In the league table of world trading nations Hong Kong stands at
number twenty four with a total trade in excess of £1,000m p.a.
Traditionally Hong Kong has a large excess of imports over exports,
since it has to import all but a minute proportion of its foodstuffs
and raw materials. The gap is financed by invisibles, e.g.,
5.
tourism, financial and other services, but it is narrowing rapidly
and has dropped by a third in the first five months of this year.
In the past four years, continuing a trend which has been
apparent for the last ten or more years, wages have increased by
41% while the cost of living has risen about 13%. This means that
there has been an improvement in the real earnings of workers of
some 7% per year.
Relations with the U.K.
A/+
6. For some years now there has been a growing feeling in Hong Kong
that Britain does not show sufficient concern for the Colony. We
left it to fend for itself in the post-war years with the tremendous
problems posed by the influx of refugees from China. At the same
time we are seen as having dealt the Colony a series of blows to its
trade and finances: the restrictions of its exports of cotton
textiles to this country since 1959, the import surcharge (1964),
the "carry over" controversy (1965), the increase in the defence
contribution (1966), devaluation (1967), the import deposit scheme (1968). Our actions are seen as showing a lack of concern for
Hong Kong's interests and for her special problems; as indicating
an indifference to the special ties and relationship which subsist
between a Colony and the responsible power. Much of this feeling is,
/ of course
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