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WEDNESDAY, JULY 30, 1975
UNOFFICIALS MAY WITHHOLD OPPOSITION
TO COMMODITY EXCHANGE, IF
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UNOFFICIAL LEGISLATIVE COUNCILLORS WHO WERE ORGINALLY AGAINST THE PROPOSED COMMODITY EXCHANGE MAY REFRAIN FROM OPPOSING IT. PROVIDED ADEQUATE CONTROLLING MEASURES ARE DEVISED --, AND ENFORCED TO PROTECT THE GENERAL PUBLIC FROM ANY ILL EFFECTS, THE HON. JAMES WU SAID TODAY,
+BUT WE SHALL NEED AN ASSURANCE FROM THE GOVERNMENT THAT THE CONTROLS AND SAFEGUARDS WILL BE ENFORCED, THAT THERE WILL BE NO REPETITION OF THE STOCK EXCHANGE FRENZY OF 1973, AND THAT THE MAN- IN-THE-STREET WILL DE DEBARRED FROM SPECULATING WITH HIS HARD- EARNED MONEY ON THE COMMODITY EXCHANGE, HE STRESSED.
WITH SUCH ASSURANCE, MR. WU SAID, THE SETTING UP OF A COMMODITY EXCHANGE COULD DE LOOKED AT IN A DIFFERENT LIGHT, BUT HE EMPHASISED THAT IN THE FINAL ANALYSIS THE DECIDING FACTOR SHOULD BE WHAT IS BEST FOR THE COMMUNITY.+
MR. WU WAS SPEAKING IN THE RESUMED DEBATE ON A MOTION SEEKING LEGISLATIVE COUNCIL APPROVAL IN PRINCIPLE TO SET UP A COMMODITY EXCHANGE IN HONG KONG. EARLIER THIS MONTH, DEBATE ON THE MOTION WAS ADJOURNED FOR FURTHER REFLECTION AFTER SEVERAL UNOFFICIALS SPOKE AGAINST IT ON GROUNDS THAT, ON BALANCE, THE ECONOMIC BENEFITS SUCH AN EXCHANGE MIGHT DRING WERE FAR OUTWEIGHTED BY THE COMMUNITY'S INTEREST.
MR. WU SAID THAT WHEN THE GOVERNMENT FIRST INTRODUCED THE RESOLUTION IN COUNCIL ON MAY 21, THE GOVERNMENT HAD IMPLIED THAT IT MAD NO STRONG VIEW ONE WAY OR THE OTHER AS TO WHETHER OR NOT SUCH AN EXCHANGE SHOULD BE SET UP.
IN THAT NEUTRAL SITUATION, MOST OF THE UNOFFICIAL MEMBERS CAME TO THE CONCLUSION THAT ON BALANCE THE DISADVANTAGES OF AN EXCHANGE WOULD OUTWEIGH THE ADVANTAGES, HE SAID.
+SINCE THEN, THE GOVERNMENT APPEARS TO HAVE CHANGED ITS
OWN NEUTRAL STAND IN THE MATTER AND IS NOW CONVINCED THAT A COMMODITY EXCHANGE IS NEEDED FOR INTERNATIONAL REASONS, HE SAID. WE ARE ALSO FACED WITH A NEW SITUATION WHERE WE ARE TOLD THAT IT WILL BE POSSIBLE TO DEVISE MEASURES WHEREBY THE POSSIBILITY OF ILL EFFECTS ON THE POPULATION AT LARGE COULD BE REDUCED TO SMALL PROPORTIONS.+
GIVEN THE NEW SITUATION, MR. WU SAID, THE ISSUE COULD BE LOOKED AT FROM A DIFFERENT LIGHT, PROVIDED THE CONTROLS WERE INTRODUCED AND ENFORCED.
MR. WU STRONGLY DENIED THAT THE UNOFFICIALS HAD BASED THEIR EARLIER VIEW - EXPRESSED BY THE SENIOR UNOFFICIAL DR. THE HON CHUNG SZE-YUEN AT THE JUNE 18 SITTING - WAS BASED ON EMOTION.
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/+NOBODY WHO .............