Hong Kong business
Sir: Your correspondent Mihir Bose (`The illusion of influence', 25 November) is less than fair to the British companies active in Hong Kong. Whether he likes it or not, it is inescapable that the leading concerns by repute and by turnover in Hong Kong — Swires, Jardines, Cable and Wireless, Hong Kong Bank and Inchcape — are British controlled or British managed or both.
It is obfuscation to suggest that because Jardines have moved their registration to Bermuda they are less British-owned or managed as a result. Inchcape, incidental- ly, have just purchased the trading division of Hutchison Whampoa and are rapidly becoming one of the more important Hongs under a dynamic local director (British). Even Hutchison, which Mr Bose incorrectly states to have been 'given up' to Li Ka-Shing (it was given up to the Hong Kong Bank which sensibly provided for Li Ka-Shing to revive it), has a strong British influence in its management. Its Managing Director, Simon Murray, is British, as are a number of their main board directors and divisional managing directors.
Hong Kong is a many faceted business community and it is more appropriate for Japanese companies, for example, to have a manufacturing base there to exploit lower cost labour close to Japan than it would be for a British company to do so. The British skilfully and successfully iden- tified and now dominate those aspects of commercial life which they understand, in particular, the invisible sectors of financial management, insurance, accountancy and law. British fund managers operate and control billions of dollars from their Hong Kong base and have proved themselves world leaders in that respect. I could go on, but I hope I have demonstrated what an unsatisfactory contribution Mr Bose makes, particularly at a time when many British companies and institutions are striving to strengthen links between the UK and Hong Kong. it is worth mention- ing in this context that Hong Kong's first Business School has just been funded as a result of British initiative and with the help of a lot of British cash.
J. G. Cluff
1112 Connaught Centre, Hong Kong
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