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WEDNESDAY, JULY 30, 1975
COMMODITY EXCHANGE A NECESSARY STEP
FORWARD IN THE GROWTH OF HONG KONG' – J. BREMRIDGE
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UNOFFICIAL LEGISLATIVE COUNCILLOR, THE HON. JOHN BREMRIDGE, TODAY DESCRIBED THE PROPOSED COMMODITY EXCHANGE AS A NECESSARY STEP FORWARD IN THE GROWTH OF HONG KONG,'* AND WARNED THAT HONG KONG MIGHT BECOME THE LAUGHING STOCK IN THE FINANCIAL WORLD IF IT DID NOT GRASP THE OPPORTUNITY TO ESTABLISH ONE,
VOICING STRONG SUPPORT FOR A WELL-REGULATED COMMODITY EXCHANGE, MR. BREMRIDGE TOLD COUNCIL HE COULD NOT ACCEPT THE ''TIMOROÚS’* ALTHOUGH CONSCIENTIOUS AND HONEST VIEWS OF
THE CRITICS,
+I CANNOT ACCEPT THAT A PROPERLY CONTROLLED COMMODITIES EXCHANGE IN HONG KONG WILL ENTICE MANY PEOPLE TO GAMBLE ON FUTURES, WHO ARE NOT GAMBLERS ALREADY,+ HE SAID.
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+ THE ACCENT IS SURELY ON PROPER CONTROLS, WHICH IS ESSENTIAL, AND I CERTAINLY EXPECT THE GOVERNMENT TO ENSURE THAT REGULATIONS INCLUDE MEASURES TO MAKE IT DIFFICULT FOR THOSE TO DEAL LOCALLY WHO CANNOT AFFORD SUBSTANTIAL LOSSES,+
MR. BREMRIDGE WONDERED HOW SOME COULD OBJECT ON CULTURAL AND PHILOSOPHICAL GROUNDS TO ANY DEVELOPMENT THAT SMACKS OF GAMBLING. WHILE AT THE SAME TIME THEMSELVES SPECULATE ON STOCKS AND SHARES, BUY LOTTERY TICKETS AND THOROUGHLY ENJOY A VISIT TO HAPPY VALLEY.
+I CERTAINLY DO NOT PROPOSE THAT HORSE RACING SHOULD BE STOPPED BECAUSE OF THE SADNESS THAT UNSSUCCESFUL GAMBLING HAS BROUGHT TO MANY HOMES, BUT I CERTAINLY RAISE MY EYEBROWS AT THOSE WHO SUPPORT THE WELL-CONTROLLED JOCKEY CLUB, BUT DENY THE MERITS OF A WELL-CONTROLLED COMMODITY EXCHANGE A HORSE, IF I MAY SAY SO, OF A DIFFERENT KIND.+
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HE ALSO REMINDED THOSE WHO SAID HONG KONG BUSINESSMEN DO NOT NEED A COMMODITIES EXCHANGE THAT THE PEOPLE OF HONG KONG OWED THEIR HIGH STANDARD OF LIVING TO HONG KONG'S COMMERCIAL SUCCESS.
+WHILE I THINK THAT THEY ARE WRONG IN FACT, SURELY THEIR CRITICISM IS IRRELEVANT FOR THIS IS THE BUSINESS OF THE PROMOTERS WHO STAND TO MAKE OR LOSE MONEY IF THEY MISJUDGE THE REQUIREMENTS NOT ONLY OF HONG KONG BUT ALSO OF THE WHOLE REGION,
+1 REGARD IT ALSO AS NONSENSE TO SUGGEST IT IS ALL RIGHT FOR HONG KONG DUSINESSES TO USE EXTERNAL EXCHANGES AS THEY HAVE DONE FOR YEARS, BUT NOT TO KEEP THE PROFITS AT HOME IF WE CAN.+
MR. DREMRIDGE SOUNDED A NOTE OF CAUTION, HOWEVER, TO INDIVIDUALS WHO MIGHT TRY TO INVOLVE THEMSELVES IN COMMODITIES TRADING.
/+LET THERE BE
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