WEDNESDAY, AUGUST 13, 1975
COMMODITY EXCHANGE PROPOSAL GETS CONDITIONAL APPROVAL
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UNOFFICIAL MEMBERS OF THE LEGISLATIVE COUNCIL TODAY GAVE QUALIFIED SUPPORT TO AN AMENDED MOTION SEEKING COUNCIL'S APPROVAL
IN PRINCIPLE TO SET UP A COMMODITY EXCIALGE IN HONG KONG.
THE MOTION WAS CARRIED UNOPPOSED, BUT THE UNOFFICIALS MADE IT CLEAR THAT THEIR SUPPORT DID NOT PREJUDICE THEM IN DELATING AT A LATER DATE LEGISLATIVE MEASURES PROPOSED BY THE GOVERNMENT FOR THE CONTROL OF THE PROPOSED EXCHANGE AND FOR THE PROTECTION OF THE COMMUNITY INTEREST.
THEY ALSO STIPULATED THAT THEIR SUPPORT FOR THE MOTION WAS SUBJECT TO THE MAIN LEGISLATIVE FRAMEWORK AND ANY SUBSIDIARY LEGISLATION TOGETHER WITH RULES AND REGULATIONS FOR THE ESTABLISHMENT, ORGANISATION AND OPERATION OF THE EXCHANGE, BEING APPROVED IN ADVANCE BY THE LEGISLATIVE COUNCIL.
IN ADDITION, THE UNOFFICIALS DISASSOCIATED THEMSELVES FROM THE EXECUTIVE DECISION OF THE GOVERNMENT THAT A CROUP SELECTED FOR FURTHER DISCUSSIONS ABOUT THE SETTING UP OF A COMMODITY EXCHANGE -- WOULD BE OFFLINED A LICENCE TO OPERATE THE PROPOSED EXCHANGE.
EARLIER, THE ORIGINAL MOTION WAS AMENDED TO MAKE THE SETTING UP OF THE EXCHANGE SUBJECT TO THE PROVISO THAT +LEGISLATIVE MEASURES ARE H.DE AND ENFORCED EFFECTIVELY WITH PARTICULAR REFERENCE TO THE NEED TO MINIMISE SOCIAL HAZARDS 10 THE QUDINARY CITIZENS OF HONG KONG,+
SPEAKING ON BEHALF OF HIS UNOFFICIAL COLLEAGUES, THE SENIOR UNOFFICIAL MENDER, DR. THE HON. CHUNG SZE-YUEN, SAID THEY ALL SUPPORTED THE ANCNGED MOTION SUBJECT TO THE CONDITIONS OUTLINED.
DR. CHUNG EXPLAINED THAT THE DOUBTS EXPRESSED BY UNOFFICIALS LAST JUNE STUMMED FROM THEIR CONCERN TO AVOID INTRODUCING ANY NEW BUSINESS VINCH WOULD RUN CONTRARY TO THE COMMUNITY INTEREST ON CREATE SOME KIND OF SOCIAL BAZARD,
AS LEGISLATORS, HE SAID, THE UNOFFICIALS WERE NOT REALLY CONCERNED WITH THE SUCCESS OR FAILUKE OF ANY NEW BUSINESS VENTURE IN THE PRIVATE SECTOR SINCE THESE BUSINESS RISKS VERE THOSE OF THE OWNERS AID OPERATONS. THEIR CONCERN WAS THE PUBLIC INTEREST.
MOST UNOFFICIALS, HE SAID, AGREED THAT IT WOULD NOT DE POSSID.E TO ENTIRELY STOP CONSOLIDATION OR SYNDICATION BY GROUPS OF SMALL SPECULATORS ON THE PROPOSED COMMODITY EXCHANGE AND THEY FELT THAT THERE WAS A REAL DALGER OF THIS OCCURING AND INVOLVING PEOPLE WITH GHALL MEANS AND SAVINGS.
/HE WAS GIAD