O:>ntents

General Committee 2 Chamber Council 2 The Year's Highlights 3 Report of the General Committee 4

Chairman's Statement 5 Hong Kong Progress 15 Chamber Review 20 Balance Sheet 26 Income and Expenditure 28

Account

Notes to the Accounts and 29 Auditors' Report

Committees 31

"You never visit the same city twice": many visitors to Hong Kong make the comment. With each succeeding year. the pace of development over many fronts seems to accelerate. Hong Kong's Central District sky line (front cover) now shows a distinct resemblance to Manhattan; yet many areas of picturesque tranquillity remain. such as the almost "Mediterranean" water front at Cheung Chau (back cover).

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General Committee

Hon. D.K. Newbigging, JP

J. L. Marden, CBE. MA. JP

T. Clydesdale J.F. Holmes Sir Lawrence Kadoorie, CBE.

Off. Leg d'Honneur. JP

Sir Y.K. Kan, GBE.JP

Daniel Koo Hon. Alien Lee, JP

S.J. Osmond N.A. Rigg, JP

G.R. Ross. CBE,JP

Hon. M.G.R. Sandberg, osE.JP

S.H. Sung Jack C. Tang, OBE

Dennis H.S. Ting, JP

C.H. Tung F.L. Walker, JP

J.M. Weedon, OBE.JP

James M.H. Wu osE.JP

T.K. Ann, CBE. JP

} L.W. Gordon, OBE.JP

reslgnedApnl1980 A.G. Hutchrnson, JP

P.G. Williams, OBE.JP

J.H. Bremridge, OBE,JP res1gned December 1980

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Chamber Council

Hon. D.K. Newbigging, JP

J.L. Marden, CBE.MA.JP

T.K. Ann, CBE, JP

Hon. Sir Douglas Clague, CBE. MC. OPM. CPM, TO, JP

T. Clydesdale H.M.G. Forsgate, OBE.JP

L.W. Gordon, OBE,JP

Sir Sidney Gordon, CBE. JP

J.F. Holmes A.G. Hutchinson, JP

M. Jebsen Sir Lawrence Kadoorie, CBE.

Off. Leg. d'Honneur, JP

Sir Y.K. Kan, GBE.JP

Daniel Koo Hon. Alien Lee, JP

S.J. Osmond N .A Rigg, JP

G.R. Ross, CBE.JP

A. de 0. Sales, CBE, JP

Hon. M.G.R. Sandberg, OBE, JP

S.H. Sung Jack C. Tang, OBE

Dennis H.S. Ting, JP

C.H. Tung F.L. Walker, JP

J.M. Weedon, OBE.JP

P.G. Williams, OBE.JP

James M.H. Wu, osE.JP

J.H. Bremridge, OBE,JP · res1gned December 1980

Chairman

Vice-Chairman

Director

Bankers

Treasurers Auditors

Hon. D.K. Newbigging, JP

J.L. Marden, csE.MA.JP

J.D. McGregor, OBE. ISO

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The Hongkong and Shanghai Banking Corporation Lowe, Bingham & Matthews Peat, Marwick, Mitchell & Co.

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The Year's Highlights

During 1980, your Chamber

• sent a high level mission led by the Chairman to the U.K., which successfully explained recent developments and future potential in Hong Kong to senior British businessmen and Government officials.

• sent seven buying/selling missions overseas to a total of 21 countries. Firm orders for Hong Kong products worth a total of HK$85 million were obtained. with follow·up orders assessed at HK$91.6 million.

• made representations to Government and other appropnate authonties on a wide variety of subjects. including the Textiles Quota Control System; the Trade Descriptions Bill; the Companies Ordinance; the Prevention of Bribery and ICAC Ordinances; and the White Paper on Administration.

• met with the Rent Review Committee and put forward positive recommendations designed to ease the accommodation shortage.

• received and assisted over 50 incoming groups and several hundred personal visitors.

• processed 16,000 overseas trade enquiries and carried out feedback Investigations which suggested that over 50 per cent of these enquiries met with a positive response.

• assisted over 4.000 local and overseas enquirers to make contact w1th industrial or commercial bodies in China: and established a register of official Chinese organizations and mdividuals in order to facilitate contact.

• via representation on the Japan/Hong Kong Business Cooperation Comm11tee worked towards greater acceptance of Hong Kong products in the Japanese market. and participated in two major industrial and econom1c conferences.

• through personal appomtments of the D1rector. arranged Hong )<ong liaison w1th the Confederation of British Industry. the Pacif1c Basin Economic Council and the Hong Kong Association.

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3

Report of the General Committee for the year ended 31st December, 1 980

The General Committee has pleasure in presenting its Annual Report and the audited statement of accounts for the year ended 31st December, 1980.

The activities of the Chamber were in the promotion and protection of Hong Kong's trade, commerce and industry.

The state of the Chamber's affairs at 31st December, 1980 is set out in the Balance Sheet.

Changes in fixed assets during the year are given in the Accounts.

The General Committee Members who held office during the year are set out on page 2. No member of the General Committee, or any other members of the Chamber, received any form of remuneration in return for their services, other than normal professional or similar fees paid for services or supplies rendered to the Chamber, and no portion of the income or property of the Chamber

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was paid or transferred directly or indirectly by way of dividend, bonus or otherwise to members of the Chamber.

No contract of significance to which the Chamber was a party subsisted at the end of the year or at any time during the year in which a General Committee Member had a material interest.

The Chamber's auditors, Peat, Marwick, Mitchell & Co. retire and, being eligible, offer themselves for re­appointment.

By Order of the General Committee

J.D. McGregor Director

6th March, 1 981

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Chairman's Statement

In a troubled year for world trade and the world economy, Hong Kong's economic and trade performance iri

1980 must be considered highly satisfactory. Few industrialised countries experienced real economic and trade growth in 1980 of more than a few percentage points although some at least had the advantage of substantial and sometimes tariff· protected domestic markets for their industries.

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Hong Kong's trade and industry, operating in a free enterprise environment had no such advantage and had to face a wide array of formidable problems in competing for its share of world markets. Exchange fluctuations, disruptive inflationary pressures, an increasing trend towards trade protectionism in many major markets and political upheavals in several key areas of the world combined to make 1980 more than usually difficult for our manufacturers and exporters reliant on external trade.

Hong Kong's well known adaptability and business flexibility were equal to the task. Exports in 1980 increased 22% in value over those in 1979 and by approximately 11 % in real terms. Re-exports expanded by 50% (36% in real terms) and imports by 30% (18% in real terms). Hong Kong's robust export performance contributed to a real economic growth of 9% during 1980.

