WEDNESDAY, JUNE 5, 1974
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+THE FEDERATION HAS BEEN SERIOUSLY CONCERNED AT THE DISCRIMINATION AGAINST HONG KONG IN THE EEC GSP, HE SAID. +WE HAVE PRESSED THE GOVERNMENT TO TAKE ACTION TO BRING HOME THE SERIOUSNESS OF THIS MATTER TO THE UK GOVERNMENT. THE EEC IS OUR SECOND LARGEST MARKET AND WE CANNOT ALLOW DISCRIMINATION TO CONTINUE AGAINST US THERE. THE EFFECT IS HIGHLY DAMAGING AND, IF IT CONTINUES IT WILL ENCOURAGE OTHER DEVELOPED COUNTRIES TO TAKE SIMILAR ACTION AGAINST US. MR. CALLAGHAN'S SUPPORT FOR HONG KONG IS TIMELY AND I HOPE IT WILL BE EFFECTIVE+.
MR. J.P. LEE, SECRETARY-GENERAL OF THE CMA COMMENTED:
+MEMBERS OF THE CHINESE MANUFACTURERS' ASSOCIATION WILL BE VERY PLEASED WITH THIS NEWS. THE DISCRIMINATION AGAINST HONG KONG BY THE EEC HAS BEEN MOST UNREASONABLE AND IS INCREASINGLY DAMAGING TO OUR TRADE. THE C.M.A. HAS STRONGLY URGED THE HONG KONG GOVERNMENT SINCE 1971 TO TAKE ALL STEPS NECESSARY TO HAVE THE DISCRIMINATION REMOVED. MR. CALLAGHAN'S STATEMENT SUGGESTS THAT THE BRITISH GOVERNMENT WILL NOW NEGOTIATE A BETTER DEAL FOR HONG KONG+.
MR. LEE WAS OPTIMISTIC BUT ALSO CAUTIOUS. +THIS NEGOTIATION WILL NOT BE EASY AND WE MUST EXPECT STRONG RESISTANCE FROM FRANCE IN PARTICULAR WITHIN THE EEC GROUP+.
MR. J.B. KITE, EXECUTIVE DIRECTOR, H.K. GENERAL CHAMBER OF COMMERCE, SAID:
+THE CHAMBER IS DELIGHTED TO HEAR MR. CALLAGHAN'S STATEMENT AND PARTICULARLY PLEASED THAT HE HAS REFERRED SPECIFICALLY TO THE REMOVAL OF DISCRIMINATION AGAINST HONG
KONG.
+THE CHAMBER HAS BEEN PRESSING FOR THIS KIND OF ACTION SINCE 1971 AND HAS LONG ADVOCATED DIRECT NEGOTIATIONS ON THE MATTER+.
STAMP DUTY ON SHARE TRANSFER TRANSACTIONS
PETITION SUBMITTED TO GOVERNOR
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MEMBERS OF THE FOUR RECOGNISED STOCK EXCHANGES AND OTHERS HAVE SUBMITTED A PETITION REQUESTING THE GOVERNOR TO REVIEW THE RATE OF STAMP DUTY ON CONTRACT NOTES IN RESPECT OF SHARE TRANSACTIONS AND TO RESTORE IT TO ITS FORMER LEVEL OF $2 PER THOUSAND.
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THIS WAS STATED TODAY BY THE ACTING FINANCIAL SECRETARY, THE HON. DAVID JORDAN, IN REPLY TO A QUESTION FROM THE HON. HILTON CHEONG-LEEN WHO WANTED TO KNOW WHETHER THE GOVERNMENT WOULD CONSIDER REDUCING THE STAMP DUTY ON SHARE TRANSFER TRANSACTIONS.
MR. JORDAN SAID IT WOULD NOT BE APPROPRIATE FOR HIM TO COMMENT ON THE ISSUE AT THIS STAGE IN VIEW.OF THE PETITION.'
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