4
Thursday, January 11, 1973
"In conclusion a word on a slightly different topic. We are all
becoming increasingly concerned at the frenzy of dealings on the Stock
Exchange. Hong Kong has grown to be one of the great trading centres of the
world on the basis of courageous and prudent investment for profit in
mercantile services, manufacture and real estate, It is such investment that
has provided employment for our population.
"I welcome the emergence in Hong Kong of sophisticated financial
services, including a greatly expanded capital market. But it would be highly
injurious to our economy if the search for profit became deflected from
production and concentrated on Stock Exchange dealings; or worse that the
folly of such dealings was allowed to undermine the financial stability of
productive undertakings.
"To-day the Financial Secretary has been in touch with the Stock
Exchanges. If necessary, Government will have to intervene to reduce the
volume of transactions to more realistic levels. But it would be much better
if the speculators themselves showed more prudence, or in default of that if
all the institutions concerned insisted, as I think they could, that the
market was restored to more rational dealings.
"Reverting to the high standard we are here to honour, I believe
imagination, industrial courage and foresight, that have produced those designs,
are typical of those healthy and highly productive characteristics on which
Hong Kong's prosperity is based.
"I now have pleasure in calling on the representative of Ampex Ferrotec
to step forward to receive the trophy."
Release Time: 7.00 p.m.