However the effects of the gathering recession in our main markets became progressively apparent in

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Hong Kong during the year and a fairly significant slowdown was evident towards the year end. By the fourth quarter the rate of real export growth was down to 4% compared to 11 % in the same quarter of 1979, and figures for the first three quarters of 1980 of 18% , 18% and 7% respectively.

Hong Kong's exporters met this challenge by stepping up their promotional efforts and many paid particular attention to smaller and secondary markets with good results. Clothing, toys, dolls and games, watches and textiles showed export growth of 16%, 15%,48% and 12% respectively whilst exports to USA, Fed. Rep. of Germany and UK were at their highest ever levels. A weaker Hong Kong dollar in the closing months of 1980 against both the US dollar and the pound sterling helped our exporters, although it is to be hoped that the weakening trend of our currency will soon st�bilise.

Whilst substantial imports of raw materials, semi-manufactures and

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Overleaf, left: new angles on the Admiralty and United Centres. Right: another Golden Mile takes shape. stretching From the Tsimshatsui Star Ferry Pier (upper right) to Hunghom (lower right).

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Chairman's Statement cont'd

machine equipment continued to reflect the importance of export­oriented manufacturing industry to Hong Kong's economy, the adverse visible trade gap was a cause of some concern during the year. However. those statistics which are available on invisible earnings suggest that Hong Kong's overall external account is more or less in balance. For this to be measured more accurately, however, an improvement in the Government's statistical information on invisibles will be necessary.

Re-exports, particularly relating to the People's Republic of China, continued to expand at a very rapid rate with an annual growth in 1980 over 1979 of 50% (36% in real terms). Hong Kong's traditional role as an entrep6t. although always significant. has been given added emphasis since China began its drive towards the 'Four Modernisations' in late 1977. In 1980 Hong Kong's exports and re-exports to China increased by 166% and 253% respectively, reflecting both the expansion of Hong Kong's trade

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and industrial cooperation with China and also the development of international services in Hong Kong.

With no natural resources of its own Hong Kong cannot avoid importing inflation from the rest of the world. In recent years. as with most other oil importing countries. the escalation of oil prices has caused much concern here. particularly since Hong Kong's industrial energy is at present derived wholly from imported oil: this is also the case with most of our industrial raw materials, such as plastics. The conflict between Iran and Iraq added a new dimension to Hong Kong's concern over oil supplies and prices. and the Hong Kong Government reactivated its Oil Policy Committee to coordinate action on oil imports. storage and distribution in the event of a real emergency. Slackening worldwide demand for oil provided some assurance of supply but high prices continued to contribute to Hong Kong's imported inflation with no real relief in sight.

In December, the Oil Policy Committee was upgraded to become

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the Hong Kong Energy Committee on which the Chamber is represented. This body has a wide responsibility for ensuring that Hong Kong continues to enjoy an uninterrupted supply of all the energy sources it requires.

In the circumstances, it was perhaps not surprising that Hong Kong experienced an inflation rate for 1980 of approximately 15%. In a free economy such as ours with no exchange controls and an almost complete reliance on external trade, there is little that the Government can do to reduce the effect of imported inflation. The Hong Kong authorities wisely leave it to market forces to bring about the necessary adjustments which will keep Hong Kong's inflation rate in reasonable relation to that of the countries with which we are economically associated. However. when necessary it is possible to exert downward pressure on the growth of domestic expenditure and of the money supply by judicious use of the interest rate mechanism, although interest rates must ensure that Hong

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Kong can continue to attract foreign funds. Throughout 1980, the Exchange Banks Association, in consultation with the Government, adjusted interest rates in line with international developments. Towards the end of the year interest rates were raised to their highest level for 1980, reflecting the very high US rates. Hong Kong trade and industry, whilst recognising the impact of US rates, anxiously hope for a reduction in the cost of borrowing in early 1981; without this investment in new plant and equipment- all important in terms of continued productivity growth and industrial diversification - could be affected.

Hong Kong, for most of 1980, faced a massive problem of illegal immigration from China's Guangdong Province. This is estimated to have been not less than 34,978 in the first 6 months of the year and added further to the burden of looking after over 38,700 Vietnamese refugees who were awaiting resettlement in other countries. This problem strained Hong Kong's traditionally hospitable

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policy to breaking point. lt was with a general sigh of relief that we welcomed the series of measures that were announced in October 1980 following discussions between the Hong Kong and Guangdong Governments. These had the effect of making it much more difficult for would-be illegal immigrants to reach and penetrate Hong Kong's border and of denying sanctuary to those who actually manage to get through to our urban areas. By the end of the year, what had been a flood of illegal immigrants estimated at more than 449 a day at one stage had fallen to around 33 a day. Nevertheless, the problem remains potentially difficult for Hong Kong and it would be foolish to be complacent.

Another source of relief was that the anticipated rush of Vietnamese refugees towards our shores during the summer months did not materialise and the steady resettlement of Vietnamese refugees by the United Nations High Commissioner for Refugees reduced their number in Hong Kong to 24,045 by the year end. However this also

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remains a potential threat of considerable magnitude to Hong Kong's hard pressed social services and it is to be hoped that international action will continue to restrain the Vietnamese authorities from stimulating a further massive migration of ethnic Chinese from that country.

The continuing expansion and improvement of Hong Kong's already strong economic and cultural links with the People's Republic of China was another positive development during 1980. Throughout the year, new joint venture agreements were entered into between Hong Kong companies and counterpart organisations in China covering a wide spectrum of industrial and commercial activity - hotel construction, financial services, the manufacture of industrial and consumer products to mention but a few of the categories concerned. Neither the investment involved nor the potential value of the resulting goods and services can be quantified

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9

Chairman's Statement cont'd

at this stage. However the expanded visible trade between Hong Kong and China to which I have already referred provides some indication of the potential for the future. Perhaps even more important than the value of these agreements in financial terms is the high level of confidence in Hong Kong's future that they have engendered. Taken together with the effects of increasingly close and mutually helpful contact between senior Chinese and Hong Kong officials, which have resulted in a number of assurances being given by Chinese leaders on Hong Kong's importance to China, international and domestic confidence in Hong Kong has never been higher. This in turn has fuelled a boom affecting virtually every sector of Hong Kong's internal infrastructure. Construction in both the public and private sectors was at an all time high during 1980 yet output of housing and commercial premises was insufficient to meet the demand. Inevitably, rentals and sale prices rose sharply throughout the year creating problems for many

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businesses. At the year end, however, some relief was in sight with a substantially increased supply of new stock scheduled to come onto the market during 1981, particularly in the commercial sector.

In this context, the legislation at the beginning of 1980 extending rent controls to cover virtually all residential premises in general achieved the desired short term result. However whether this measure will aggravate the basic problem over the longer term by inhibiting private sector construction of domestic accommodation remains an open question.

