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arisen we have used the powers available to us, including the Exchange Fund, responsibly, promptly and decisively. We have, with the co-operation of the banking industry, proposed revisions of the Banking Ordinance to give more supervisory power to the Commission in order to reduce substantially the risk of such crises occurring. Indeed I know of no more important task for this Council than to complete consideration of the Banking Bill and get it on to the Statute Book.
25.
I have already referred to the Commissioner's annual report. For many years an Unofficial Member of this Council has been a member of the Exchange Fund Advisory Committee. This bas HUL been Le case since Mr Brown's retirement from the Council. It is the intention of Your Excellency in due course to appoint two additional knowledgeable local Members to the EFAC, one of whom will be a Member of this Council.
26.
over use of
Responsibility, indeed the duty, over the Exchange Fund lies squarely on the Financial Secretary, who might reasonably be expected to consult from time to time with you, Sir. I also have an open door. Within the secrecy provisions of the Banking Ordinance I am always ready to answer any questions of any Member to the best of my ability. A simple telephone call will often set doubts at rest.
23)
I am paid to take decisions. I stand by those that I have made. It is a heavy burden which I cannot share.
May I quote Winston Churchill:
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"There is no sphere of human thought in which it is easier for a man to show superficial cleverness and appearance of superior wisdom than in discussing questions of currency and exchange."
(Hansard Vol.468,col.16028 September 1949)