24
S
Considering that these increases come on top of & 40, increase
in 1976 in the value of British exports to textiles and clothing
as a whole, and considering the high proportion of British production which is exported (we do not have precise production figures but we believe that in 1976 the UK's exports of textiles and clothing were equivalent to 26% of British consumption and 84% of British imports), it seems to us that the UK industry is
doing quite well. In addition to this there are also, as I have mentioned, the recent reports in the UK press of increased profite for some of the UK's largest textiles corporations and I refer here to the recent financial statements of Courtaulds, ICI, and Coats Patons. These are, I understand, among those sectors of the UK industry which are making the most vocal demands for increased protection. I am sure I need not point out to you the inequities of the situation especially when seen from the point of view of Hong Kong manufacturers who will be at the receiving end of any restrictive policies on textile inṛorts which may be pursued by
the EEC both multilaterally and bilaterally.
10.
It is
I will now turn briefly to the Hong Kong industry.
Cur as you well know very vulnerable to external forces. overall exports of textiles and clothing as a whole increased
substantially in 1976 and you will probably say that we are in
a healthy state. But we are not. I will not quote figures but,
if you look at our industry sector by sector, you will find thr↑ the spinning and weaving rectors did not do as well as the garment sector even in 1976 and were only able to recover from the recession in 1974 and 1975 because of the demand generated by
the boom in our garment exports in 1976. Going back to the over-
all picture, in the first four months of 1977, in spite of increases in value, our exports to the UK of restrained textiles
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