Employment in Hong Kong during 1980 was satisfactory even allowing for the effect of a greatly increased rate of illegal immigration during most of the year. Strong demand for Hong Kong products in world markets, the very substantial public and private sector building programme, the continuing expansion of Hong Kong's financial sector and the growth of our business with China all helped to keep demand for Hong Kong labour at a high level. Employment in the

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manufacturing sector improved throughout the year until the final quarter when weaker international markets began to have their effect on industrial production. Even so, the industrial workforce was higher at the end of the year than at the end of 1979 and it is likely that manufacturing industry will employ one million workers within the next few years. The fact that Hong Kong industry is currently improving its productivity at rates substantially faster than Japan, the United States and West Germany, and that Hong Kong has for some years been ranked among the world's top twenty exporters provides a sound basis for confidence in our long term prospects for employment.

Regarding 1981 most economists appear to believe that world trade will continue to suffer from the widespread recession, with possibly a very slow recovery in the United States but an almost static economic situation in other developed countries and a decline in a few. Overall the world economy is not expected to

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Hunghom IS a centre of communication in a double sense:· lhe Canton Kowloon Railway. with its soon-to-be-completed double tracking, stands alongside the Kowloon entrance to the Harbour Tunnel (left of picture); across the road IS the Polytechnic. where

tomorrow's technology is communicated to to-day·s students. t.I610f'Fm�Jiftllliffi.P.C .. JHHNLft.�: -19i1LUUM(;i!1tU:Wl!P�IV>i:!ill: • tf."e:-1i<'!ll'3.\ltlf:l!lln'!:�ili1t.il1lA. o� ( r;llti.Wi J • ff .. W.l'JI�J&lfBJtJ!IlT.f}'F;t •

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Chairman's Statement cont'd

grow by more than 1% in 1981. The first half of 1981 is likely to be more difficult than the second and, since Hong Kong's exports are heavily concentrated on six of 1he developed countries likely to experience low economic growth rates, it seems likely that we shall continue to see soft markets for our exports at least until mid-1981. Slow growth in our main markets cannot be fully compensated by additional growth in smaller markets particularly since these are also likely to be adversely affected by a faltering world economy.

A matter of considerable interest and some concern will be the renegotiation in 1981 of the GA n Multi-Fibre Agreement on Textiles (M.F.A.). There now seems little doubt that the developed importing countries, which are our main markets for textiles, will press hard for inclusion of further restrictive and potentially damaging clauses in any new M.F.A. There is also no doubt that the developing exporting countries will argue strongly for the

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status quo although even that has greatly reduced the rate of expansion of textile production and exports in many developing countries. lt is to be hoped, therefore, that reason and good sense will prevail in these highly important negotiations.

Additionally Hong Kong, and no doubt many other exporting countries as well, might experience difficulties in trade arising from short term protectionist measures taken by countries whose industries feel threatened by imports. In these circumstances, exporters will continue to rely on the fair application of the provisions of the General Agreement on Tariffs and Trade (GATT), the only international instrument which can effectively help to govern the rules and conditions of world trade. Here too, the forces of protectionism are at work seeking to modify those rules which prevent the imposition of selective and discriminatory import restrictions. Hong Kong must continue to resist such modifications to the GAIT.

Hong Kong has a vulnerable industrial and export market structure. Only

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Although there has been encourage­ment from the Government to diversify our industry and markets, this is taking time and garments and textiles still account for 41 % of the manufacturing sector output. However, other industries such as electronics and watches are expanding steadily, and the development of the industrial estates where new industries receive advantageous terms for land has been encouraging.

Against this background, the trading prospects for 1981 give grounds for

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Housing for the rich and not-so-rich: above: alongside the conventional apartment blocks, a new mode or living appears with individual houses for the truly affluent; while the needs of the newly emergent middle-class are catered for with imaginative developments such as Chi Fu Fa Yuen (below). �¥��*���g�0L�,������m¥��·��Xff.A*����rr�mo������*���m���� ( rill!> 1t11m� �<f>'I!J...\?.;JJE�··A1>1<ifiiJI!lll o 13

Chairman's Statement cont'd

cautious optimism with indications that the second half year should be better than the first.

There are more grounds for optimism about the prospects for Hong Kong's service industries in the immediate future, and particularly the financial sector. Only part of this sector is directly reliant on trade and, in the wider context of international finance, Hong Kong is making real headway. The recent replacement of the Exchange Banks Association by the Hong Kong Association of Banks is expected to make a significant contribution to this process. In particular the latter body's improved organisational structure should enable more effective consultation and coordination both among authorised banks and also between them and the Government.

Other service industries such as insurance, shipping, air transport and data processing have all benefitted from Hong Kong's increasing role as an international business centre. This in turn is giving rise to further

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improvements in the training, systems, and management efficiency guiding the growth of these industries.

Despite the problems of industry and trade, the rate at which Hong Kong's infrastructure is being developed is unlikely to slacken in 1981. If anything an increase in the pace seems desirable. Notwithstanding the remarkable rate at which new flats are now being built -over 60,000 units in 1 980 between the public and private sectors - it seems unlikely that we will have caught up with the underlying demand for housing before the mid to late 1 980s. Another vital priority is the provision of adequate transport facilities both within Hong Kong and linking it with the outside world so as to enable it to grow and function efficiently without strangling itself. In this context the Government's recent decision in favour of the Island extensions of the Mass Transit Railway is to be particularly welcomed.

Whatever the immediate prospects for Hong Kong's economy I believe

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that the energy, i"nitiative and ingenuity of the commercial and industrial sector will again overcome the challenges of worldwide economic and political uncertainty. We have generally good industrial relations and a workforce which is continually upgrading its skills; a vital requirement if Hong Kong is to maintain its position against competitors with lower costs in terms of land, raw materials and labour.

In closing I should acknowledge the hard work and dedication of Jimmy McGregor, the Chamber's Director, and his staff both in administering the Chamber's day-to-day operations and in arranging a series of successful trade and industrial promotions in Hong Kong and overseas in 1980.

Finally, I must pay tribute to my predecessor, Nigel Rigg, for maintaining the Chamber on a steady path of development and service to its members during his two years of Chairmanship.

D.K. Newbigging

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Hong Kong Progress

Trade

Hong Kong Overall Merchandise Trade (HK$M)

Imports Domestic Exports Re-exports Total Trade Visible Balance of Trade

Jan.-Dec. Jan.-Dec. % change 1 980 1 979 over 1 979

1 1 1 ,651 85,837 + 30.1 68,1 7 1 55,9 1 2 + 21 .9 30,072 20,022 + 50.2

209,894 1 6 1 ,771 + 29.7 - 1 3,408 - 9,903

Imports: Major Suppliers (HK$M) Imports: Major Items (HK$M)

Japan China USA Taiwan Singapore U K

Jan.-Dec. Jan.-Dec.

