TNAG-0613-FCO40-761-Visits-of-Governor-of-Hong-Kong-to-UK-1977 — Page 47

Exports

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MM said we would never have been under such pressure on

textiles if UK had a favourable balance of trade with Hong

Kong. He had tried to interest exporters in the Hong Kong

market but this was difficult. British exports to Hong Kong

were four times the exports to China and two-thirds of the

exports to Japan.

LP said that there was a British Overseas Trade Board and

Mr. Dring said there was the Hong Kong Trade Advisory Group.

LP asked if there was any specific action proposed. MM said

that Sir Arthur Knight of Courtaulds thought there might be

prospects in Hong Kong in view of the depreciated value of

the pound and the increased value of the yen. Mr. Kaufman

had been discussing the question of ships. A package deal

whereby the owners would secure a charter and get a mortgage

had enabled them to consider British yards. There was a good

market for machinery in Hong Kong and the British Trade.

Commission in Hong Kong is examining it.

Up to 1963 Britain had had a favourable trade balance with

Hong Kong, Since then its share of the market had fallen

away. MM thought this might have something to do with the

very large companies having far too many agencies, and

accepting competitive agencies. But the market still remained.

He did urge that when trade missions were sent to China for

weeks at a time they should follow this by a week or

Hong Kong where they could do serious business.

might not be so glamorous as the trip to China but the

business done would probably be very much greater.

SO in

The visit

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