1.
S TUR. AY 25, 1974
STEERING GROUP TO EXAMINE PROPOSED COMMODITY EXCHANGE
******
A SHALL STEERING GROUP HAS BEEN SET UP TO APPRAISE THE FIVE FEASIBILITY & UDIES SUBMITTED TO THE OV.RNHILT BY THE SE GRUPO UR, HAV. CRESCOD 1.1 INTEREST IN T.STA SH..EUT AND
CITY THANSA EN LONG JON
GRATION FAO
L
REK J A D
TARY FOR EIGLON ERV S, ILS THE STERI GR JP.
BEN APPOINTED H !!. O
THE HEMDENS ARE:
SIR SIDNEY GO.DON, UNOFFICIAL MELDER OF THE EXECUTIVE COUNCIL
MR. WILFRED S.B. WONG, UNOFFICIAL MEMBER OF THE LEGISLATIVE COUNCIL
MR. ANN TSE-KAI, UNOFFICIAL MEMBER OF THE LEGISLATIVE COUNCIL
MR. JAMES MCGREGOR, ACTING DIRECTOR OF COMMERCE AND
INDUSTRY,
AND
MR. U.A. MCINNES, ASSISTANT COMMISSIONER FOR SECURITIES, WHO WILL ALSO BE SECRETARY TO THE STEERING GROJP.
THE STEERING GROUP WILL ALSO HAVE THE ASSISTANCE OF AN INDEPENDENT EXPERT CONSULTANT TO ADVISE IT ON THE TECHNICAL ASPECTS OF THE VARIOUS APPLICATIONS.
HE IS MR. LUCIUS THOMPSON-MCCAUSLAND, A FORMER ADVISER TO THE GOVERNOR OF THE BANK OF ENGLAND. LE IS DUE TO ARRIVE IN HONG KONG OVER THE WEKEND FOR A PERIOD OF ABOUT THREE WEEKS.
THE STEERING GROUP'S FINDINGS WILL EVENTUALLY BE SUBMITTED
TO THE GOVERNOR IN COUNCIL FOR DECISIONS 0:1
CA) WHETHER THE COIIODITY EXCHANGES (PROHIBITION)
(B)
ORDINANCE, 1973 SHOULD BE AMENDED TO PERMIT THE ESTABLISHMENT OF A COMMODITY EXCHANGE IN HONG KONG AND, IF SO,
WHICH ONE OF THE FIVE GROUPS SHOULD BE PERMITTED TO OPEN SUCH AN EXCHANGE,
COMMENTING ON THE APPOINTMENT OF THE STEERING GROUP MR. JONES SAID: THERE SEEMS LITTLE DOUBT THAT THE ESTABLISHMENT OF A WELL REGULATED AND PROPERLY RUN COMMODITY EXCHANGE IN HONG KONG COULD BE OF BENEFIT TO OUR ECONOMY AND A FURTHER STEP IN HONG KONG'S EMERGENCE AS A MAJOR INTERNATIONAL FINANCIAL CENTRE.
+BUT FOR SUCH AN EXCHANGE TO BE SUCCESSFUL IT MUST BE ABLE TO OPERATE FROM THE START ON THE HIGHEST TECHNICAL STANDARDS AND WITH ABSOLUTE INTEGRITY.
+IT WILL BE THE STEERING GROUP'S TASK TO ENSURE THAT ANY RECOMMENDATION TO PERMIT THE ESTABLISHMENT OF SUCH AN EXCHANGE AND TO CHOOSE ONE OF THE GROUPS WILL ONLY BE MADE IF THEY ARE SURE THAT THESE REQUIREMENTS CAN BE MET IN FULL-
+IF THE STEERING CROUP ARE NOT SO CONVINCED THEY WILL RECOMMEND AGAINST THE ESTABLISHMENT OF A COMMODITY EXCHANGE IN HONG KONG AT THE PRESENT TIME+.
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