ENG-1965 — Page 22

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REVIEW

commercial banker was appointed in November to co-ordinate the Colony's export promotion activities.

The centenary of the Hongkong and Shanghai Banking Cor- poration was more than a notable achievement by a powerful financial organization-it was a milestone in Hong Kong's own history. Founded at a time when China and the Far East were embarking on an entirely new way of life and thought, the bank spans an era in which currency has ranged from the silver shoe to the traveller's cheque. On more than one occasion the bank has been the key-stone of financial stability in its original sphere of activities, and so great has its success been that today its interests and financial connexions extend to every part of the world.

At a centenary dinner the Governor described the bank's history as one of service to Hong Kong. He added: 'On behalf of the people of Hong Kong I would like to thank the bank most warmly for all that it has done to ensure the economic growth and pros- perity of the Colony. Few financial institutions, operating by no means under a monopoly but indeed in an always highly competitive atmosphere, can have done so much for the area from which they drew their business. It is an example, if I may say so, of the ideal of responsible business and commercial activity at its best; an example of the proper recognition of the fact that the drawing of commercial profits devolves certain duties on the makers of those profits duties of restraint and respect for the rights and needs of the community at large. All these qualities the bank has certainly manifested throughout its history, a fact which is the basis of the esteem and respect in which it is held by the people of Hong Kong.'

Typical of the way in which Hong Kong continues with its current commitments while at the same time casting about for the solution to new problems is the Plover Cove water scheme, where good progress was again made during the year. The scheme is literally changing the landscape of parts of the New Territories. Basically it consists of building a dam to seal off Plover Cove in Tolo Harbour and then pumping out the sea water to form a fresh water reservoir capable of holding 30,000 million gallons. The project involves much more than just the reservoir, for its ancillary works spread for many miles across the New Territories. Early in the year a ‘fabridam' installed at Tai Po Tau was inflated for the first time. The 'fabridam' is a neoprene coated nylon tube