MONDAY, MARCH 29, 1976
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ON THE FOREIGN EXCHANGE MARKET. THE FINANCIAL SECRETARY SAID HONG KONG MUST FACE UP TO THE IMMEDIATE REALITY WHICH WAS THAT THE PROSPECT OF A RETURN TO A GENERAL SYSTEM OF FIXED EXCHANGE RATES REMAINED REMOTE.
+ IN THESE CIRCUMSTANCES, ALL TRADE ORIENTED ECONOMIES AND PARTICULARLY HONG KONG'S MUST ADAPT, AND ADAPT CONTINUOUSLY, TO AN EVER SHIFTING COMPLEX OF EXCHANGE RATE AND, IN THE MEDIUM AND LONGER TERM, I IMAGINE NO ONE WOULD ARGUE AGAINST A RELATIVELY STRONG HONG KONG DOLLAR,+ HE SAID.
HE CONTINUED THAT THIS WAS NOT TO SAY THAT THE GOVERNMENT OR RATHER THE EXCHANGE FUND, WOULD STAND BY PASSIVELY IN ALL CIRCUMSTANCES.
*THERE ARE SOME MOVEMENTS WHICH CAN BE IDENTIFIED AS QUITE WAYWARD AND OTHERS WHICH ARE UNNECESSARILY ERRATIC. WITHIN LIMITS, THESE WE SHALL SEEK TO CORRECT AND IN SUCH A WAY AS NOT TO WORK AGAINST UNDERLYING MARKET FORCES, ON THE ONE HAND, AND NOT TO PROVIDE SPECULATORS WITH AN OPPORTUNITY TO FRUSTRATE OUR EFFORTS TO THEIR PROFIT, ON THE OTHER, HE SAID.
TWO NEW URBAN COUNCILLORS APPOINTED
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TWO NEW MEMBERS HAVE BEEN APPOINTED BY THE GOVERNOR TO SERVE ON THE URBAN COUNCIL.
THEY ARE MR. KIM CHAM YAU-SUM, A UNIVERSITY LECTURER AND MR. LAWRENCE FUNG, A BUSINESSMAN. THEIR APPOINTMENTS WILL BE EFFECTIVE FROM APRIL 1, 1976 TO MARCH 31, 1980.
THEY WILL REPLACE MR. ALEX S.C. WU AND MR. PETER P.K, NG WHOSE TERMS EXPIRE AT THE END OF THIS MONTH. BOTH MR. WU AND MR. NG HAVE INDICATED THAT THEY DO NOT WISH TO BE REAPPOINTED.
MR. CHAM, 29, IS A LECTURER IN THE DEPARTMENT OF MANAGEMENT STUDIES AT THE UNIVERSITY OF HONG KONG. HE WAS PREVIOUSLY VICE- CHAIRMAN OF THE CENTRAL CITY DISTRICT OFFICE'S SOUTHWEST AREA COMMITTEE AND IS CURRENTLY A MEMBER OF THE CONSUMER COUNCIL. HE IS SINGLE.
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MR. FUNG, 42, IS A DIRECTOR OF FUNG PING FAN AND CO. HE IS MARRIED AND HAS THREE CHILDREN. MR. FUNG WAS PREVIOUSLY CHAIRMAN OF THE HONG KONG SOCIETY FOR THE DEAF. HE IS A STAFF OFFICER IN THE ST. JOHN'S AMBULANCE BRIGADE AND A MEMBER OF THE COMMITTEE OF THE HONG KONG ARTS CENTRE.
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FOUR OTHER MEMBERS. WHOSE TERMS ALSO EXPIRE AT THE END OF THIS MONTH, HAVE BEEN REAPPOINTED BY THE GOVERNOR FOR THE PERIOD FROM APRIL 1, 1976 TO MARCH 31, 1980. THEY ARE MR. PETER CHAN PO- FUN, MR. JOHN MACKENZIE, MR. HU FA-KUANG AND MRS. GRACE HO.
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