Hong Kong's wealthy British merchants have always insisted that trade transcends politics. "We are just simple traders who want to get on with our daily round," said Governor Sir Alexander Grantham after the Communists captured China. Hong Kong got on so well with its daily round that in 1950 it did a record $400 million worth of business with Red China. It transshipped to China increasing quantities of raw rubber from Malaya, as well as gasoline, steel and other strategic materials from the West.
Last month, when the U.S. embargoed shipments destined for Red China, Hong...
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