The pro Peking Journal, Miror, recently carried
an article in which Deng Shao Ping is alleged to have said
that, whilst rejecting any renewal of the Lease, he wanted
the present administration to carry on for another 50 years.
Deng is the chosen successor of Chow En Lai, the person who,
in 1950, personally stopped the Chinese Communist Army at the
borders of Hong Kong. I think therefore, there may be a
certain amount of credibility in this Report. However, I am
not one of those who think that a settlement is just round
the corner. In my opinion, we will have to live with this
uncertainty for quite a number of months, if not years. I
know that it is not good for Hong Kong's prosperity, I know
that there is a continuing exodus of persons, and of capital
to currencies that, in some people's mind, are more stable.
Again, I am not one who thinks that there will be an
over-night improvement in land values. Afterall, the selling
price of land and buildings in Hong Kong, even at today's
values, still exceed the equivalent cost in England,
sometimes indeed by as much as 10 times. Nevertheless, I
have faith and confidence in Hong Kong eventually overcomin
the present difficulties. I have faith and confidence in a
Hong Kong that can look forward into a prosperous 21st
Century, beyond the year 1997.
ing
The best way of weakening the effects of present
storm on our ecomony is by simply ignoring it, and going
about our business with the confidence that we used to have
in Hong Kong. I plea with the citizens and expatriates
alike, do not take your Hong Kong dollars out of Hong Kong.
Stop this flood of capital, in particular into American
dollars, English pounds and the German marks.
Hong Kong currency, show the world that Hong Kong has faith
Stabilize the
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