ENG-1967 — Page 85

INDUSTRY AND TRADE

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approved in principle. The opening, in November, of a new road to Sha Tin, passing through the Lion Rock tunnel, should influence development in this area.

In the development areas of Kwun Tong, the Tsuen Wan complex, and Sam Ka Tsuen, purchasers of industrial land leases can pay by instalments over 20 years. Purchasers of industrial land elsewhere in the Colony can pay in four equal interest-free instalments, spread over two years. During 1967, there was little demand for land for industrial development and only seven industrial sites were auctioned.

There is a considerable surplus of flatted factory space for small scale industry. This has reduced the demand for industrial land.

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EXTERNAL TRADE

The value of Hong Kong's external trade in 1967 was maintained at a high level despite the disturbances described in Chapter I. The combined value of imports, exports and re-exports of merchan- dise trade reached $19,230 million. This was due to substantial rises in domestic exports and re-exports of 17 per cent and 14 per cent respectively. Cargo tonnage by all means of transport totalled 11,457,812 tons. Trade statistics, including a breakdown by coun- tries and commodities and comparisons with previous years, are contained in Appendices XV to XXI.

Imports were valued at $10,449 million. Although domestic supplies of agricultural produce and fish are substantial, most of Hong Kong's foodstuffs have to be imported, and food was the principal import, valued at $2,329 million, representing 22 per cent of all imports. The chief items of edible imports were live animals, rice and other cereals, fruits and vegetables, dairy products and eggs, and fish and fish preparations. Raw materials and semi- manufactured goods for industry included textile fibres and yarns, base metals and plastic moulding materials. Capital goods imported included machinery and transport equipment. Mineral fuels and lubricants were also imported in large quantities.

The sources of imports are determined by proximity, prices, speed of delivery and by traditional trade relationships. China remained Hong Kong's principal supplier, providing 22 per cent of all imports, and 47 per cent of all food imports, despite a con- siderable reduction during the months from June to September,