1 980 1 979

25,644 1 9,230 21 ,948 1 5 , 1 30 1 3,210 1 0,365

7,961 6,035 7,384 4,821 5,456 4,350

Raw materials, and semi-manufactures

Consumer goods Capital goods Foodstuffs Fuels

Jan.-Dec. Jan.-Dec. 1 980 1979

46,489 29,469 1 6 ,055 1 2,065

7,573

37,507 2 1 ,530 1 2 , 1 56

9,968 4,676

Domestic Exports: Major Markets (HK$M) Domestic Exports: Major Products: (HK$M)

USA

Jan.-Dec. Jan.-Dec. 1 980 1979

Clothing

Jan.-Dec. Jan.-Dec. 1 980 1 979

23,258 20, 1 3 1 Fed. Rep. o f Germany U K

22,591 7,384 6,791 2,321 1 ,941 1 ,791

1 8,797 6,344 5,974 2,656 1 ,789 1 ,4 1 3

Toys, dolls and games 5,944 5,1 56 Watches 5,204 3,516

Japan Textiles 4,535 4,065 Australia Radios 3,888 3,186 Singapore

Re-exports: Major Markets (HK$M) Re-export: Major Products (HK$M)

China USA Indonesia Singapore Taiwan Japan

Jan.-Dec. Jan.-Dec. 1 980 1 979

4,642 1 ,3 1 5 3,085 1 ,995 2,761 1 ,684 2,510 1 ,804 2,229 1 ,730 2,201 2,477

Textile yarn, fabrics and made up articles

Chemicals and related products Photographic and optical goods,

watches and clocks Non-metallic mineral manufactures Crude materials, inedible,

except fuels Food and live animals chiefly

for food

Jan.-Dec. Jan.-Dec. 1 980 1979

4,3 1 0 2,772 2 , 8 1 7 2,201

2 , 8 1 0 1 ,802 2,388 2,379

2,373 1 ,580

1 ,4 1 8 1 ,220

Overleaf: Hong Kong accepts that life cannot be all work and no play: the Territory has always been a centre for yachtsmen and the popularity or this sport increases as more people find it within their means. For those who prefer a less active approach to leisure,

seaside homes are available in Lantau (upper right); while the needs of the less fortunate are met by the creation or parks and relaxation spaces, such as this play area in one of the newer estates.

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Hong Kong Progress cont'd

Manufacturing Industry

Employment Industrial Wage Index (July 73 - June 74 = 100)

Overall Clothing Textiles Electronics Plastic products

Banking (at year end)

No. of licensed banks No. of branches Deposits (HK$M) Loans & advances (HK$M)

(Hong Kong) (Abroad)

Average liquidity ( % ) Money supply M 1 (HK$M) Money supply M2 (HK$M) Money supply M3 (HK$M)

Sept. 80 June 80 Mar. 80

892, 140 255,677 124,573

88,883 86,314

925,358 269,074 1 32,498

92,620 88,450

883,827 282,558 1 0 1 ,068

92,478 87,853

Establishments

Overall Clothing Textiles Electronics Plastic products

1980 1 979 1 978

1 1 3 105 88 1 ,033 906 790

88,490 67,985 59,929

1 24,403 83,005 62,839 (94,970) (62,227) (46,428) (29,433) (20,778) ( 1 6,41 � )

48.4 48.0 46.2 24, 1 24 20,851 20, 1 1 0 96,862 75,270 66,472

1 39,578 99,765 76,9 1 9

Stock Exchange Performance

Hang Seng lndex (31 .7.64 = 1 00)

at Far East lndex ( 1 .4 . 7 1 = 1 ,000) month end Kam Ngan Index (2. 1 . 73 = 1 00)

Total Turnover During Month (HK$M)

Sept. 80 Mar. 80 Sept. 79

Overall 2 1 5 202 185 Clothing 208 193 182 Textiles 217 205 185 Plastic products 231 228 2 1 2 Electronics 226 2 1 8 1 87

Sept. 80 June 80 Mar. 80

45,409 44,776 43,457 8,991 8,914 9,976 5,013 5,091 3,659 1 ' 1 97 1 ' 1 4 1 1 ' 1 29 4,8 1 6 4,858 4,733

Finance

Government Revenue & Expenditure (HK$M)

1 978-1979 1 979-1 980 1 980-1981 (Est.)

Dec. 80

1 ,473.59

7,448.08

1 ,305.09

1 1 ,624.1 9

June 80

1 ,066.84

5,1 07.59

898.48

5,51 2 . 1 9

Revenue Expenditure

1 2,557 1 6 ,796 29,000

1 1 ,090 1 3,872 1 9,677

Jan. 80 Monthly Average for 1 980

907.50 1 , 1 2 1 . 1 7

4,358. 1 3 5,506.37

789.06 972.39

6,4 1 1 .68

Companies

Total number of firms No. overseas owned

1 980 1 979 1978

82,604 68,698 59,076 1 ,398 1 ,269 1 ' 1 3 1

Standard of Living

Per Capita G DP At current prices (HK$)

1 980 1 979

20,933 (Est.) 1 7,57 4 (Est.)

1978

1 5,086

1 977

1 3 , 207

Consumer Price Index (base: July 73-June 74 = 1 00)

Household expenditure of $ 400· $1 ,500· $3,000· $ 1 ,499 $2,999 $9,999

Index for Dec. 1 980 1 68 1 68 1 66 Monthly Average for 1 980 1 60.8 1 60.3 1 57.4 Monthly Average for 1 979 1 39.2 1 39 . 1 1 37 . 1

Incoming Visitors

Jan.-Dec. % change 1 980 80/79

Total 2,301 ,473 + 4.0 Japan 472 , 1 82 - 7. 1 USA and Canada 403,262 + 1 4.0 Australia & New Zealand 1 94,406 + 1 5.9 West Europe 342,387 + 1 4.3 South East Asia 645,387 - 2.5 Length of Stay (night) 3.60 - 1 .6

Tourism

Gross Domestic Product At current prices (HK$M)

1 980 1 979 1 978 1 977

1 06,088 (Est.) 86,1 1 3 (Est.) 69,491 59,6 1 5

Labour Force

Sept. 80 Mar. 80 Sept. 79

Total labour force ('000) 2,371 2,280 2 , 1 95 Unemployment rate 4.3% 3.2% 3.4%

Visitor Expenditure (HK$M)

Total Japan USA and Canada Australia & New Zealand West Eu rope South East Asia

Jan.-June % change 1980 80/79

2,91 5.84 649.97 481 . 1 9 285.54 434.92 7 1 2.70

- 1 . 4 - 20.3 + 22.6 + 1 1 .3 + 1 4.2 - 1 6. 1

Other I ndicators

Electricity consumption

(Mn. megajoules)

Buildings completed

No. completed Usable floor area ('000 sq.m.) Cost of construction ($M)

(cost per sq.m.$)

1 980 1 979

40,427.1 9 36,470.32

1 980 1 979

543 557 2,607 2,875 4,673 3,268 1 ,792 1 ' 1 30

Gas Consumption

(Mn. megajoules)

Commercial Cargo

Sea Cargo ('000 tonnes) Cargo discharged Cargo loaded

Air Freight (tonnes)

Imports Exports

1 980 1 979

3,523.60 3,02 1 .25

1 980 1 979

24,623 22,599 8,940 7,71 1

1 05,200 1 07,019 1 52,666 1 50,389

1 9

Chamber Review

1980 was another year of substantial progress for the Chamber, both in the development of routine activities, and in a variety of more specific innovations.

