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WEDNESDAY, MAY 24, 1978
GOVERNMENT WILL CONSIDER ISSUE OF 35 NOTES
IF DEMAND WARRANTS IT
*****
THE GOVERNMENT WILL CONSIDER THE RE-INTRODUCTION OF FIVE- DOLLAR NOTES IF THERE IS A SUBSTANTIAL AND WIDE-SPREAD DEMAND FOR THEM AND THE COST IS NOT EXCESSIVE.
THIS WAS STATED BY THE ACTING FINANCIAL SECRETARY, THE HON. DAVID JEAFFRESON, IN REPLY TO A QUESTION FROM THE HON. PETER C. WONG IN THE LEGISLATIVE COUNCIL TODAY.
MR. JEAFFRESON REMINDED THAT THE REPLACEMENT OF THE $5 NOTE BY A COIN WAS ONE OF THE RECOMMENDATIONS MADE BY THE COINAGE REVIEW COMMITTEE SET UP IN NOVEMBER 1973.
+THE COMMITTEE CONSULTED WIDELY ON THE USES OF COINS AND BANK NOTES AND ITS CONCLUSIONS AND RECOMMENDATIONS WERE ACCEPTED BY THE GOVERNMENT IN SEPTEMBER 1974 AND ITS REPORT WIDELY CIRCULATED,+ MR. JEAFFRESON SAID.
HE ADDED THAT MANY COUNTRIES HAVE, IN RECENT YEARS, INTRODUCED HIGHER VALUE COINS AS INFLATION DEPRECIATES THE VALUE OF LOW DENOMINATION NOTES.
+MOREOVER, SMALL DENOMINATION NOTES HAVE A VERY SHORT LIFE, IN THIS CASE LESS THAN ONE YEAR, WHEREAS A CCIN MAY HAVE A LIFE OF UP TO 50 YEARS, HE SAID.
COMPENSATION FOR RESUMED LAND
IS REALISTIC AND REASONABLE ****
THE GOVERNMENT IS SATISFIED THAT THE PRESENT COMPENSATION ARRANGEMENTS FOR THE RESUMPTION OF PRIVATE RESIDENTIAL BUILDINGS FOR THE REDEVELOPMENT ARE REALISTIC AND REASONABLE, THE SECRETARY FOR THE ENVIRONMENT, THE HON. DEREK JONES, SAID IN THE LEGISLATIVE COUNCIL TODAY.
REPLYING TO A QUESTION BY THE HON. WONG LAM, MR. JONES SAID THE TERMS FOR THE ACQUISITION OF PRIVATE RESIDENTIAL PROPERTY FOR A PUBLIC PURPOSE HAD BEEN CONSIDERABLY ADJUSTED IN RECENT YEARS AND NOW INCLUDED A COMBINATION OF STATUTORY AND EX-GRATIA COMPENSATION, AS WELL AS AN OFFER OF REHOUSING.
+THE GOVERNMENT WILL KEEP A CLOSE WATCH ON CURRENT AND FUTURE CLEARANCE TO ENSURE THAT COMPENSATION ARRANGEMENTS CONTINUE TO BE APPROPRIATE TO THE CIRCUMSTANCES,+ MR. JONES ADDED.
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