THURSDAY, APRIL 26, 1984
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OVER THE YEARS, THE NET OF RESTRICTIONS IMPOSED ON IMPORTS FROM DEVELOPING COUNTRIES HAD BEEN CAST PROGRESSIVELY WIDER, AND THE MEASURES HAD TENDED TO BECOME MORE STRINGENT AND INCREASINGLY DISCRIMINATORY, HE ADDED.
SPEAKING ON THE FINANCIAL MARKETS IN HONG KONG, MR BLYE SAID CONFIDENCE HAD RETURNED SINCE THE GOVERNMENT LINKED THE HONG KONG DOLLAR TO THE U.S. DOLLAR AT A FIXED EXCHANGE RATE LAST OCTOBER. THIS WAS EVIDENCED BY THE STABILITY
OF THE HK DOLLAR SINCE LAST OCTOBER, A TWO-AND-A-HALF TIMES OVER- SUBSCRIPTION IN THE RECENT GOVERNMENT BOND ISSUE AND A 24 PER CENT INCREASE IN HK DOLLAR DEPOSITS WITH THE MONETARY SECTOR IN THE FOUR MONTHS FROM THE END OF LAST OCTOBER TO THE END OF FEBRUARY THIS YEAR.
CUSTOMS ORGANISATION'S PLACE IN A FREE PORT
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FOR ALL THE FREEDOM HONG KONG'S INTERNATIONAL TRADE ENJOYS UNDER ITS + FREE PORT STATUS+ THE TERRITORY NEEDS A LARGE AND EFFICIENT CUSTOMS ORGANISATION, THE COMMISSIONER OF CUSTOMS AND EXCISE, MR DOUGLAS JORDAN, SAID TODAY (THURSDAY).
ADDRESSING THE LUNCHEON MEETING OF THE INSTITUTE OF CHARTERED SHIPBROKERS, MR JORDAN POINTED OUT THAT HONG KONG'S UNIQUE +FREE PORT STATUS+ IS SOMETHING DIFFERENT AND IMPORTANT TO ITS TRADE AND INDUSTRY.
+WE DO NOT HAVE A CONVENTIONAL TARIFF WITH DUTIES CHARGEABLE RIGHT ACROSS THE BOARD. BUT WE DO CHARGE DUTY ON FOUR COMMODITIES, THREE OF WHICH ARE IMPORTANT AS SOURCES OF REVENUE, NAMELY LIQUOR IN ALL ITS VARIATIONS, TOBACCO AND ROAD VEHICLE FUELS.
+THE FOURTH DUTIABLE COMMODITY IS METHYL ALCOHOL WHICH IS MADE DUTIABLE SOLELY TO CONTROL IT AND AVOID ITS ABUSE WITH ASSOCIATED HEALTH HAZARDS IN THE ADULTERATION OF OTHERWISE PERFECTLY SAFE LIQUOR.
+ANOTHER FEATURE - PERHAPS THE MOST IMPORTANT OF HONG KONG'S
- 'FREE PORT STATUS IS THE ABSENCE OF ALL THE RESTRICTIONS RELATED TO MOVEMENT OF IMPORTS AND EXPORTS WHICH ARE A CONCOMITANT OF CONVENTIONAL CUSTOMS CONTROL.
+RESTRICTIONS IN MOVEMENT OF GOODS INEVITABLY LEAD TO A PROFUSION OF OFFICIAL REQUIREMENTS FOR DOCUMENTATION AND AGAIN HAPPILY FOR OUR IMPORTERS AND EXPORTERS SUCH REQUIREMENTS ARE KEPT TO A MINIMUM HERE IN HONG KONG,+ MR JORDAN SAID.
THE IMPORTANCE OF DUTIABLE COMMODITIES TO HONG KONG'S OVERALL REVENUE HAS INCREASED SUBSTANTIALLY IN RECENT YEARS.
/THE HEAVY