Sir J. Cowperthwaite then made the following main
points.
(1)
He realised the US political problem but Hong Kong
also had its political problems,
Restriction on
trade are "grist to the Communist mills". He
believed that the US also was concerned with the
Communist threat in Asia. The best defence against
this was the continuing growth in the standard of
Hong Kong's national income was about
living.
one-fifth to one-sixth that of the US.
(2) While he sympathised with the US problem, he found
it difficult to see how the solution could come
from sacrifice on the part of Hong Kong.
(3) Hong Kong has achieved growth but it cannot stand
still.
While the proposals which Mr. Stans had
in mind might involve no unemployment today they
may do so tomorrow.
(4) In Hong Kong the basic economic problem was the
territory's dependence wholly on exports for a
livelihood. Hong Kong grew practically no food.
(5)
It was therefore very difficult for Hong Kong to
accept that they should be required to sacrifice.
the possibility of growth in their standard of
living to solve something which did not seem a
major economic problem for their trading partners.
-
5 -
/ (6)
No comments yet.
Private notes are available after approval.