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THURSDAY, OCTOBER 23, 1975
HE PAID TRIBUTE TO THE SECURITIES COMMISSION WHICH HE SAID HAD TO WORK +IN THE FACE OF UNBRIDLED SPECULATION, POOR AUDIT REPORTS, LEAKED INFORMATION, INSIDER DEALINGS, PRIVATE PROFIT FROM PUBLIC LOSS, TOO MANY STOCK EXCHANGES, AND THIEVERY AT THE TOP, WITH PARTICULAR REFERENCE TO DIRECTORS EMOLUMENTS.+
MUCH REMAINED TO BE DONE HOWEVER, AND HE ASKED THAT MORE MONEY BE SPENT ON NECESSARY STAFF, IN PARTICULAR IN THE COMMERCIAL CRIMES OFFICE.
MR. BRENRIDGE EMPHASISED THE IMPORTANCE OF SHIPPING TO HONG KONG AND HE WELCOMED THE GOVERNMENT'S FINANCIAL SUPPORT FOR THE HONG KONG SHIPPERS' COUNCIL. +BUT WITH THIS FINANCIAL SUPPORT SHOULD COME I BELIEVE A GREATER DEGREE OF CONCERN, IF TRUE INVOLVEMENT AS SUCH IS STILL PREMATURE,+ HE ADDED.
HE PERSONALLY BELIEVED THAT THE PRESENT RELATIVE FREEDOM OF THE SEA WOULD GRADUALLY GIVE WAY TO BILATERAL TREATIES OF NAVIGATION, AND HE WARNED THAT THE GOVERNMENT WOULD SOON HAVE TO ABANDON ITS LAISSEZ FAIRE POLICY FOR MORE DIRECT INVOLVEMENT.
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+TRE LESS THE BETTER- BUT SOME I BELIEVE MUST BE INEVITABLE. PRELIMINARY GROUNDWORK CAN NO LONGER BE DEFERRED,+ HE SAID.
HE ALSO BELIEVED THAT HONG KONG, IN COMMON WITH OTHER GOVERNMENTS IN THE WESTERN WORLD, WOULD SOON HAVE TO TAKE REGULATORY ACTION AGAINST CURRENT RUSSIAN LINER SHIPPING POLICY.
+THIS IS CLEARLY NOW BASED ON STRATEGIC RATHER THAN ECONOMIC AIMS, AND AMONGST OTHER UNPLEASANT FEATURES IS BASED ON THE EXPLOITATION OF CREWS WHO ARE PAID WAGES WELL BELOW THOSE CURRENTLY ENJOYED BY OTHERS - INCLUDING FLAGS OF CONVENIENCE.
+WHILE MERCHANTS, PARTICULARLY IN HARD-TIMES, WELCOME THE LOWEST POSSIBLE FREIGHT RATES, WHICH ARE NORMALLY MADE AVAILABLE BY 'AN ESSENTIAL ELEMENT OF COMPETITION, IT WOULD BE FOLLY TO ALLOW MATTERS SO TO DRIFT THAT RUSSIAN INFLUENCE IN, OR SHARE OF. ANY IMPORTANT TRADE BECOMES IN ANY WAY DOMINANT. THE REASONS ARE PATENTLY OBVIOUS,+ HE SAID.
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