The Chamber's performance is perhaps best summed up in the fact that membership at the end of the year had reached an all-time high of over 2,500 companies. 304 new members joined the Chamber during 1980.

The financial outcome for the year, shown in the attached accounts, reflected the healthy state of membership, together with a continued high level of earnings from the other principal revenue raising activity, certification of export documents. Nonetheless, increasing costs, following the general trend of inflation in Hong Kong, and particularly in rentals, obliged the General Committee to

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authorise a 25 percentage increase in subscriptions for 1981. As subscriptions were last raised in 1978, this percentage increase was still below the rate of inflation that had taken place over the past three years.

Highlights of the year included a top level mission to the U.K. led by the Chairman in November; considerable development of support services for members of the Chamber - and others -dealing with the People's Republic of China; continued efforts to improve our economic ties with Japan both via the Hong Kong/ Japan Business Cooperation Committee and at Chamber Directorate level; the organization of trade promotional missions to 20 countries, giving rise to some $85 million worth of firm export orders; sponsorship and participation in the Expoship 1980 Exhibition; and a particularly heavy year at

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committee level for consideration of both current and proposed legislation, ranging from the Prevention of Bribery Ordinance to the operation of the Textiles Export Control System.

General Committee and Council The General Committee met six times during the year (excluding a short post AGM meeting at which the Hon. D.K. Newbigging and Mr. John Marden were elected as Chairman and Vice-Chairman respectively). Among matters considered were the Report of the Advisory Committee on Diversification; Rent Control of Domestic Premises; Chamber Representation on Government Boards and Committees; Amendments to the ICAC and Prevention of Bribery Ordinances; in addition to a variety of more routine matters. Especially

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Shalin New Town combines the Sport of Kings with Homes for Millions. A few years ago much of the site was a tranquil bay. i'l:fBtlimili�fi.��&.\Yi!J['f)tl:ll • f(�;J(J , �1>EB:kiillflt.l1!!1iU�!il;;pl'l'Jiijill! •

� 11 I I !

Chamber Review cont'd

important among the latter was a detailed consideration of the Chamber's financial position over the coming few years, resulting from a study commissioned from the Chamber's Treasurers.

Opportunity was taken during the year to increase the number of representatives on the General Committee to the permitted maximum of 20. Several long serving members retired at the Annual General Meeting, but remained on the Chamber's Council.

In accordance with the custom established last year, the Council met formally only once and considered its future role and composition. l t was confirmed that the Council should continue to have an advisory function and should meet formally only once each year with other meetings being called when circumstances warranted.

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Although form'11 Council meetings are infrequer1t, individual councillors continue to play an active and important role in many aspects of Chamber work.

Other Committees Four ad hoc committees were active during 1980, those considering legislation affecting rentals, the Trade Descriptions Bil l , liaison with the Standing Commission on the Civil Service, and in defining contact organisations in the People's Republic of China. All carried out a full programme of work.

The Industrial Affairs Committee met five times during 1 980 to discuss. inter alia, industrial training, environmental protection and controls, industrial safety, the oil supply situation and proposed labour legislation.

The Home Affairs Committee met formally four times during the year, as well as considering a number

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of matters circulated in papers. Subjects of full meetings included revisions to the Prevention of Bribery and ICAC Ordinances (considered in conjunction with the Legal Committee); the operation of the Prisons Service; the Green Paper on District Administration; and the developing pattern of Hong Kong's transport services.

The China Committee met five times during 1980 to advise the Chamber on important issues affecting trade with China and liaison between the Chamber and PRC organizations.

In view of the satisfactory work being carried out by individual Trade Area Committees, the International Trade Committee was formally disbanded.

Trade Area Committees met regularly throughout the year and, among other work, made a

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Taipo, on the eastern edge of Tolo Harbour, provides new homes for Hong Kong's overspill and new jobs in the nearby industrial estate. tEI!:I:fill!'lli:i!D3:;i;:l!fi • �:4>:/!'JM'ltBAollll!t'i1il.!llil : lffi�H!IIBI5RJ!ill�l1S:;I;:Jfflf.!f.!i!:Jll!P:Wf�;\'llfi€t • 23

Chamber Review cont'd

substantial contribution to the success of the Chamber's various overseas missions.

The Shipping Committee, the Textiles Committee and the Legal Committee also had a busy year, and other committees met as and when required.

Representation on Non Chamber Committees Altogether some 36 Chamber members, including members of the Directorate, were active on 58 non-Chamber committees, ranging from official Government advisory boards, and their working sub­committees. to projects associated with community development. Following the disbandment of the Trade and Industry Advisory Board, the Chairman, the Hon. D.K. Newbigging was appointed ad personam to the Trade Advisory Board, and the Vice-Chairman, Mr.

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John Marden, was appointed as the Chamber representative to the Industry Advisory Board.

Directorate and Divisions In general, it was a year of both innovation and consolidation of past services for the Director, J.D. McGregor, and the three Divisions, headed by Harry Garlick, Cecilia Fung and T.L. Tsim, although the latter resigned at the end of the year to take up appointment with a member company.

In accordance with the practice set in recent years. the Directorate continued to maintain close watch over working methods and to introduce improvements wherever scope is available. This was most obvious in an increased degree of mechanization of basic services, including a study of the advantages of computerization, which is planned to be introduced on a limited scale early in 1 98 1 .

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Industry Division

In the field of investment promotion the Division assisted many industrial potential investors visiting Hong Kong, or making enquiries from other countries.

Other Industry Division work included examination of legislation having significance for labour and industry generally, representation to the Government where necessary on industrial matters, detailed consideration of the Government's textiles quota control system. support services for those members of the Chamber dealing with the People's Republic of China and the provision of information on industry to local and overseas enquirers. During '1 980 senior executives of the Chamber attended several meetings of the Hong Kong/Japan Business Cooperation Committee

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in Hong Kong and Japan, and participated in the Kagoshima/Hong Kong Economic Conference and the Yokohama/Hong Kong Industrial Conference.

