As you know, there are a number of major projects in the pipeline for Hong Kong, the most important of which is the underground scheme. It may be impracticable to contemplate major support for such schemes from aid funds but a modest contribution of the kind I have proposed above could establish a more favourable background for the British firms who will compete for the main commercial prizes, such as the underground project.
You will already be well aware of the general commercial case for aid to Hong Kong. This is an expanding market but the United Kingdom's share of their trade since 1960 has declined while that of Japan has risen. For the past 4 years our trade has stagnated
at about 8-9% while in the same period Japan's has increased from 22-24% and from as much as 16% in 1960. We are therefore anxious to take any steps open to us which will help British industry to try and increase our share.
I should be happy to discuss this further with you if it would help.
Your convenly
FW Glaves-Smith
2.
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