27
WEDNESDAY, APRIL 17, 1985
THIS
+ IN HONG KONG WE BELIEVE THAT BUSINESS IS BEST CONDUCTED BY BUSINESSMEN WITH A MINIMUM OF BUREAUCRATIC INTERFERENCE. COMMERCIAL FREEDOM HAS BEEN AND WILL CONTINUE TO BE THE CORNERSTONE OF OUR ECONOMIC SUCCESS.
+BUT FREEDOM DEPENDS TO A GREAT EXTENT ON THE ACCEPTANCE OF CERTAIN ETHICAL STANDARDS, HE SAID.
THE GOVERNMENT, HE SAID, WOULD CONTINUE TO WATCH THE SITUATION CAREFULLY.
+ I HOPE THAT THOSE FEW RETAILERS WHO NOW ABUSE THE COMMERCIAL FREEDOM AFFORDED TO THEM WILL HEED WHAT I HAVE SAID, + MR JACOBS SAID.
WHAT WAS UNFORTUNATE, HE SAID, WAS THAT IF INTERVENTION WAS NEEDED, THE BURDEN OF COMPLIANCE COULD FALL ON MANY INNOCENT AND REPUTABLE DEALERS AS WELL AS ON THE GUILTY MINORITY.
MR JACOBS POINTED OUT THAT THE TRADE DESCRIPTIONS ORDINANCE ALREADY PROVIDED FOR PENALTIES UP TO $500 000 AND IMPRISONMENT FOR FIVE YEARS IN RELATION TO THE OFFENCE OF SUPPLYING ANY GOODS TO WHICH A FALSE TRADE DESCRIPTION IS APPLIED.
DEALING WITH THE QUESTION OF PUBLIC UTILITIES, HE SAID A UNIFORM AND COMPREHENSIVE SYSTEM FOR NEW SCHEMES OF CONTROL OVER ALL PRIVATELY OWNED PUBLIC UTILITIES MIGHT NOT BE APPROPRIATE AS THE CIRCUMSTANCES OF THE VARIOUS PUBLIC UTILITIES WERE DIFFERENT.
WHILE SOME UTILITIES WERE NOT SUBJECT TO FORMAL PROFIT CONTROL SCHEMES, THERE WAS ADEQUATE REGULATION THROUGH OTHER METHODS, HE SAID.
EVEN WHERE THERE WAS NO FORMAL SCHEME OF CONTROL, THE GOVERNMENT COULD REGULATE CHARGES THROUGH A PROVISION REQUIRING THAT CHARGES OR FEES IMPOSED BY THE PUBLIC UTILITY IN QUESTION BE APPROVED BY THE APPROPRIATE AUTHORITY, OR BY THE LEGISLATIVE COUNCIL.
MR JACOBS FURTHER EXPLAINED THAT THE REASON WHY THERE WERE NO STANDARD RULES FOR DETERMINING WHICH AUTHORITY SHOULD DETERMINE OR APPROVE CHARGES WAS SIMPLY THAT THE SCHEMES OF CONTROL OR REGULATORY MEGHANISMS WERE NEGOTIATED IN DIFFERING CIRCUMSTANCES.
THUS, MR JACOBS SAID, ARRANGEMENTS WHICH MIGHT SUIT ONE UTILITY DID NOT NECESSARILY SUIT ANOTHER.
+WHAT WE TRY TO ENSURE IS THAT THE SCHEMES AND THE CONTROL MECHANISMS INCLUDING THE APPROVING AUTHORITY ARE APPROPRIATE TO THE PARTICULAR INDUSTRY OR UTILITY INVOLVED.
+THE PROVISIONS OF THE SCHEMES, AND THE LEVELS OF PERMITTED RETURN, ARE INTENDED TO DEAL WITH DIFFERENT OPERATING AND FINANCIAL REQUIREMENTS OF THE VARIOUS COMPANIES, HE SAID.
/ON THE