香港總督府
CONFIDENTIAL
CONFDENTIAL
GOVERNMENT HOUSE
HONG KONG
4th. January, 1974.
Sir,
On re-reading my first annual report,
that for 1972, I recall the calm confidence with which I then wrote. I now realise it had been a very easy year. In contrast 1973 was peppered with alarums and distractions; nothing seemed to go entirely right and much went wrong. But though it has been a difficult year, and, from point of view of the administration industry and commerce alike, a very demanding one, it has turned out not so badly in the end. Some solid economic administrative and social progress has been made.
Economic.
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In the economic field the year has been dominated by rises in the prices of imported raw materials and foodstuffs, producing inflation on a scale unprecedented in Hong Kong, shortage of raw materials for some key industries, and adjustment to drastic changes in the relative exchange rates of Hong Kong's major trading partners.
After an uncertain start to the year, the economy succeeded in adjusting correctly to imported inflation ( by increased productivity), and to the new exchange rates (by modifying both traditional sources of supply and directions of export), and exports and growth picked up. The final results look like showing an increase in the volume of domestic exports of 6% (24.8% in value) over 1972, and about 71% in the Gross Domestic Product in real terms. These are respectable enough.
The Rt. Hon. Sir Alec Douglas-Home, KT, MP.
CONFIDENTIAL
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