL BUILDING.

THE GOVERNMENT GAVE THE SITE THE BUILDING WAS GIVEN PRINCIPALLY BY THE HANG SENG BANK AND ITS DIRECTORS: THE SCHOOL WAS BUILT IN RECORD TIME. IT HAS BEEN A TYPICAL HONG KONG PROJECT TO TACKLE A PUBLIC NEED, WITH, IN THE LEAD, A TYPICAL HONG KONG INSTITUTION - THE HANG SENG BANK.

THERE IS NOTHING NEW ABOUT THE HANG SENG BANK'S INTEREST IN EDUCATION AND TRAINING. ITS COURSES OF ELEMENTARY BANKING HAVE ALREADY BENEFITTED NEARLY 70 000 YOUNG PEOPLE. FROM THESE BEGINNINGS THE IDEA OF THIS SCHOOL WAS CONCEIVED MORE THAN TEN YEARS AGO BY THE CHAIRMAN OF THE BANK, DR S.H. HO. HE ENVISAGED A NON-PROFIT-MAKING INSTITUTION OFFERING FULL-TIME COMMERCIAL TRAINING AT POST-FORM V LEVEL.

NOW, THIS FINE BUILDING IS COMPLETED AND THE WORK OF TEACHING HAS STARTED, AND IN 1982 THE FIRST GRADUATES FROM THE HANG SENG SCHOOL OF COMMERCE WILL TAKE THEIR PLACE IN HONG KONG'S BUSINESS WORLD. THE COMBINATION OF ACADEMIC AND PROFESSIONAL EXPERIENCE WHICH IS THE KEY-NOTE OF THIS SCHOOL, WILL SURELY GIVE ITS STUDENTS A FLYING START.

HONG KONG IS JUSTLY NOTED FOR ENTREPRENEURIAL ACTIVITY, AND OUR ECONOMIC GROWTH RATE IS THE ENVY OF OTHER COUNTRIES. BUT ITS POSITION AS A BUSINESS AND FINANCIAL CENTRE CAN ONLY BE CONSOLIDATED AND ITS INDUSTRIAL GROWTH MAINTAINED, IF THOSE WHO ENTER OUR PLACES OF BUSINESS HAVE A SOUND THEORETICAL AND PRACTICAL GROUNDING.

IT IS