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"Figures just released by the Marine Department show that September was the third month running that Hong Kong handled more than one million 20-foot- equivalent units (TEUS) in one month. We are still the only port in the world to exceed the one-million-TEUs-a-month total," he said.

"The port remains the life-blood of Hong Kong, both for our workforce and for our economy as a whole."

He pointed out that in 1994, container handling alone added some $214 billion to the local economy. Forecasts produced by the Port Development Board, which take into account the development of China's own container ports, show that this will rise to $384 billion in 2001 and $633 billion in 2011.

Mr Gray said these benefits to the economy would come about only if the port continued to expand to meet the demand.

"China is developing its own container ports," he said, "but they alone will not be able to handle the huge growth in throughput forecast for the next few years.

"If we can continue to cope with demand then the chances are that we shall be able to continue to anchor our service industries here. If we fail, then they will surely follow the cargo.'

H

End/Tuesday, February 21, 1995

Government wins appeal over Shun Fung compensation

The acting Director of Lands, Mr Mo Chan-ming, today (Tuesday) said he had received an advance copy of the judgment from the Privy Council in London, issued yesterday concerning compensation payable on resumption of the land of the Shun Fung Ironworks in Tseung Kwan O.

Agreement on compensation for Shun Fung, resumed in 1986, could not be reached, and the case was referred to the Hong Kong Lands Tribunal which awarded Shun Fung, in June 1992, $131 million.