Registrar-Generals-Department-Annual-report-1966-1967 — Page 8

record in a difficult year. In addition to the disastrous rainstorm on the morning of Sunday, 12th June 1966, the widespread effects of which may be gauged from the fact that it is mentioned fifteen times in the Colony's Annual Report for 1966, the Colony had to weather a number of political and economical difficulties. After nearly ten years without major disturbances, the peace of the Colony was broken on the nights of 6th and 7th April by riots in Kowloon by youthful demonstrators ostensibly protesting against a proposal to increase the Star Ferry fares, but really actuated by potent though not easily identifiable influences touching the youth of the Colony. The Colony, showing its usual resilience, was well on the way to recovering from these unhappy events when confidence was again shaken in December by further riots, this time in Macau, where the Portuguese authorities were finally obliged to acquiesce in demands made upon them by the local Chinese Communists. On the economic front the effects of the banking crisis of early 1965 continued to be felt in a decided tightness of money, especially for building projects, and exporters had to contend with new import restrictions and discriminatory barriers in various countries.

4. All these difficulties were, however, met by the Hong Kong people and the Government with patience and determination. Displaying their wonted energy and resourcefulness, Hong Kong industrialists and businessmen succeeded in 1966 in expanding the total value of external trade, that is the combined value of imports, exports and re-exports, by a vigorous 14% to the new record figure of $17,600m. The building industry, despite the shortage of credit, completed in 1966-67 buildings for the private sector costing only $27m. less than the all-time record of $1,017m. set up the previous year. Tourism continued to develop rapidly, the number of tourists rising by 13% over 1965 to over half a million in 1966. Bank deposits were up $1,215m. on the year to $8,841m. at 31st March 1967, and Bank loans and advances to com- merce and industry up $459m. to $5,617m. Currency in circulation advanced by $176m. to $1,923m. Wages continued to edge upwards as did--unfortunately for the consumer the General Consumer Price Index, which averaged 106.3 for 1966-67 against 102.8 for the previous year. Government building continued apace and much progress was made in public housing, education, social welfare and the medical and health services. The year was therefore, all things considered, one of hard work, active business, and very creditable achievement on all fronts.

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