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Wednesday, July 18, 1973
BILL PROHIBITING COMMODITY EXCHANGES
A report on the possibility of establishing a commodity exchange
in Hong Kong is now being prepared by a visiting British expert on the subject.
The Financial Secretary, the Hon. C.P. Haddon-Cave, told the
Legislative Council today that Mr. John Wilson, from the Bank of England had
been in Hong Kong for the past two and a half weeks conducting preliminary
enquiries, which had been wide-ranging.
Mr. Haddon-Cave made the remarks when moving the second reading
of the Commodity Exchanges (Prohibition) Bill 1973 which seeks to prohibit temporarily
the establishment or operation of commodity exchanges through which commodities
are to be bought and sold as futures,
Various markets and exchanges in existence on June 20, this year,
such as the daily rice auctions and the Gold and Silver Exchange, are excluded
from the legislation.
Mr. Haddon-Cave said the present legislation "thus prevents the
establishment and operation of commodity exchanges until such time as their
desirability has been established and further legislation has been enacted for
their proper regulation."
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