apart from its harbour and the skill of its work-
people. The harbour has developed into a major
shipping centre in the Far East and is a port of
the principal
call on a dejer shipping routes in the region.
important
Similarly, Kai Tak airport is a major air traffic
centre in the area.
5. Hong Kong's position as an important traffic
centre, together with her status as a duty free port.
has benefitted her considerably. In addition to her
also
_visible trade, Hong Kong is an important finance and
banking centre. In his budget of 28 February the
Financial Secretary, Mr Haddon-Cave, proposed to
exempt from withholding tax interest paid on foreign
currency deposits. This is to encourage the
development of Hong Kong as an international
financial centre.
scen
6. In recent months Hong Kong's Stock Exchanges
have become subject to tremendous activity which has
Lands
led to boom share conditions. Stock changes at a Level
wede out of all proportion to its inherent value.
This could lead to a dangerous situation and it is
being closely watched by the Governor.
STERLING
7. The Hong Kong Government originally calculated
that they had lost about £70
-
£80 million as a
direct consequence of the floating of the pound. То
this must now be added about £30 million following
the devaluation of the US dollar and the subsequent
/further
NOTHING TO BE WRITTEN IN THIS MARGIN
1
No comments yet.
Private notes are available after approval.