TNAG-0453-FCO40-518-Budget-of-Hong-Kong-1974-1975-1975 — Page 215

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opportunity to those British banks, especially National and Westminster and the Dank of Scotland, who have been marking time in representative offices here and somewhat chafing at the bit when Barclays managed to get in under the fence before the present moratorium was imposed. Whether they will now feel in the event that it is worthwhile opening up given the hints elsewhere in the Budget about the risks of having too many banks and finance houses with too much free- dom,remains to be seen. But I should not be at all surprised to find the Japanese in particular taking rapid advantage of any relaxation of the moratorium; they are already here in increasing numbers in representative

And of course offices and other financial institutions waiting in the wings. their increasing presence would be a considerable aid to the growth of Japanese trade and trade with Japan.

Housing and ublic Works

10.

Despite the strong hints at restrictions on the expansion of the housing and public works capital programme (which I have discussed above) I do not think that there is any real risk of any significant cutback in the housing programau. Indeed it is the most likely of all the present social program.es to remain relatively unscathed. The corollary of this is that it must be seen to succeed and that it will be increasingly essential that in both the methods of construction and the standard of the finished product (including fittings)

Moreover the limitations of man the housing authority gets full value for money. power resources - which the Financial Secretary as suspected will emerce and the is now seeking to establish are likely to result in increasing pressure on the Housing Department and through them on the consultants to adopt labour saving methods. This therefore gives added point to the building mission that is at present with us looking at the prospects for British contractors, building systems and supplies and underlines the need for quick follow up in terms of offers of equipment and establishing a continuing dialogue with a real sense of intention to take active part - with the Housing Department, PHD, and the local contractors and consultants. I hope that we shall be able to press the industry to show a wider and more active interest in Hong Kong than it has done hitherto. It will be too late if we wait for the result of the market research study now only in its first phases. Attitudes are being formed and minds made up among the planners in Hong Kong now and already several foreign firus have been in touch with the contractors and the Department.. We can expect that more will come in the wake of the Budget and perhaps also following the example of the London Chamber of Commerce Mission. I therefore very much hope that you and ESD and everybody else concerned will be able to galvanize the industry into taking a serious look at this market.

17. Lodicul

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Similarly in the hospital programme there will clearly be an increasing need for techniques and equipment that will ensure best value for money and require minimal recurrent expenditure in replacements and repairs. As I lave already indicated above (and the detailed estimates illustrate) the anticipated expenditure over the next few years, even if cut back for economic reasons, be considerable. We already have a good liaison with the Department of Heal th

I hope therefore but the need now is to develop and exploit it to the full.

will

that as a first step the proposal to send a small team from Long Kong to the Tokyo Ledical hibition will get the necessary financial support from DTI and the British Hospital Export Group in whose court the ball at present lies. Phereafter we may well need to try to arrange missions in one direction or the other.

18.

Nducation

The fact that Philip Haddon-Cave's predictions for expenditure over the next

three/.. RESUCCEED

crt is made to ensure that the information given herein is accurate, but no legal responsibility is accepted for any errors or omissions in that information and no responsibility is accepted in regard to the standing of any firms, companies or individuals mentioned.