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WEDNESDAY, FEBRUARY 5, 1975
HE SAID THAT EMBERS OF THE LEGISLATIVE COUNCIL WOULD HAVE FAILED IN THEIR DUTIES IN NOT ADVOCATING A MOST SEARCHING INVESTIGATION BY A COMMISSION OF INQUIRY AS TO WHETHER OR NOT OR HOW MUCH OF THE 30 PER CENT SHOULD BE REGARDED AS GENERAL REVENUE OF THE COMPANY FROM THE PROPOSED SEPARATE IDENTIFIABLE ACCOUNT.
SPEAKING ON THE MOTION, THE HON. OSWALD CHEUNG, SHARED
THE VIEW OF DR. CHUNG THAT THE TELEPHONE COMPANY WAS IN FINANCIAL DIFFICULTIES AND THAT THE COMPANY WOULD BE LIABLE TO BE WOUND UP IF NO FUNDS WERE FORTHCOMING.
+HONG KONG, A TRADING AND MANUFACTURING COMMUNITY, CANNOT LET IT HAPPEN,+ HE SAID.
TO AVOID THIS, MR. CHEUNG SAID: THE FUNDS MUST BE MADE AVAILABLE, AND AVAILABLE WHILE THE COMMISSION ENQUIRES,+
HOWEVER, IF THE GOVERNMENT'S ASSESSMENT WAS WRONG, THE COMPANY MUST BE MADE LIABLE TO PAY BACK ALL OR PART OF THE FUNDS, HE ADDED.
MR. CHEUNG SAID THAT OVER THE PAST 10 OR 15 DAYS, UNOFFICIAL MEMBERS OF THE EXECUTIVE AND LEGISLATIVE COUNCILS HAD BEEN GIVEN THE MOST SINCERE AND WELL-INTENTIONED ADVICE DURING DISCUSSIONS WITH REPRESENTATIVES OF MANY ORGANISATIONS.
ONE OF THE PROPOSALS, HE SAID, WAS THAT EVERY SUBSCRIBER SHOULD BE MADE TO DEPOSIT $200 WITH THE TELEPHONE COMPANY.
IT IS +IT IS ONE WAY TO PROVIDE THE COMPANY WITH LIQUIDITY. ONE THAT OUGHT CERTAINLY BE SUGGESTED TO THE COMMISSION OF INQUIRY HE SAID.
BUT MR. CHEUNG POINTED OUT THAT $200 IN ONE SUM AT THIS TIME WAS A VERY MUCH HEAVIER BURDEN THAN $20 OR $30 A QUARTER.
MR. CHEUNG ALSO MENTIONED SOME OTHER PROPOSALS HE SAID THAT ALL THE VIEWS EXPRESSED HAD BEEN TAKEN INTO CONSIDERATION AND "DEBATED AT LENGTH AMONG THE UNOFFICIALS.
HOWEVER, MR. CHEUNG WAS CONVINCED THAT WE CANNOT WAIT, AND WE HAVE RELUCTANTLY COME TO THE CONCLUSION THAT IT IS BEST, THAT IS MOST EQUITABLE, THAT THE CASH SHORTFALL OF $100 MILLION SHOULD BE CONTRIBUTED IN SMALL SUMS FROM THOSE WHO DIRECTLY BENEFIT FROM THIS ESSENTIAL SERVICE.+
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