St's 1966 exports to The U.S. (Z127m.) amounted to one fifth of our export's that market".
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large domestic market, on the competitiveness of Hong
Kong's products in the world markets where it faces
increasing restrictions. The Colony's total trade topped
21,000 m. in 1966 and it is now No. 25 in the list of
the world's trading countries. But, without natural
resources of any kind (other than its excellent
harbour), its economic base is narrow and brittle;
it is very vulnorable to any downward trends in world
trade, and any loss of confidence in the Colony's
future on the part of outside investors would quickly
affect the supply of capital on which its economic
existence depends.
The Colony is indefensible against a major
attack from Chins. The role of the British garrison (with a planned strength of 53 major units) is to identify
aggression and to maintain internal security. It would
need to be reinforced by two infantry battalions to
and widespread
meet a serious/internal security threat. While there are
no purely domestic factors that gițe rise to serious
concern, the vulnerability of the Colony to pressures from
China in itself raises an internal security threat of
some magnitude. liong Kong makes a defence contribution
to the cost of maintaining the British garrison and in
all some 13% of its annual expendă ure is spent on defence
and internal security measures (including the local police
and defence forces).
Hong Kong's value to Britain
5.
There is significant (although not quantified)
British investment in Hong Kong. The Colony is used by
many British concerns as a base for their trading activities
in the Far East or for the distribution of their products.
16.
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