When dollars are quoted in this report, they are, unless otherwise stated, Hong Kong dollars. Up to November 25, 1974, when the Hong Kong dollar was allowed to float, the official rate for conversion to US dollars was HK$5.085=US$1. Subsequently the exchange rate fluctuated according to market con- ditions-at the end of the year the middle market rate was about HK$4.92-US$1.
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