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WEDNESDAY, JUNE 18, 1975
DEBATE ON PROPOSED COMMODITY EXCHANGE ADJOURNED MOST UNOFFICIALS AGAINST PROPOSAL
DEBATE ON A MOTION SEEKING TO SET UP A COMMODITY EXCHANGE IN HONG KONG WAS ADJOURNED TODAY TO ENACLE DOTI THE GOVERNMENT AND UNOFFICIAL MEMBERS OF THE LEGISLATIVE COUNCIL TO REFLECT FURTHER CH THE ISSUE.
THE COLONIAL SECRETARY, SIR DENYS ROBERTS, MOVED THE ADJOURNMENT AFTER SEVERAL UNOFFICIALS SPOKE AGĀHIST THE MOTION ON GROUNDS THAT THERE WAS CO PROVEN NEED FOR A COMMODITY EXCHANGE AND THAT THE ECONGNIC DENGFITS IT MIGHT DRING VERE FAR OUTWEIGHED BY THE COMMUNITY'S INTERESTS.
SIR DENYS SAID THE UNOFFICIALS' ROOT AND BRANCH ATTACK ON THE PROPOSALS HAD COME AS A SURPRISE TO THE GOVERMENT ESPECIALLY SINCE THE THEN SENIOR UNOFFICIAL HENDER (HR. P.C. WOO) HAD SPOKEN IN VERY DIFFERENT TERMS WHEN THE COMMODITY EXCHANGE (PROHIBITION) DILL WAS DEBATED III 1973.
UNGING COUNCIL TO REFLECT FURTHER ON THE ISSUE, SIR DENYS SAID THAT A DECISION DY COUNCIL ON SUCH AN IMPORTAIT ISSUE MUST DE BASED +ON ARGUMENTS MORE PRACTICAL AND LESS EMOTIONAL THAN SOME OF THOSE TO VILICH WE HAVE LISTENED TODAY.+
SIR DENYS SAID IT MIGHT DE, 'AS IMPLIED DY THE UNOFFICIALS, THAT THE TEMPERAMENT OF HONG KONG'S PEOPLE MAY CAUSE A CCMODITY EXCHANGE TO BE A SOURCE OF SOCIAL HAZARD, NO MATTER WHAT CONTROLS AND SAFEGUARDS ARE APPLIED TO IT OR HOW RESPONSIBLE THE LOCAL AND INTERNATIONAL FIRMS PARTICIPATING IN IT MAY BE.
+BUT BEFORE HE ACCEPT SUCH A VIEW, WE MUST SURELY DE SATISFIED THAT WE ARE NOT VIDERRATING THE GOOD SENSE OF OUR FELLOW CITIZENS, AS WELL AS THE CAPACITY OF OUR LEGAL DRAFTSMEN TO ENSURE ADEQUATE SAFEGUARDS,+ HE SAID.
SIR DENYS POINTED OUT THAT THERE WOULD ALWAYS BE THOSE, IN WHOM AVARICE OUTWEIGUS PRUDENCE, AND ASKED HOW FAR A GOVERMENT SHOULD GO IN PROTECTING THEM FROM THEIR GUN GREED. AND SHOULD A PROJECT WHICH IS CAPACLE OF DRINGING CENEFIT TO A COMMUNITY DE ABANDONED DECAUSE IT CAN ALSO DRING DISASTER TO THOSE WHO MIGHT SEEK TO MISUSE IT?>
THE COLONIAL SECRETARY WONDERED WHAT THE IMPLICATIONS OF SUCH SELF CONDEMNATION MIGHT DE FOR HONG KONG'S FUTURE STANDING AS A FINANCIAL CENTRE AND HOW FAR SUCH A PESSIMISTIC VIEW OF THE STABILITY AND GOOD SENSE OF RESIDENTS WOULD FURTHER HONG KONG'S INTERESTS ABROAD.
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/HE NOTED THHAT
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