Chapter 373 Hong Kong's Interests

Some people say that Hong Kong in the 60s was dominated by light manufacturing, with the clothing, textile and plastic industries accounting for more than 60% of Hong Kong's trade exports, with the clothing and textile industry alone accounting for around 40%.

Hong Kong's clothing, textiles and plastic products occupy a large part of the global market share.

据统计，60年代香江有超过2万家的服装纺织厂，但是人数超过500人的只有100多家，90%左右都是50人以下的家庭作坊。

These family workshops do not have any employment contracts. As long as the boss gets an order, he will work with his family to temporarily recruit a few people from the labor market, or rent a warehouse or a unit in an industrial building to start processing.

Workers are paid by the hour or by the piece.

There was no investment, no technology, no brand. As long as they could get clothing orders, they could make quick money. Therefore, there were no well-known brands in Hong Kong's clothing industry in later generations.

It can be said that as long as Chinese people are involved in any industry, they will strive to be internally competitive.

The 60s was a decade of economic boom in Hong Kong, with the economy shifting from entrepot trade to manufacturing, which in turn led to the growth of the financial and real estate industries.

The banking industry developed bit by bit. In addition to the thousand-year-old HSBC, all the local money houses in Hong Kong were transformed into banks, such as Hang Seng Bank and Far Eastern Bank. There were also banks opened by Southeast Asian capital in Hong Kong, such as Pangu Bank in Thailand and Bank of East Asia in Malaysia.
Before Hong Kong, there was only one Hong Kong Stock Exchange (Hong Kong Stock Exchange), and the listed stocks were basically from British companies, the most representative of which was Jardine Matheson. It was not until 69 that Li Fook-sz took the lead in establishing the Far East Stock Exchange (Far East Stock Exchange), which was specifically for Chinese people to go public and raise funds.

The emergence of the Far East Club has led to the emergence of wealthy Chinese in Hong Kong like bamboo shoots after a spring rain.
钱一多，就立刻反应到房地产行业，60年中环的地价才每平方尺800港币，到63年就翻了几倍到2000港币；铜锣湾从650港币涨到1000港币；尖沙咀从500涨到1300
The rapid development of Hong Kong is inseparable from the high-quality labor costs. Both the mainland people in 62 and the Vietnamese refugee crisis caused by the Vietnam War in 65 brought a large number of high-quality, low-cost labor to Hong Kong.

As a result, as the real estate market became hot, hot money poured in and started to speculate in land. Banks also issued large amounts of mortgage loans, which immediately caused Hong Kong's financial crisis in 65.

In January 65, Mingde Bank collapsed, followed by the closure of Guangdong Trust Bank, which directly triggered a financial crisis in Hong Kong. Not only did the stock market plummet, but other Chinese banks also suffered widespread bank runs.

Guang'an Bank, Daoheng Bank, Wing Lung Bank, Far Eastern Bank, Guang'an Bank, and even the largest Chinese bank, Hang Seng Bank, faced the risk of bank runs and had to sell shares in exchange for sufficient savings reserves to tide over the difficulties.

At that time, the banks that were hit by a run had only three options: 1. Accept an emergency loan from the American Chase Bank; 2. Close immediately and let the government take over; 3. Accept a takeover by HSBC.

Of course, in the previous life, HSBC acquired 5100% of Hang Seng Bank's shares for HK$51 million to become the largest shareholder, completing the acquisition of the largest Chinese bank in Hong Kong, but in this life, it was Wang Deming who took over.

You should know that at that time, Hang Seng Bank already had 9 branches, including branches in Chai Wan and Tsz Wan Shan, with a total deposit of up to 7 million.
In his previous life, Qiu Degen’s Far Eastern Bank was eventually acquired by Citibank (International), which was also taken over by Wang Deming.

At this point, Wang Deming became the owner of the largest Chinese bank in Hong Kong.

The decline of the financial industry immediately affected the real estate industry. Land and house prices in Hong Kong were halved, and many real estate companies went bankrupt. The economic downturn laid the groundwork for the "Anti-British Resistance" in 67.

Hong Kong's economy did not gradually recover until 69.

Some people say that Hong Kong's economic development is the result of the British. That is pure ignorance. Even when Governor Murray MacLehose came to power in 72, the British policy was "active non-intervention."

Simply put, I just want money. That's why the police and criminals were one family in Hong Kong in the 60s. The reason why there was the Independent Commission Against Corruption in the 70s was that the Hong Kong pie was big enough to be cut by the upper class in the UK. Godber, a chief superintendent with no background, could make millions of pounds a year. Who wouldn't be jealous?
On April 71, 4, April Fool's Day, looking down from the top of Victoria Peak at night, the lights of Central and Hong Kong River were shining, and the cars on several main roads such as Queen's Road were swimming slowly like fire dragons.
There was singing and laughter in the Governor's Estate. In the hall, a Hong Kong classical orchestra was playing soft music. Both foreigners and Chinese were well-dressed and elegant, holding champagne in their hands, sitting in groups of three or five and talking in low voices.

Hong Kong stocks included Alexander Grantham, Attorney Gregg, Superintendent Godber, Wong Tak-ming, and Hong Kong's two shipping tycoons, Mr. Pao and Mr. Tung. It was exactly three pairs of three. They were in a corner of the banquet hall, chatting about something and chuckling from time to time.

Although many people in the banquet hall were jealous, no one dared to disturb them.

Governor Ge looked at the three Chinese elites in front of him and couldn't help but sigh. These three people all started their careers during his term of office, and there were actually two world shipping kings.

The Greek world shipping magnate Onassis could only passively rank third in the world.

However, the most terrifying thing is this handsome Mr. Wang. He is a leader in the four pillar industries of Hong Kong: banking, real estate, shipping, and textiles. No, he is unique.
But it’s also a good thing. At least my retirement life is rich and happy.

Governor Ge glanced around the banquet hall calmly, raised the champagne to his lips, and said softly: "Mr. Wang, everyone, I have received news from No. 10 Downing Street. I will officially retire at the end of this year and return to the UK."

"My successor was Murray MacLehose of the British Foreign Office, who represented the British House of Lords, the Queen and the nobility."

He shook his glass and said, "What a pity that Hong Kong is such a great place, but those idiots in our House of Commons just gave it away."

"Mr. Wang, Mr. Bao, Mr. Dong, I have to remind you that the noble gentlemen in the House of Lords are not easy to deal with."

Wang Deming also raised the champagne to his lips, covered his mouth and chuckled: "Governor Ge, your country's former Prime Minister Henry Palmerston once said: There are no eternal friends, only eternal interests. So, as long as our interests are the same, there is no problem."

"Haha, Mr. Wang, you are right." Governor Ge smiled and added, "But you forgot to say the second half of the sentence: It is our responsibility to seek benefits for our country."

"Haha, Governor Ge, you are right! Cheers."

Although Godber didn't understand what they said, he saw that the two were laughing happily and interrupted, "Governor Godber is right, and Mr. Wang is also right. We all have interests in Hong Kong."

Wang Deming looked at him and thought of something, with the corners of his mouth slightly raised: "Superintendent Ge, if I were you, if Governor Ge returns to England at the end of the year, you should go back with him."

Godber is making a fortune, so how can he give it up? If he were not a superintendent, no one would care about him.

He smiled and said, "I have to prepare for the transition of public security for the next governor."

"Oh, well, I wish you all the best!"

(End of this chapter)