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WEDNESDAY, AUGUST 14, 1974.
CONFIDENCE IN CROWN AGENTS REAFFIRMED
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THE GOVERNMENT IS SATISFIED WITH THE WAY THE CROWN AGENTS HAVE EXECUTED THEIR INSTRUCTIONS IN RESPECT OF HONG KONG'S FUNDS, THE SECRETARY, THE HON, PHILIP HADDON-CAVE, SAID
TODAY.
+I KNOW OF NO CRITICISMS OF THE WAY IN WHICH THE CROWN AGENTS HAVE MANAGED THEIR PRINCIPALS' FUNDS,+ HE TOLD COUNCIL IN REPLY TO A QUESTION FROM THE HON. J.H. BREMRIDGE.
MR. BREMR IDGE WANTED TO KNOW WHETHER THE GOVERNMENT WOULD TAKE STEPS TO ADEQUATELY SAFEGUARD HONG KONG FUNDS HELD BY THE CROWN AGENTS, IN VIEW OF CRITICISM OF THE AGENTS' INVESTMENT AND LENDING POLICIES.
THE FINANCIAL SECRETARY SAID MR. BREMRIDGE MIGHT BE REFERRING TO THE DISQUIET EXPRESSED IN SOME CIRCLES IN RECENT YEARS ABOUT THE WAY IN WHICH THE CROWN AGENTS HAVE BEEN INVESTING THEIR OWN FUNDS, BUT HE SAID THE GOVERNMENT HAS ALWAYS BEEN ENTIRELY SATISFIED WITH THE WAY IN WHICH THE AGENTS HAVE EXECUTED THEIR INSTRUCTIONS.
THEIR PERFORMANCE, MR. HADDON-CAVE ADDED, AND THE QUALITY OF THEIR ADVICE COMPARED FAVOURABLY WITH OTHER INSTITUTIONS HONG KONG USED IN LONDON AND ELSEWHERE.
FOLLOWING UP HIS QUESTION, 13. DREIBRIDGE ENQUIRED ABOUT THE PURPOSE OF THE RECENT ANNOUNCEMENT BY THE HINISTER OF OVERSEAS DEVELOPMENT IN THE HOUSE OF COMMONS ON THE HATTER OF CROWN AGENTS.
MR. HADDON-CAVE REPLIED THAT THE STATEMENT AIMED TO POINT OUT THE CREATION OF A BOARD OF CROUN ACENTS, AND STRESSED THAT THERE WAS NO CHANGE IN RELATIONSHIP BETJOON THE COARD OF CROUN AGENTS AND PRINCIPALS.
+ IT IS THE GOVERNKENT'S INTENTION TO CIRCULATE COPIES OF THE ANNOUNCEKENT, HE ADDED.