KATRINAI, UCTOR. 26, 1983
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+ IN THESE CASES OF BUSINESS FAILURES, THE ULTIMATE BURDEN FALLS ON INVESTORS AND CREDITORS, HE SAID.
+ IT SHOULD NOT BE FORGOTTEN. HOWEVER, THAT THESE SMALL PRIVATE COMPANIES ARE VITAL LINKS IN OUR ÉCONOMY, ACCOUNTING FOR A SIGNIFICANT COMPONENT OF OUR GROSS DOMESTIC PRODUCTION.
+THIS TYPE OF TRADING CREDIT IS VITAL FOR THEIR OPERATION AND THE SMOOTH FUNCTIONING OF OUR DAY-TO-DAY ECONOMIC ACTIVITIES.
+THE AMOUNT AND VOLUME EXTENDED TO THESE SMALL PRIVATE COMPANIES, TAKEN IN AGGREGATION, MUST BE VERY SUBSTANTIAL.
+THE DANGER OF A CREDIT CONTRACTION AND THE RESULTANT CHAIN EFFECT ON THESE SMALL COMPANIES AND THE PACE OF OUR ECONOMIC DEVELOPMENT CANNOT BE OVERLOOKED, HE SAID.
HE SAID THAT EXISTING LEGISLATIVE FRAMEWORK PROVIDED UNDER THE WINDING UP RULES AND BANKRUPTCY ORDINANCE WAS BY AND LARGE+ COMPREHENSIVE AND, MOSTLY SENSIBLE.
+WHAT I SUGGEST IS THAT, PERHAPS THE LAW REFORM COMMISSION COULD LOOK INTO THE AREA WHEN IT DEEMS APPROPRIATE.+
MR WONG ALSO EXPRESSED CONCERN ABOUT THE EFFECT OF INCREASES
IN THE COST OF ENERGY, INCLUDING POWER AND FUEL.
MR WONG SAID THAT AS HONG KONG IS CONSTANTLY IN WORLD FOCUS IT IS IMPORTANT THAT AN ACCURATE IMAGE OF HONG KONG IS PROJECTED ABROAD.
THEREFORE THE PROMOTIONAL EFFORTS OF HONG KONG'S +VARIOUS OFFICIAL AND QUASI-OFFICIAL REPRESENTATIVES IN MAJOR CITIES ABROAD SHOULD BE ALLOTTED HIGHER PRIORITY. THIS WOULD ENABLE THEM TO ASSUME +AN ACTIVE ROLE IN FOSTERING A FAVOURABLE ENVIRONMENT CONDUCIVE TO BETTER COMMUNICATION AND CLOSER CO-OPERATION IN TRADE AND ECONOMIC, AND CULTURAL MATTERS,+ HE
SAID.
MR WONG ALSO SAID THAT HE WAS PLEASED TO SEE THE GOVERNMENT LOOKING AHEAD FOR MANY YEARS TO COME IN FORMULATING LONG TERM PLANNING STRATEGY.
+WHILE GOVERNMENT IS LOOKING AFTER THE INTERESTS OF THIS TERRITORY OVER A PERIOD MUCH LONGER THAN WHAT WE ARE TALKING ABOUT EVERY DAY, I EXPECT THAT EVERY ONE IN HONG KONG WOULD REAFFIRM HIS OWN CONFIDENCE AND WORK HARD FOR OUR BRIGHT FUTURE, HE SAID.
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