Incoming groups included those organized by the North of England Development Council, the Lesotho National Development Council, the South Carolina Port Authorities, the Republic of Panama, Baja California Mexico, and a study mission from Singapore.

The Certification Branch of the Division issued 154,701 certificates of origin and 586 carnets during the year, representing an increase of about 5.15 per cent and 24.68 per cent over 1979.

Trade Division

Aside from firm orders which were generated directly from trade promotional efforts, additional business also accrued from trade

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enquiries which came in from all over the world and which have continued to increase year after year. In 1 980, over 1 6,000 trade enquiries were dealt with by the Trade Enquiries Branch of the Trade Division.

The number of trade complaints showed a big increase in 1980, almost double that of the previous year, and the number of arbitration cases maintained its 1979 level. The Chamber's role in commercial arbitration has been brought to the attention of the Law Reform Commission which is looking into the provision for arbitration services in Hong Kong.

Elsewhere. in trade facilitation, the Trade Division continued to give support to these worthwhile causes not only in the form of direct representation on the Trade Facilitation Committee but also through the gathering and dissemination of information.

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Administration Division

Five major Good Citizen Award presentations were held during the year. Since this scheme started as part of the original Fight Violent Crime campaign in 1973, over $1 million hE!S been distributed to about 1,000 local people for their efforts towards making life difficult for the criminal.

The Bulletin continues to hold its established place as a leading local business magazine, and advertising support was sufficient to allow it to cover direct production costs. The publications programme and associated PR and publicity activities were maintained despite a continued high-rate of staff turnover.

31st December, 1980.

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25

The Hong Kong General Chamber of Commerce (Limited by Guarantee) w�l.�im� ( ::fiPHi¥ftE1Hil )

Balance Sheet �il:�fi� As at 31st December, 1980 ll($:-:h.i\O�+=fl .:::.+- B .ll:.

1 979

$4,069 , 1 67

550,607

$4,61 9,774

$ 1 5,389

s 1 53,473 1 , 820,400

269,000 481 ,422

$2,724,295

$7,359,458

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bD : *'¥1l£ J&>!{j;lJM;

it llll\ il · t;t-UI:ll :& fll�f.j:JJ( l1J11J!il!i'�t'i &. rr $•/'i tJiJ!lr-1t;\ -if-1ft i'l H '1'1 J&ftJ�IJDf{ !/,[i!Jl Zi:£iil. f/H11iA

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RA.Iit*i+�•mm tl\?M�.;I Mi

�]!q(

General Fund As at 31 st December, 1979

Add: Excess of Income over Expenditure for the year

Provision for Staff Superannuation

Current Liabilities, Provisions and Receipts in Advance Leave Passages and Baggage Allowance Subscriptions for 1 981 Received in Advance Deposits received from Mission Participants Creditors

The attached notes form an integral part of these accounts.

D.K. Newbigging J.L Marden J.D. McGregor

Chairman Vice Chairman Director

Lowe Bingham & Matthews Certified Public Accountants

Treasurers

$4,61 9,773.54

659,417.27

$ 1 53,976.41 2,461 ,500.00

326,000.00 660,012.72

I HK$

$5,279,190.81

37,070.15

$3,601 ,489.1 3

HK$8,917,750.09

1 979

$2,854,6 1 6 1 ,41 7,765

$1 ,436,851

$ 74,950 20,494

s 54,456

$ 439,059 1 42,698

$ 581 , 757 12,463

$ 569,294 263, 530

s 305,764 ----------------

$1 ,797,071 ----------------

s 748 ,579

149,407

$ 599, 1 72

$ 599,1 72 ----------------

s 207,252

$ 207,252 ----------------

$ 38,1 50 384, 334

4,026,869

306, 6 1 0

$4,755,963

$7,359,458

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M rt

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h i!Hll: �I{ ' ljj( lt li it« : 11tll:

( -1ti\O�t-=:. H "'t---8

jji(tlif.SS 151 , 000 ; L: Jtif

t-_-. fj :::;: t·- ll rti ft[[�

S373.850 l

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Fixed Assets

Properties- AI Cost (Note 1 ) Less: Amount Wrillen Off

Motor Car- At Cost Less: Aggregate Depreciation

Furniture and Fittings

At Cost or 1 975 Valuation as at31 si December, 1 979

Additions during year at cost

Less: Disposals

Less: Aggregate Depreciation

Investments - Quoted Overseas

Office

$358 , 1 65.26 1 90,690.00

$548,855.26 26,500.0.0

$522,355.26 21 9,406.56

$302,948.70

£52,934.40 U . K . Government 1 51/4% Treasury 1 996 Bonds at Cost (£64,090.64)

Less: Provision for Diminution in Value

Less: Disposals

Hong Kong Shares Quoted, At Cost Less: Disposals

(Market Value at 31 . 1 2.80 $1 5 1 ,000; 3 1 . 1 2.79 $373,850)

Current Assets Stock on Hand - Stationery and Supplies

as certified by the Director Debtors and Prepayments Fixed and Call Deposits Bank and Cash Balances

$2,854,61 5.50 1 ,456,266. 1 0

$ 74,950.00 34,1 08.00

Staff Quarters

$ 21 1 , 1 28.64 1 4, 1 1 7.50

$ 225,246 . 1 4 4,375.00

s 220,87 1 . 1 4 1 23,456.44

$ 97,414.70

$748,578.68

1 49,407.00

$ 599, 1 7 1 .68 599, 1 7 1 .68

s

$ 207,251 . 80 1 79,364.80

HK$

$1,398,349.40

$ 40,842.00

400,363.40

$1,839,554.80

s 27,887.00 $ 27,887.00

s 55,223.50 518,91 0.32

6,1 40,554.1 8 335,620.29

7,050,308.29

HK$8,917,750.09

27

I ncome and Expenditure Account llt�*E·� for the year ended 3 1 st December, 1 980. ��-nAO�+=��+-B ���

1 979 HK$ .tilt A Income

$2,725,200 it��� Members' Subscriptions $2,927,1 00.00 3,057, 1 90 � �'ll(� Fees 3,268,667.05

fU.@, Interest 44,01 6 W.fJU!l:� Quoted Investments $ 97,790.03

402,359 ;11;(1!! Others 595,646.01

s 693,436.04 1 3,660 fillnl!H't�.f,!, Dividends from Quoted Investments 4,900.00 698,336.04

l±l � l!l:i'n.t j!)J't lfZfi1[ i\'l«li Profit on Disposal of Investments net of

Provision for Diminution in Value of Investments (1 49,407) !iiEl I ( II!Jj!!j ) �hl!fU Written Back/(Written Off) 281,168.95

fu�.fjl:j)!#,l: Property Tax Refund 65,762.00

$6,093,01 8 HK$7,241 ,034.04 -.. ------------- -------------------- ------------- ------------------

1i:tti Expenditure

.jl Staff $2,809, 1 8 1 ili�&1F��� Salaries and Bonus $3,376,687.82

253,631 Ji.ffitfiH!.�ft!� Contribution to Staff Provident Fund 358,929.44 21 4,299 taJ!�m�m.�&mH Staff Quarters' Rental and Expenses 1 39,266.97

