222
Wednesday, March 28, 1973
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Speaking on the Securities Advisory Council, which would come
into being after the enactment of the proposed Securities Bill, Mr.
Haddon-Cave said the Council would be provided with legal powers to
curb more fundamental abuses which had the effect, in one way or
another, of rigging or distorting the market in particular securities.
"But again the Securities Bill will not give the Securities
Council powers to pass judgement on the general level of prices in the
stock market, which is a matter for market forces to decide," he
said.
The Financial Secretary said the complicated legal drafting
of the Securities Bill was well in hand and should be before the
Legislative Council in the early summer. The Bill, he said, would
cover all aspects of trading in securities.
Mr. Haddon-Cave said he did not believe there was any more
the Government should do to control stock market operations at the
present time beyond the measures he had re-stated,
"In other works, I am afraid I cannot agree with my honourable
friend Mr. Wilfred Wong that there is either a short term or longer
term need to increase further the rate of stamp duty on share
transactions announced in the Budget Speech, and I doubt whether on
reflection, he would press it today.
"Certainly,