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INDUSTRY AND TRADE
gloves, socks and stockings in cotton, silk, wool and rayon and other fabrics.
The recession suffered by the garment industry in 1960, in large part the result of over expansion during the preceding year, con- tinued into the early part of 1961. Market conditions became firmer as the year went on and the latter half saw a distinct improvement, but several small and some quite large factories closed. As a result the industry is probably more stable than before.
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COTTON ADVISORY BOARD
In order to assist consideration of proposals by the Secretary of State for an extension of the voluntary agreement by Hong Kong to restrict textile exports, and to provide advice on other problems facing the textile industry, Government appointed a Cotton Advisory Board in July 1961. The Board has as its terms of reference:
'Arising out of the exceptional issues which the cotton industry in Hong Kong faces, to advise the Government on any matter which directly affects the cotton industry in Hong Kong'. It is under the ex officio chairmanship of the Director of Commerce and Industry and comprises representatives of the spinning, weav- ing, dyeing and finishing, and garment making sections of the industry and of the Hong Kong General Chamber of Commerce, the Federation of Hong Kong Industries and the Chinese Manu- facturers' Association of Hong Kong.
DIVERSIFICATION
The preceding paragraphs stress the dominant position of the textile industry in the local economy, but they also illustrate the extent of diversification within the industry over recent years. Other well established industries have similarly undergone internal diversification in product range and quality: a striking example is the manufacture of plastics, one of the largest sources of employ- ment which, from simple beginnings, today produces a very wide range of products including the eminently successful plastic flowers. Other industries which have been introduced and which have grown in importance in recent years, include the manufacture of
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