69,685 N�'l'l Medical Expenses 83,433.20 1 61 ,537 ll.lfx*t!J Leave Passages 1 08,821.63

1 2,596 i'J!IW&?a� Training and Recruiting 47,248.66

$3,520,929 $4, 1 1 4,387.72 ---------------

-·�� Office

s 801,452 m� , ��n 'lltYi·J� Rent, Light and Telephone $ 863,915.94 279,433 l'lllilU&"9:A Printing and Stationery 306,263.78 1 1 9,984 JIW! Postages 120,1 82.03

1 7,554 11Hil&W1'1'11lHIH'l Telegrams and Telex 1 6,961.55 31 ,267 m�·t Sundry Expenses 29,381.79 52,036 m 1$ & iill �Rl·t'c Maintenance, Repairs and Cleaning 61,391.07 67,866 illcti!&��·l'i Structural Alterations 26,500.00 1 8,897 l!tfil'l'l Books and Newspapers 27,614.24 1 2,339 'i>:ll!i:ili-IlJ-1'( Local Travelling 1 9,292.80 1 7, 81 0 ({lfit'ilfl Motor Car Expenses 28.890.55

$ 1 ,41 8,638 -------------- -1 ,500,393. 75

$ 1 2,356 i*ll!. Insurance 8,610.00 ---------- -----.l!llm•m Services

s 8,000 ��Mi·l� Audit Fee $ 1 6,000.00 36,000 �16M'i Treasurers' Fee 44,000.00

2,650 U;ftlnm Legal Fee 1 ,300.00 H:'l'f�'i Trustees' Fee 1 5,502.91 �1Ji Professional Fee 24,500.00 11UY�tnW Computing Fee 85,870.00

s 46,650 187,172.91 ------- --------

�- · ;"tll& Depreciation on Properties. Motor Car

--�- - -�?� ·-��� {lff'�tlJ.Ztlfli and Furniture and Fittings 151 ,876.90

•J!IJ*il·&�JrHI� Subscriptions and Educational Donations 1 8,822 tt"T� :r.;Ui&lli:Z.ft.WJ!til'l ft ·t� Subscriptions to Trade Associations $ 2 1 ,527.20 2 1 ,71 0 ���&;ltll!!fti!::!: Scholarship and other Donations 24,650.00

$ 40,532 46,177.20 ---------------

$ 51 , 1 1 0 l±lli!i�� Publications $ 63,364.38 24,889 llt'.Sj� Advertising 8,202.54

322,982 r"l !!t0fi!IM1Jtll!�'i Trade Promotion Expenses 413,537.46 (57.01 5) il!i(ftttl11i: I ( f!Jir.t ) Exchange Loss/(Profit) 3,864.31

s 341,966 488,968.69 -------------

s 600 UJUI'i Bad Debts Written Off 250.00 -------------s 4,320 1±11!f��wz�rum11< Loss on Disposal of Office Furniture $ 3,683.50

lfJWIIlHl.m��ff!fL\11< Loss on Disposal of Staff Quarter's Furniture 1 , 733 . 1 0

$ 4,320 5,416.60 ------------- 50,000.00 --------- -- -- tlli�ftl!H+; � Transfer to Staff Superannuation Fund

s 23,326 tt flU m.u::: J Taxation (Note 3) 28,363.00 -------------

:c$:1Fitll!!::1i*Bf* Balance - Excess of Income Over Expenditure for s 550,607 lli.Aft'ii�f£ the year carried forward to General Fund 659,417.27 -------------

$6,093,01 8 HK$7,241 ,034.04

Notes to the Accounts

tn-'?£-:ht;:h{f.

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ljj\(jfi Cost at 31st

Dec., 1979

jlj( : mn M! Lf�ss: Aggregate Depreciation

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Auditor's Report

1 . Fixed Assets - Properties, Long Lease

A4, Cragside C-2, 5th floor Flat E, 1st floor, Flat F, 1st floor, Mansion,23 Villa Monte Rosa, Happy View Court, Happy View Court, Barker Road, Stubbs Road, 2-8 Broadwood 2-8 Broadwood Hong Kong Hong Kong Rd., Hong Kong Rd., Hong Kong Total

W�.fl'l� l'l�iil�ttili l'tfl��ili 1"i���ill

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HK$ HK$ HK$ HK$ HK$

$ 1 , 3 1 4,568.00 $ 753,727.50 $ 383,860.00 $ 402,460.00 $2,854,61 5.50

$

1 , 3 14,567.00 75,372.80 32,788.00 33,538.30 1 ,456,266. 1 0

1 .00 $ 678,354.70 $ 351 ,072.00 $ 368,921 . 70 $ 1 ,398,349.40

2. Depreciation Policy (a) The property Cragside Mansion was written off in 1 9 75 from the surplus on the sale

of a house occupied by the previous director. (b) Other properties are being depreciated over a period of forty years from the date of

acquisition. (c) Furniture and Fittings and the Motor Car are being written off at20% and 25% per

annum respectively on a reducing balance_basis.

3. The Chamber is liable to Profits Tax on surpluses earned other than those arising from subscription and fee income. Provisional Profits Tax was paid at the rate applicable of 1 7% (1979 at 1 7%) .

4. Foreign currency balances included in the annexed balance sheet have been translated into Hong Kong Dollars at approximately the market rate of exchange ruling at 31st December, 1 980. Differences on translation have been dealt with in the Income and Expenditure Account.

In our opinion the accounts set out on pages 26 to 29, comply with the Companies Ordinance and give a true and fair view of the state of the Chamber's affairs at 31st December, 1 980 and of the surplus for the year ended on that date.

Signed Peat, Marwick, Mitchell & Co.

Certified Public Accountants 13th March, 1 98 1 . Hong Kong.

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29

Committees 1st January, 1 980 - 3 1 st December, 1 980.

Local Affairs Home Affairs J.L. Marden, CBE. MA, JP

H.M.G. Forsgate. OBE. JP

J.H.W. Salmon H.C. Yung, JP M. Stevenson. JP

J.B. Osborne I.R.A. MacCallum. JP

K.M. Campbell S.J. Osmond D.C.H. Liang

Hong Kong for New Arrivals Course Planning Committee P.F . . Barretl B. Huey T.C. Cheng, OBE, JP

A.R. Hamilton A.J. Liardet John Liu R.C. Farrell Rear Admiral J.R.S.

