XN000022-1991-02-20 — Page 4

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WEDNESDAY, FEBRUARY 20, 1991

GOVERNOR TO THE FOREIGN CORRESPONDENTS' CLUB

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IT'S NICE TO BE HERE AT A CLUB OF WHICH I AM A MEMBER, BUT I HAVE TO SAY THAT MY MEMBERSHIP ADVANTAGES SO FAR CONSIST OF EVERY NOW AND THEN I GET A BILL FOR DRINKS WHICH I HAVEN'T CONSUMED. IT'S ONE OF THE MANY STATE SECRETS THERE, LONG MAY IT REMAIN SO. THIS OCCASION I HAVE ACTUALLY HAD THE MEAL BUT I HAVE TO PAY FOR THE MEAL MYSELF BY SPEAKING, IT'S A NICE OPPORTUNITY TO DO SO AND SEE SO MANY FRIENDS AROUND THESE TABLES INCLUDING, AND I WON'T LOOK STRAIGHT AT

HIM, MY ANAESTHETIST WHO IS HERE TO SEE WHETHER THE ANAESTHETIC THAT HE APPLIED, ROUGHLY A WEEK AGO, IS STILL FUNCTIONING OR NOT.

ON A MUCH MORE SERIOUS NOTE THOUGH, I WOULD LIKE TO SAY THAT THERE IS ONE PERSON I AM SORRY NOT TO SEE HERE TODAY. I DO NOT KNOW HIM PERSONALLY BUT HE IS A MEMBER OF THIS CLUB, MR DONAHUE. AND I THINK WE ALL FEEL THE VERY DEEPEST SYMPATHY FOR HIM AFTER THE TRAGIC ACCIDENT THE OTHER DAY, AND FROM WHAT I'VE SEEN OF REPORTS OF IT, TO A GREAT SENSE OF ADMIRATION FOR THE COURAGE WITH WHICH HE FACED THAT APPALLING ACCIDENT. THAT IS SOMEBODY I'M SORRY NOT TO SEE HERE TODAY.

I AM BILLED TO TALK ABOUT DEVELOPMENTS IN HONG KONG, I COULD TALK ABOUT DEVELOPMENTS IN HONG KONG FOR THE WHOLE AFTERNOON AND YOU'D NEVER GET BACK TO YOUR WORK. I THEREFORE PROPOSE TO RESTRICT MYSELF TO THREE BROAD AREAS AND TO DEAL WITH THIS IN BROAD TERMS.

ONE IS, IN GENERAL TERMS, THE WAY IN WHICH OUR ECONOMY HAS BEEN DEVELOPING. THE SECOND IS THE NATURE AND THE DYNAMIC OF RELATIONSHIP

WITH OWN NOT

CHINA AND THE THIRD, IS CERTAIN ASPECTS OF THE EVOLUTION OF OUR POLITICAL SYSTEM AT THE MOMENT. I PROPOSE TO SPEAK UNSTRUCTURED, OFF A WRITTEN TEXT, AND I HOPE AT THE END OF THAT, THEN TO GIVE YOU A CHANCE TO ASK ANY QUESTION YOU WANT TO.

/THE ECONOMY