fouth China Moring Port 16th November, 1972
Shipping chief views the future
Mr Y. K. Pao, the elusive millionaire who heads up the World-Wide Shipping group among other floating interests which make him one of the biggest shipping magnates anywhere on the high seas, yesterday called for Hongkong to set up its own autonomous shipping framework.
He told a large audience at a Foreign Correspondents Club lunch "it would appear to make a lot of sense for Hongkong to drop its present dependent state and become the second biggest Far Eastern shipping centre after Japan.
While acknowledging "inherent difficulties," Mr Pao said he believed Government officials in Hongkong and Britain were "seriously interested" in such a proposal.
He pointed out that Hongkong, with its four million plus population, is bigger than Norway which has stamped its own identity on the shipping world.
In three years, he projected actual Hongkong shipping tonnage will exceed 20 million tons, half of it British-owned - totalling around five per cent of the world's shipping and far outstripping other "maritime nation?
Mr Pao
For the full text of Mr Pao's speech, see Business News Page VIII.
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