Gerard·Pearse, CB

Legal Committee P.A.L. Vine, OBE. VRD, JP

I.R.A. MacCallum. JP

B.S. McEiney, JP

G.E.S. Stevenson, MBE. JP

J.R. Wimbush Ma)colm A. Bar nett

(Co·opted pro tem)

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Taxation Committee J.B. Osborne RE. Moore, JP

M.K. Tan J.W. Harris C.G. Greaves George Belts

res1gned November 1 980

Ad Hoc Committee to Consider The Trade Descriptions Bill J.R.A. MacCallum. JP

C.D. Beale A.G. Rogers M. Stevenson, JP

E.J.S. Tsu, JP

Ad Hoc Committee on Civil Service Standing Commission M. Stevenson, JP P.F. Barrett P. Carpenter B. Huey R.C. Farrell Chester Tang Joseph Yung

Ad Hoc committee on Rents and Accommodation A.D.A.G. Mosley J.W. Ahuis Dr. Steven C. Chow

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A. E. Gazeley Trevor W. Knight

Industrial Affairs Industrial A ffairs Committee Dennis Ting, JP Hon. S.L. Chen, OBE. JP

A. E. Gazeley ClasGotze C.R. Gray Trevor Knight Hon. Alien Lee Eric Lo Y. Ola David C. Da Silva J.L. Soong El mer Tsu. JP

Dr. James S.W. Wong H.T. Woo. OBE David Wu

Industrial Development Fund Management Committee Hon. D.K. Newbigging, JP M.K. Brown W.W. Ferguson ClasGotze T.C. Ho Philip Horan John C. Louie Robin De Morgan Henry Richards

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Dennis Ting, JP

P.J. Wrangham

China Committee J.W.F. Chandler H. Luehrs Pat rick Alexander W.K.P. Chan D.W.B. Chrislie A.R. Dicks Y.C. Huang J.A.C. Jansen Hon. Alien Lee, JP

A.J.N. Russell F.C. Mer rill M.K. Tan Dennis Ting. JP

E.J.S. Tsu. JP Leo Weiss Roger Williams lan Forgan

res1gned May 1980 A. D.A.G. Mosley

res1gned September 1980 8.8. Henriksen

res1gned December 1980 W.M. Sulke. OBE. JP

resigned December 1980

Textiles Committee Elmer Tsu, JP J.W. Ahuis Ronald K.Y. Chao Y.T. Chang

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Above: Yuen Long now rises like the set of a science fiction movie to dominate the surrounding plain. Below: Tuen Mun is one of the most quickly growing of the New Towns. .1:/J/ : :iCllJll.'.li�li'fffll!fll�'!if)jl o r� : I1LI"I.l€1£l:�A'lllilt�-11'lofflifiili o

David Chu Frank Jen I an Macaulay J.M. McKenna Michael S.T. Chen J.C.S. Rankin N.J. Sousa, JP

Kayser Sung S.W. Yam K.C. Tam

res1gned July 1980 David Chang

resigned December 1980

Electronics Committee Hon. Alien Lee, JP

TommyZau RujoAnn Johnson Cha Y.C. Cheng Brian H. Christopher Clas Gotze Raymond Koo H.T. Woo Thierry Meyer

res1gned June 1980

Certification Committee N.J. Sousa, JP A.C.W. Blaauw J.R. Wimbush

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3 1

Committees cont'd

International Trade Chan Ka Chuen Pan Fu Hung Arbitration Committee resigned September 1980 Philip Wong P.G. Williams, OBE. JP Roy King Hon. Wong Po Yan, OBE

E.J.S. Tsu, JP resigned September 1980 resigned July 1980

J.R. Wimbush T. Takemasa Central & South America resigned September 1980

Shipping Committee Area Committee

Simon K.Y. Lee H.D.R. Edwards South Asia/Pacific Area

Frank Chao Moti Karamchand Committee

J.A.C. Jansen N.J. Chantry G.M. Aldrich

William W.Y. Lee John Lau Miss DoraWu

A.J.D. Lygo Wilson Leung Biii Adams

David McLeod G.B. iMahbubani Henry S.H. Fung

lan H. Moyes E.M. McMillan A. Gopi

B.P. Wong V. Panchapakesan Philip Lai

P.B. Barefoot V.K. Parekh Dr. Eric T.M. Yeung

resigned October 1 980 Michael Poon I an W.T. Smith Ricardo S. D'Jaen, AlA resigned January 1980

Trade Area Committees H. Afman Howard Young

North America Area Committee G. Archer Philip Lai C.D. Beale A.C.W. Blaauw S.Y. Choy Capt. J. For rest Dr. Victor Fung lra D. Kaye T.R. Morehouse Y.K. Wong Peter Parsons

resigned March 1980

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resigned July 1980 resigned January 1980

A. G. Searle Robert P. Cutler resigned August 1980 resigned October 1980

Ho Man deceased JNovember 1980 West Europe Area

Committee Japan, Taiwan & Korea Daniel S.C. Koo Area Committee D.W.B. Christie Simon K.Y. Lee J.R.H. Bond Loweii Chang K.S. Hyun Y. Komori Leung Siu Kai H. Okada

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lan H. Moyes C.L.T. Hodgson Jesper Norgaard J.F. Holmes Fritz Pleitgen Wilson Leung N.J. Sousa, JP E.U. Lyen K.C. Tarn M.N. Master E.J.S. Tsu, JP D.G. Moir M. Williams, Mrs. N.l. Sakraney Susan Wong, Miss S.J. Shroff G.E. Woodford K.C. Tarn M.K. Yeung A.R. Maynard Thomas Szu-Tu resigned May 1 980

resigned April 1980 W. McPherson Alan Mills resigned June 1980

resigned April 1980

P. Pedersen Arab Area resigned May 1980 Committee

Stanley S.K. Kwan H.E. Lee resigned May 1980 Moustapha Sakkaf

Fahed S. Bughdadi East Europe Area C.C. Caldwell Committee T. Dayaram E.J.S. Tsu, JP Frank W.S. Feng S.Y. Wong Albert Kan F. Berlschinger Haissan Khudari J.V. Doetinchem Andrew Ko A.l. Donaldson M.N. Master Daniel S.C. Koo Sami Nasser James Law Omer A.K. AI·Aidaroos E.U. Lyen Thomas L. Wu LT. Tao J.C.S. Rankin

resigned January 1980 Africa Area Committee A.R. Maynard JAC. Jansen resigned May 1 980

Madeline Wong, Mrs.

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