FRIDAY, JUNE 22, 1984
AND AN ARBITRATION SERVICE WOULD BE A PERFECT COMPLEMENT TO THE MANY BANKING, COMMERCIAL, SHIPPING AND TRADING SERVICES ALREADY OFFERED HERE.
IN ADDITION, HONG KONG WAS +PECULIARLY CAPABLE OF SATISFYING THE TWIN ESSENTIALS OF IMPARTIALITY AND UNDERSTANDING OFFERED THROUGH THE LEGAL SYSTEM WHICH WAS DERIVED FROM THE COMMON LAW SYSTEM SHARED WITH THE ENGLISH SPEAKING WORLD.
HE ALSO SAID THAT AN INTERNATIONAL ARBITRATION CENTRE WOULD SERVE AS AN ADJUNCT TO THE EXISTING DOMESTIC ARBITRATION SYSTEM, WHICH HAD BEEN GAINING IN POPULARITY THROUGH THE REVISION OF THE ORDINANCE AND INTRODUCTION OF NEW RULES, THE RULES SUB-COMMITTEE OF THE STEERING COMMITTEE HAD MADE A MAJOR CONTRIBUTION TO ARBITRAL PRACTICE BY DRAFTING A COMPLETELY NEW SET OF RULES. THESE RULES WERE UNIQUE IN THIS FIELD AND SPELT OUT TO ARBITRATORS AND TO THE PARTIES ALL THE PROCEDURES OPEN TO THEM TO ACCELERATE AND SIMPLIFY THE PROCEDURES, AND LESSEN COSTS.
THIS PIONEERING WORK, HE SAID, HAD RECENTLY BEEN PRAISED AS SUCH BY THE TWO MOST EXPERIENCED ENGLISH JUDGES IN THIS FIELD, SIR JOHN DONALDSON, MASTER OF THE ROLLS, AND SIR MICHAEL KERR. THE WORK HAD BEEN DONE PRIMARILY FOR DOMESTIC ARBITRATION, BUT INTERNATIONAL PARTIES WERE FREE TO ADOPT THESE RULES OR TO BORROW FROM THEM IF THEY WISHED.
MR JUSTICE HUNTER STRESSED THAT SUCH AN INTERNATIONAL ARBITRATION CENTRE COULD NOT BE ESTABLISHED WITHOUT PUBLIC FINANCIAL SUPPORT.
THE REQUEST FOR $2.8 MILLION WAS MODEST. IN THE - HONG KONG CONTEXT, AND HAVING REGARD TO THE CENTRE'S POTENTIAL SIGNIFICANCE, IT SHOULD BE WELL WITHIN THE CAPACITY OF THE PEOPLE TO RAISE, HE SAID.
MAY CONSUMER PRICE INDEXES RELEASED *****
THE CONSUMER PRICE INDEX (A) WAS 154.1 AND THE CONSUMER PRICE INDEX (B), 153.9 FOR MAY 1984, ACCORDING TO THE CENSUS AND STATISTICS DEPARTMENT TODAY.
COMPARED WITH THE PRECEDING MONTH, CPI(A) INCREASED BY 0.2 POINT OR 0.1 PER CENT, AND CPI(B), BY 0.4 POINT OR 0.3 PER CENT.
COMPARED WITH MAY 1983, CPI(A) ROSE BY 14.1 POINTS OR 10.1 PER CENT AND CPI(B), BY 14.2 POINTS OR 10.2 PER CENT.
FOR THE 12 MONTHS TO MAY 1984, THE AVERAGE CPI(A) WAS 149.1 AND THE AVERAGE CPI(B), 148.6, BOTH BEING 10.2 PER CENT HIGHER THAN THE AVERAGES FOR THE 12 MONTHS TO MAY 1983.
/DURING THE