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*INESDAY, DECEMBER 11, 1985
MR JACOBS ATTRIBUTED THE ENCOURAGINGLY LOW RATE OF INFLATION TO THE LINK BETWEEN THE HONG KONG DOLLAR AND THE U.S. DOLLAR.
+WITH THE RELATIVE STRENGTH OF THE U.S. DOLLAR UP TO THE FIRST PART OF THIS YEAR, THE LINK HAD A BENEFICIAL EFFECT ON IMPORT PRICES, HE SAID, POINTING OUT THAT THE SYSTEM HAD BEEN INSTRUMENTAL IN RESTORING CONFIDENCE IN THE HONG KONG DOLLAR AND IN STABILISING ITS EXCHANGE RATE.
MR JACOBS REITERATED SIR JOHN BREMRIDGE'S POINT THAT THERE WERE NO PLANS TO ALTER EITHER THE SYSTEM OR THE LINKED RATE ALTHOUGH THERE HAD BEEN OCCASIONS WHEN THE LINK HAD COME UNDER PRESSURE.
TURNING TO OUR WORK FORCE, HE SAID THAT DESPITE A FALL IN MANUFACTURING EMPLOYMENT OVER THE PAST YEAR, UNEMPLOYMENT AND UNDER-EMPLOYMENT HAD REMAINED STABLE AT RELATIVELY LOW LEVELS. THIS WAS LARGELY DUE TO THE CONTINUED EXPANSION OF THE ENTREPOT TRADE AND OF THE FINANCIAL AND RELATED SERVICES SECTORS.
EARLIER, MR JACOBS HIGHLIGHTED THE RESULTS OF A RECENT SURVEY BY THE CENSUS AND STATISTICS DEPARTMENT WHICH INDICATED THAT FIRMS IN THE MANUFACTURING SECTOR EXPERIENCED AN IMPROVEMENT IN BUSINESS IN THE THIRD QUARTER.
+AND THERE IS AN EXPECTATION THAT THE GENERAL BUSINESS SITUATION IN THE FOURTH QUARTER WILL REMAIN SIMILAR, HE ADDED.
+AS FAR AS TRADE AND THE ECONOMY IS CONCERNED, I BELIEVE THAT THE FIRM COMMITMENT TO OUR PRESENT ECONOMIC SYSTEM IS PROVING A SOURCE OF ENCOURAGEMENT TO TRADERS AND INVESTORS.
+ THE STEADY IMPLEMENTATION OF THE TERMS OF THE JOINT DECLARATION INSOFAR AS THE ECONOMY IS CONCERNED WILL CONTINUE TO DEVELOP CONFIDENCE,+ MR JACOBS SAID.
OTHER POINTS MENTIONED BY MR JACOBS INCLUDED THE FALL IN DOMESTIC EXPORTS, A SUBSTANTIAL AND CONTINUING GROWTH IN RE-EXPORTS AND THE REVISED FORECAST GROWTH RATE OF THE GDP.
PENALTIES FOR TV STATIONS *****
AFTER OBTAINING ADVICE FROM THE TELEVISION ADVISORY BOARD, THE TELEVISION AUTHORITY WILL BE IMPOSING A FINANCIAL PENALTY OF $10 000 ON TVB FOR INDIRECT ADVERTISING WITHIN THEIR EYT PROGRAMME ON NOVEMBER 11, 1985.
THE TELEVISION AUTHORITY, FOLLOWING THE ADVICE OF THE TELEVISION ADVISORY BOARD, WILL ALSO BE IMPOSING A FINANCIAL PENALTY OF $7 500 ON ATV FOR FAILING TO FORWARD A PROGRAMME SERIES FOR EXAMINATION BEFORE BROADCAST.
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