WEDNESDAY, OCTOBER 6, 1976
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REGARDING HONG KONG'S FINANCIAL SYSTEM, SIR MURRAY SAID: →WE MUST NOT EVER ON ANY ACCOUNT DISCOURAGE ENTERPRISE AND THE WILLINGNESS TO TAKE RISKS FOR THE SAKE OF PROFITS,
+BUT THE GROWTH OF HONG KONG AS A MAJOR FINANCIAL CENTRE HAS REQUIRED THE GOVERNMENT TO ENSURE THAT THE SYSTEM IS CONDUCTED WITH A DEGREE OF RESPONSIBILITY WHICH MATCHES OUR INTERNATIONAL IMPORTANCE AND PROTECTS OUR PUBLIC.
+WE HAVE THEREFORE ENACTED ORDINANCES PROGRESSIVELY TO REGULATE BANKING, SECURITIES, DEPOSIT TAKING COMPANIES AND COMMODITY TRADING. MUCH HAS ALSO BEEN DONE TO STRENGTHEN OUR COMPANIES LEGISLATION PARTICULARLY THAT DEALING WITH PROSPECTUSES AND COMPANY ACCOUNTS.+
DURING THE COMING SESSION, THE GOVERNOR SAID, FURTHER BILLS WERE EXPECTED TO BE INTRODUCED TO GIVE EFFECT TO MORE RECOMMENDATIONS OF THE COMPANIES LAW REVISION COMMITTEE.
HE WENT ON TO SAY THAT A BILL INVOLVING A MAJOR REVISION AND CONSOLIDATION OF HONG KONG'S INSURANCE LAW SHOULD BE PRESENTED BEFORE LONG.
CONSIDERATION WAS BEING GIVEN, HE ADDED, TO THE DIFFICULT PROBLEM OF CURBING INSIDER TRADING ON WHICH BOTH THE GOVERNMENT AND MEMBERS OF THE COUNCIL NOW REALISED THAT ACTION WAS OVERDUE.
THE GOVERNOR SAID THAT THE GOVERNMENT HAD ALSO THE VERY IMPORTANT DUTY OF PROTECTING INDUSTRY'S ACCESS TO OVERSEAS MARKETS.
+THIS THE COMMERCE AND INDUSTRY DEPARTMENT WILL CONTINUE TO DO TO THE BEST OF ITS VERY CONSIDERABLE ABILITY. I SHOULD ALSO LIKE TO RECORD THIS GOVERNMENT'S THANKS FOR THE UNFAILING SUPPORT OF THE BRITISH GOVERNMENT AND ITS MISSIONS IN HELPING TO PROTECT OUR TRADING RIGHTS, HE SAID.
+ IN CONCERT WITH THE TRADE DEVELOPMENT COUNCIL AND THE GENERAL CHAMBER OF COMMERCE, THE DEPARTMENT OF COMMERCE AND INDUSTRY WILL CONTINUE TO PROMOTE BOTH EXPORTS AND OVERSEAS INVESTMENT TO EXPAND AND DIVERSIFY OUR INDUSTRY.
THE GOVERNOR WAS CONFIDENT THAT UNPREDICTABLE EXTERNAL ECONOMIC CONVULSIONS APART, OUR PROSPECTS WERE ONCE MORE GOOD, AND THAT WE MAY FACE THE SOCIAL PROBLEMS OF HONG KONG WITHOUT FEAR THAT OUR REASONABLE PLANS TO SOLVE THEM WILL SUFFER FROM FINANCIAL RESTRAINT.
+NOW THE TIME IS GOOD AND THERE IS EVERY PROSPECT OF IT CONTINUING SO, THEREFORE IT BEHOVES US, IN THIS NEW AND MORE FORTUNATE SITUATION, TO CONSIDER WHETHER OUR PLANS ARE COMMENSURATE WITH OUR POSSIBILITIES,+ HE SAID.
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