ENG-1969 — Page 94

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INDUSTRY AND TRADE

moulding and injection moulding machines, power presses, lathes and planing machines. There are some indications of expansion in the small machine tool industry based partly on improved internal demand but also on external orders, both related to recognition of the good value offered by goods produced in Hong Kong.

Industrial Land

Adequate provision of industrial land in a territory where there are many competing claims for any available land continues to be of great importance to industry. Nearly all industrial sites in the satellite town of Kwun Tong, created largely from the sea, have now been developed. The industrial suburb of San Po Kong, situated on land freed by relocation of the airport runway, is now also fully developed. So is the more distant and longer established township of Tsuen Wan. Its neighbour, Kwai Chung, has however a less developed appearance although much of the land zoned for industry is in fact already taken up.

A resurgence of interest by industrialists in the purchase of land during the latter half of 1968 led to the resumption of programmed sales of Crown land in the urban area. Since July 1969 some 100,000 square feet of land have been auctioned each month. However, the strong demand for land in the most favoured urban locations has led to very high prices being paid. By contrast industrialists have been slow to develop sites in the New Territories, particularly in locations such as Kwai Chung.

Shortage of acceptable industrial land has been parallelled by a shortage of space in flatted factories. There are, however, en- couraging signs that this shortage should be considerably relieved by new buildings due for completion towards the end of 1970.

EXTERNAL TRADE

External trade in 1969 advanced to a record level due to remark- able rises in domestic exports and imports of 25 per cent and 19 per cent respectively. Summary trade statistics, including a breakdown by countries and commodities and comparisons with previous years, are contained in Appendices XV to XXI.

Imports were valued at $14,893 million. Although domestic supplies of agricultural produce and fish are substantial, most of