TNAG-0069-FCO40-105-Disturbances-in-Hong-Kong-propaganda-1967 — Page 133

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STATEMENT RECORDED BY THE CHIEF SECRETARY 30 THE TN JASURY

AND TO BE BROADCAST OVER HONG KONG RADIO

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The Government has stated that we expect the British economy

to grow at a rate of 3 per cent over the next twelve months and

that means an extra £1,000 million in the total production of the

nation. The tough economic measures that we took last year will

enable us to achieve that growth and at the same time to achieve

the necessary surplus on the balance of payments.

In the year

that ended last June our overseas financial position improved by

about £200 million, and the latest trade figures show that this

favourable trend is continuing. In July, we had a surplus on

trading alone, before taking into account additional receipts from

such things as Shipping, Insurance and overseas investments. The

rise in industrial production in June is a further encouraging

sign. The British economy is in a strong position to maintain

the surplus in the balance of payments whatever purely temporary

fluctuations there may be and to increase it over the coming

years. We offer the world a growing market with our high imports

which we are more than matching with our increase in exports.

Technologically and scientifically we are one of the most

advanced countries in the world and we intend to see that this

theoretical knowledge coupled with practical experience is trans-

lated into increasing output so that we can both improve our own

living standards and also play our part in helping the less

developed areas of the world.