hard on it now. It is a desparately complicated legal issue. Q. You don't think that section 140 of the Securities Ordinance....is too strict
which didn't become law with the rest of the
- & provisions
G. Well, this is the problem. It is so strict that its applicationwould have to be selective and a selective application of law is not a very desirable thingm It is maybe what we will have to do if we can't hit on a better solution but I hope we will be able to come up with something better.
Q. Your concern about insider trading is it because of some recent development in the market.
20
G. No it's not it is a matter of great concem in all stock markets including the United Kingdom, as you know. It is a very difficult problem. But I think in days gone by it didn't so much matter here. But now we have a major intemational stock exchange, or stock,exchanges, and it is desirable that people should be able to deal in these markets in confidence that they will be free from manipulation by insider trading, or as much as is humanly possible to achieve this. It never will be possible to achieve it completely
In introducing
"priorities will be webe company laws, What sort of ..... we looking at. deration from
Hong Kong's traditional
is
Because company law
traditional laisse faire policy.
G. Well, I think we have come a long way on this♣ laisser faire and I don't subscribe to dirigism. I think we have got to proceed on a pragmatic basis and we have various measures in mind I'm sorry to have forgotten what I actually said in the Legislative Council. Yes. The further Bills during this session are expected to be connected with the Companies Law Revision Committee which of course we haven't yet had time to study. A Bill involving major revision in consolidation of our insurance law revision and consolidation of our insurance law and finally thisbusiness of insider trading. I am sorry not to have that pat, but it was two or three months ago.
a long way on this, you know, I don't subscribe to
Q. Sir Murray, the Information Secretary has given an estimate of 16% growth rate 'for gross domestic product. That was given some time ago. Is there any reason why this figure should be revised.
G. No. I think it is going to tum about right. As too, I think, the forecast of an average of about 6% growth in real terms per year for the rest of the decade. And Ill add to that I think that next year, that is to say 77/78, is likely to be a bit above average but of course nothing of the order of the very sharp growth this year which was a growth from deep recession. But I would expect next year solid, steady growth of the sort that does Hong Kong best.
Q. When you say above average meaning the 6% or the 16%.
G. No 16% is not our average. I mean....it's 6%. But I would expect next year to be above 6%.
Q. Sir Murray, when you were in England, did you see any further barriers to
Hong Kong trade with the EEC or with the United Kingdom.
G. No I didn't - no.
Q. Or any relaxation, sir.
G.
Well there has been this mild relaxation in principle in the EEC, that is to