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THURSDAY, OCTOBER 25, 1984
THE COMPANIES (AMENDMENT) ORDINANCE 1984, WHICH BECAME EFFECTIVE ON AUGUST 31, 1984, BROUGHT COMPANY LEGISLATION MORE UP TO DATE AND PLUGGED THE LOOPHOLE OF IRRESPONSIBLE LENDINGS TO DIRECTORS BY PUBLIC COMPANIES WHICH HAD LED TO SEVERAL MAJOR COMPANY FAILURES.
+ THE STANDING COMMITTEE ON COMPANY LAW REFORM WILL NO DOUBT CONTRIBUTE TO THE FURTHER IMPROVEMENT OF COMPANY LAW IN HONG KONG,+ MR POON SAID.
THE RE-ORGANISATION OF THE HONG KONG COMMODITY EXCHANGE INTO THE HONG KONG FUTURES EXCHANGE WOULD FURTHER ENHANCE THE TERRITORY'S STATUS AS A FINANCIAL CENTRE.
+I AM PLEASED TO SEE THAT AT LONG LAST THE UNIFICATION OF THE STOCK EXCHANGES IS IN VIEW AND NEW LISTING RULES FOR QUOTED COMPANIES AND NEW LEGISLATION ARE BEING INTRODUCED TO REQUIRE DISCLOSURE OF MATERIAL FACTS AND SHAREHOLDINGS, HE SAID.
+HONG KONG'S FINANCIAL LAWS AND SYSTEM ARE NOT PERFECT, BUT IT CAN BE SEEN THAT WE LEARN QUICKLY FROM EXPERIENCE AND CONSTANT REVIEWS.+
THE ANNOUNCEMENT OF AN INSIDER DEALING TRIBUNAL LAST WEEK TO LOOK INTO SHARE TRANSACTIONS OF INTERNATIONAL CITY HOLDINGS LTD SHOWED THE GOVERNMENT'S CONTINUED DETERMINATION IN THIS RESPECT.
ON THE ECONOMY, HE SAID IT STILL FACED SEVERAL MAJOR PROBLEMS.
+THOUGH OUR EXPORTS ARE BUOYANT, RE-INVESTMENT IS LAGGING BEHIND, + HE SAID.
+RE-INVESTMENT IN OUR INDUSTRIES IS ABSOLUTELY ESSENTIAL IF OUR MANUFACTURING SECTOR IS TO SURVIVE IN THE YEARS TO COME . +
HONG KONG MANUFACTURERS ESPECIALLY IN BOTH OUR TEXTILE AND ELECTRONIC INDUSTRIES MUST EXPAND AND MODERNISE THEIR EQUIPMENT AND KEEP UP WITH MODERN TECHNOLOGY AND RESEARCH.
HONG KONG'S COMPETITORS WERE AGGRESSIVE AND ADVANCING AT SUCH A HIGH SPEED THAT UNLESS IT FOLLOWED SUIT, IT WOULD BE LEFT WAY BEHIND.
RE- +HOPEFULLY, WITH RENEWED CONFIDENCE IN HONG KONG, INVESTMENT WILL PICK UP IN THE NOT-TOO-DISTANT FUTURE, HE SAID.
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+OUR STRONG HONG KONG DOLLAR THOUGH ADVANTAGEOUS IN KEEPING OUR INFLATION RATE LOW AND PROF ITS FROM EXPORTS HIGH IN THE SHORT TERM, WILL AFFECT OUR COMPETITIVENESS IN THE WORLD MARKET IN THE MEDIUM OR LONG TERM.+
THIS WAS BEGINNING TO SHOW IN THE GROWTH RATES OF HONG KONG'S EXPORTS TO EUROPE AND THE UNITED KINGDOM.
/+THEREFORE 12