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"At this stage there is very little that I can usefully add to what the Financial Secretary has already said. Clearly it is a very serious situation; the proposals mean a fundamental change in our conditions of trading with our second market, with Britain. Britain takes more than a quarter of Hong Kong's cotton textiles exporta"
Cater said the Trade Development Council would have to study the situation as Hong Kong now understood it. "Until now we had no, repeat no precise information as to what the British Government intended. We now have more information. So this means a great deal more research on our part and studying of the situation."
3) The British Trade Commission Spokesman said, "The statement by the President of the Board of Trade outlines a new policy for the control of the import of cotton textiles into Britain. The ultimate aim, however, of the protection of the Lancashire Textile Industry remains the same, and in effect what is being proposed is the replacement of one method of protection by another."
"The history of Hong Kong's cotton textile exports shows how much Hong Kong has benefitted from British restraint in not imposing restrictions at an earlier date. Britain has in fact held out until the import of cotton yarn fabric and made-up goods are more than fifty per cent of domestic consumption, whereas other developed countries have imposed restrictions when the figure has only reached ten per cent. There is nothing in the new situation to suggest that Hong Kong cannot continue to enjoy her share of the British market. Indeed it could be argued that the skill and efficiency of the Hong Kong industry could rebound to its advantage vis-a-vis its competitors in other developing countries which have not attained such high technical standards."
"The basic aim of the present proposals put forward by the Textile Council is to ensure that Britain has a strong and competitive textile industry. Such an industry can play a valuable role in the strengthening of the British economy. All this is a matter, of course, in which Hong Kong shares a vital interest."
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