THURSDAY, JULY 31, 1986
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BAN ON IMPORTS OF GOLD COINS FROM SOUTH AFRICA
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THE GOVERNOR-IN-COUNCIL DECIDED EARLIER THIS WEEK TO BAN IMPORTS OF GOLD COINS MINTED IN SOUTH AFRICA AND CONSIGNED TO HONG KONG FROM THAT COUNTRY WITH EFFECT FROM AUGUST 8 THIS YEAR.
EXPLAINING THE IMPORT PROHIBITION (SOUTH AFRICA) REGULATIONS 1986, A GOVERNMENT SPOKESMAN SAID THAT THE BAN HAD BEEN IMPOSED AFTER CAREFUL CONSIDERATION OF ALL RELEVANT FACTORS APPLICABLE TO HONG KONG IN THIS REGARD, INCLUDING SIMILAR ACTIONS TAKEN BY OTHER COUNTRIES, PARTICULARLY THE COMMONWEALTH AND LESS DEVELOPED COUNTRIES.
THE SPOKESMAN SAID THAT THE BAN WOULD APPLY TO ALL GOLD COINS MINTED IN SOUTH AFRICA, INCLUDING KRUGERRANDS AND THE NEW PROTEA COINS, AND IMPORTED TO HONG KONG FROM THAT COUNTRY.
LOCAL DEALINGS IN KRUGERRANDS AND OTHER GOLD COINS MINTED IN SOUTH AFRICA AND IMPORTS OF SUCH COINS FROM THIRD COUNTRIES WOULD NOT, HOWEVER, BE AFFECTED.
THE IMPORT PROHIBITION (SOUTH AFRICA) REGULATIONS CONTAIN PROVISIONS FOR THE DIRECTOR OF TRADE TO GRANT A LICENCE FOR THE IMPORT OF SUCH GOLD COINS FROM SOUTH AFRICA IN CERTAIN SPECIAL CIRCUMSTANCES, SUCH AS FOR THOSE WHICH ARE ALREADY ON THE IR WAY TO HONG KONG BEFORE AUGUST 8.
ANYONE WHO CONTRAVENES THE REGULATIONS IS LIABLE TO A FINE OF $500 000 AND IMPRISONMENT FOR TWO YEARS,
THE SPOKESMAN POINTED OUT THAT BOTH THE VALUE AND MARKET SHARE OF SOUTH AFRICA'S GOLD COINS IN HONG KONG'S IMPORTS HAD DECREASED DRASTICALLY SINCE 1985.
IN 1984, $1 112 MILLION WORTH OF GOLD COINS, OR 93 PER CENT OF SUCH IMPORTS INTO HONG KONG, WERE FROM SOUTH AFRICA. THE CORRESPONDING FIGURES DROPPED TO $447 MILLION AND 55 PER CENT RESPECTIVELY IN 1985.
THERE HAS BEEN NO RECORDS OF IMPORTS OF GOLD COINS FROM SOUTH AFRICA IN RECENT MONTHS.
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