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FRIDAY, NOVEMBER 23, 1984
ON PRICES, THE REPORT COMMENTS THAT THE RELATIVE STRENGTH OF THE HONG KONG DOLLAR UNDER THE LINKED EXCHANGE RATE SYSTEM, COUPLED WITH THE RELATIVE BALANCE BETWEEN THE AGGREGATE SUPPLY AND THE AGGREGATE DEMAND FOR DOMESTIC RESOURCES AND THE RELATIVELY MODEST RATE OF INFLATION IN HONG KONG'S MAJOR TRADING PARTNERS, HAVE CONTRIBUTED TO A NOTICEABLE DECELERATION IN THE RATE OF INFLATION DURING THE FIRST NINE MONTHS OF 1984. THIS DECELERATION WAS IN LINE WITH THE FINANCIAL SECRETARY'S CAPLIER PREDICTIONS.
THE THIRD QUARTER ECONOMIC REPORT 1984 WILL SOON BE ON SALE AT $10 A COPY.
GOVT GRANTS $1.2M FOR ARBITRATION CENTRE
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THE GOVERNMENT TODAY ANNOUNCED THAT IT IS MAKING AVAILABLE A GRANT OF $1.2 MILLION TO ASSIST IN THE ESTABLISHMENT OF THE PROPOSED HONG KONG INTERNATIONAL ARBITRATION CENTRE. THE FINANCE COMMITTEE OF THE LEGISLATIVE COUNCIL ON WEDNESDAY APPROVED THE GOVERNMENT'S PROPOSAL TO SUPPORT THE CENTRE.
A SPOKESMAN SAID THE GOVERNMENT RECOGNISED THAT THE SETTING UP OF THE CENTRE WAS A VITAL STEP IN THE CONTINUED DEVELOPMENT OF HONG KONG AS THE COMMERCIAL CENTRE OF THE SOUTH EAST ASIAN REGION. HONG KONG'S INTERNATIONAL IMPORTANCE AS A FINANCIAL, COMMERCIAL AND TRADING CENTRE AND THE AUTHORITY OF ITS LEGAL TRADITIONS BASED ON ENGLISH LAW WOULD ENABLE IT TO BECOME A LEADING CENTRE FOR THE CONDUCT OF COMMERCIAL ARBITRATION, DOMESTIC AND INTERNATIONAL.
WELCOMING THE ANNOUNCEMENT, MR JUSTICE HUNTER, CHAIRMAN OF THE STEERING COMMITTEE FORMED TWO YEARS AGO ON THE INITIATIVE OF THE PREVIOUS ATTORNEY GENERAL, MR JOHN GRIFFITHS, QC, THANKED THE GOVERNMENT FOR ITS SUPPORT. HE SAID THE GOVERNMENT'S CONTRIBUTION TO THE STEERING COMMITTEE'S PUBLIC APPEAL FOR FUNDS GAVE EVERY EXPECTATION THAT THE TARGET OF $2.8 MILLION WOULD SOON BE REACHED. COMPANIES, FIRMS AND INDIVIDUALS IN THE PRIVATE SECTOR HAD RESPONDED GENEROUSLY IN CONTRIBUTING SO FAR $1.4 MILLION.
+NOW IS THE TIME TO DEMONSTRATE TO CHINA AND THE REST OF THE WORLD THE PRACTICAL VALUE OF HONG KONG'S LEGAL SYSTEM. WE SHALL TAKE THAT OPPORTUNITY. I AM CONFIDENT THAT THE HONG KONG INTERNATIONAL ARBITRATION CENTRE WILL BE OPEN FOR BUSINESS IN THE FIRST QUARTER OF 1985, + HE SAID.
THE MONEY NOW BEING RAISED, HE SAID, WOULD BE USED TO MODERNISE THE PREMISES IN THE CENTRAL MAGISTRACY BUILDING IN ARBUTHNOT ROAD
AVAILABLE BY THE GOVERNMENT AT A NOMINAL RENT. AND TO MEET T-. RUNNING COSTS OF THE CENTRE FOR THE FIRST THREE YEARS OF OPERATION.
/+BY THE