23
COMM
PUBLIC ACCOUNTS COMMITTEE
60. I now turn to a few items in the Financial sector.
Standing Orders of this Council were amended on 10th
June to provide for the establishment of a Public
Accounts Committee.
The Committee will have its
first meeting in a few weeks' time to consider the
Director of Aduit's report on the accounts for 1977-78.
This is a welcome constitutional development.
FINANCIAL LEGISLATION
61. In his speech concluding the debate on the
Second Reading of the Appropriation Bill 1978, the
Financial Secretary said that he had set up a small
working party to consider a method of statutory
backing for our system of financial control.
working party has made good progress and a Public
Finance Bill will be introduced this session.
The
62. Last year I mentioned proposals to extend to
registered deposit-taking companies some of the obligations
at present imposed only on banks. A Bill will be
introduced into this Council very shortly to amend the
Deposit-Taking Companies Ordinance. It will provide for
a system of prudential supervision of such companies, of
which there are 234 in Hong Kong, on somewhat similar lines