of industry
generations.
compare very favourably in my opinion with those of previous
The talents and the will are there.
"As I have already said, one important aspect of our policy is to
We have been forced to make substantial cuts
control public expenditure.
to our future programme in the domestic field.
"We are withdrawing our forces from Malaysia and Singapore though
not Hong Kong. None of these cuts are popular. They give us no satisfactio...
"Yet despite this we have maintained our overseas aid programme which
at the moment runs to some £220 million with about a third of this going to
Asia."
Question Of Priorities
"We have, however, had to make it clear that for the present all
overseas projects must be contained within this figure. This has meant we
have had to refuse many requests for help which would take us over this aid
ceiling.
"Certainly we would like to help Hong Kong on some of its more
important projects. And, of course, there is still much that needs to be
done here.
"But I must be frank and say that when one compares the resources of
those in the queue for aid, and there are many, one is bound to recognize that
Hong Kong is undoubtedly better placed than most. In other words it is a
question of priorities.
"It is this fact, and this fact alone, which makes it extremely
difficult for us to give you the financial assistance which you occasionally
seek. We have every confidence in your future.
"The guaranteeing by E.C.G.D. of the loan required to finance the
Cross Harbour Tunnel is an example of this.
"And, of course
....
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