HONG Kong Canadians lapped up the Liberal Party victory yesterday, toasting anticipated gains for immigration, business and minority groups within the territory. About 300 Canadians turned up for a six-hour live telecast of the election, which began at 8 am at the Mandarin Oriental Hotel. Reward came two hours later when news of the Liberal victory came on Asia's only continuous live telecast of the entire election. Approving nods echoed the sentiments of new Prime Minister Jean Chretien who said the majority Government was ''not a blank cheque but an opportunity''. The Canadian Commissioner, John Higginbotham, said he was delighted by the turnout. ''It's even better than we expected,'' he said. Among those there were Toronto Mayor June Rowlands and president of the University of British Columbia David Strangway, as well as Hong Kong entrepreneur Allan Zeman. Canadian Commission First Secretary and Consul Neil Reeder said the victory meant many things to those in Canada and the estimated 35,000 expatriates here. ''A lot of Hong Kong Canadians who have investments in Canada have a lot of interest in our markets. ''As a majority Government they are a strong free enterprise party. Traditionally they believe in small and medium size business which is good in terms of investment here. ''Their multi-cultural policy will provide an identity for various ethnic groups in Canada,'' he said. Mr Reeder said Hong Kong was the biggest single source of immigrants to Canada and he noted with apparent approval the Liberal proposal to continue its support of 30,000 migrants each year. Canadian Chamber of Commerce president Eliza Chan Ching-har said the Liberal victory meant the abolition of the North American trade agreement which restricted trade to between the United States and Canada. It would encourage more trade with Hong Kong and Pacific-rim countries. Canadian Trade Office in Taipei Director Ronald Berlet said the world should view the victory as a positive signal. ''With this Government there will be sound fiscal policies emerging. I think we will see the Canadian dollar strengthen. That seems to be a big interest in Hong Kong. I have never seen a country with more punters in my life,'' he said. Canadian lawyer Chisholm Lyons was one of a handful who were not happy. The ''only Conservative in the room'' said he was distressed at the Liberal landslide. ''I think that the priorities of the Government are such that they will address the issues that have no relationship to Hong Kong/Canadian relationships,'' he said. A mock poll conducted at the hotel closely mirrored that of the real election. The result: 40 Liberal, 16 Conservative, 16 Reform, two Bloc Quebecois, two Democrats and two ''rhino'' votes.