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THURSDAY, MAY 21, 1987
DRUG TRAFFICKING IS ORGANISED TO EARN HUGE PROF ITS WHICH ARE BEING USED TO FINANCE OTHER ILLEGAL ACTIVITIES SUCH AS GAMBLING, PROSTITUTION AND OTHER CRIMES.
MR MULLOY POINTED OUT THAT MONEY FROM THESE ACTIVITIES COMPLETES THE CYCLE BY HELPING TO FINANCE THE DRUG TRADE FURTHER.
+SO LONG AS THESE PROFITS GO UNTOUCHED, CONVICTED ACCOMPLICES AND CONFISCATED DRUG CONSIGNMENTS CAN BE QUICKLY REPLACED.
*THEREFORE, THERE IS A NEED TO ATTACK THE ASSETS OF DRUG TRAFFICKERS, HE SAID.
CLOUD THREATENING HK'S ECONOMIC GROWTH
*****
THERE IS A CLOUD ON THE HORIZON, DESPITE EXCELLENT PROSPECTS FOR HONG KONG'S CONTINUED ECONOMIC EXPANSION, THE SECRETARY FOR TRADE AND INDUSTRY, MR HAMISH MACLEOD, SAID TODAY (THURSDAY).
MR MACLEOD WAS SPEAKING AT THE PACIFIC BASIN ECONOMIC COUNCIL PLENARY SESSION IN SAN FRANCISCO,
MR MACLEOD WAS REFERRING TO PROTECTIONIST PRESSURES IN THE U.S. AND TO THE DANGER THAT THESE WILL LEAD TO PROTECTIONIST LEGISLATION IN THE COUNTRY, WHICH WILL IN TURN SERIOUSLY AND ADVERSELY AFFECT THE CLIMATE OF WORLD TRADE.
+THE SILVER LINING TO THE CLOUD, AS IT WERE IS THAT THERE ARE SEPARATELY, IN GENEVA, EFFORTS GOING ON (IN THE URUGUAY ROUND OF GATT TALKS OF MULTILATERAL TRADE) TO IMPROVE BOTH THE RULES OF INTERNATIONAL TRADE AND THEIR OBSERVANCE, SAID MR MACLEOD.
MR MACLEOD APPEALED TO THE COUNCIL TO REDUCE THE LIKELIHOOD OF PROTECTIONIST LEGISLATION SUCCEEDING, NOTING THAT EFFORTS IN GENEVA COULD LEAD TO NOTHING IF LEGISLATION GOES TOO FAR, PARTICULARLY SECTORAL LEGISLATION LIKE THAT WHICH THE U.S. TEXTILES LOBBY IS AGAIN TRYING TO PUSH THROUGH, DESPITE ABOVE AVERAGE PLANT UTILISATION AND PROFITS AND DESPITE ALREADY HAVING MORE PROTECTION VIA QUOTAS AND TARIFFS THAN ANY OTHER SECTOR.
MR MACLEOD REFUTED A CENTRAL MYTH OF THE DE INDUSTRIAL ISATION OF AMERICA+.
HE QUOTED EXAMPLES OF EMPLOYMENT IN THE MANUFACTURING SIDE OF THE U.S., WHICH ROSE OVER THE LAST TEN YEARS BY 343 000, WHILE IN OTHER DEVELOPED COUNTRIES THE OPPOSITE HAPPENED,
AIR MACLEOD