FRIDAY, OCTOBER 23, 1987
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FORD: PACKAGE OF MEASURES BEING PREPARED
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A PACKAGE OF MEASURES WHICH WILL ENABLE THE ORDERLY OPENING OF THE MARKETS ON MONDAY IS BEING WORKED OUT, THE DEPUTY TO THE GOVERNOR, MR DAVID FORD; SAID TODAY (FRIDAY).
HE SAID IT WAS VERY IMPORTANT FOR EVERYBODY TO REMEMBER THAT THE UNDERLINING ECONOMY IN HONG KONG WAS STRONG, AND THAT PROPLE SHOULD HAVE CONFIDENCE IN THE ABILITY OF HONG KONG TO SEE THROUGH THE FUTURE.
"THOSE PEOPLE IN THE PAST WHO HAD CONFIDENCE ON HONG KONG HAVE NEVER HAD REASON TO DOUBT THAT, NOR I DO THINK THEY WILL HAVE ANY REASON TO DOUBT THAT WE WILL ESTABLISH ORDERLY MARKETS IN THE COURSE OF NEXT WEEK," HE SAID.
MR FORD WAS SPEAKING TO REPORTERS TOGETHER WITH THE FINANCIAL SECRETARY, MR PIERS JACOBS, THIS MORNING WHEN THEY WERE ASKED QUESTIONS ABOUT THE STOCK MARKET.
MR JACOBS SAID THE WHOLE SITUATION WAS VERY FLUID AND PEOPLE WERE WORKING TOGETHER TRYING TO FIND A COMMON SOLUTION.
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"THE SITUATION HAS BEEN THAT I HAVE BEEN HAVING A SERIES MEETINGS WITH THE PLAYERS IN THE MARKETS, MY OWN ADVISERS IN THE ADMINISTRATION, AND INDEED THOSE MEMBERS OF HAMBROS WHO ARE IN HONG KONG," MR JACOBS SAID.
OTHER MEMBERS OF THE HAMBROS TEAM WERE ON THEIR WAY TO HONG KONG, AND FURTHER MEETINGS WOULD BE HELD WITH THEM WHEN THEY ARRIVED.
MR JACOBS SAID IN THE COURSE OF THE DISCUSSIONS HE HAD HAD OVER THE LAST 24 HOURS, HE HAD SEEN A CONSIDERABLE AMOUNT OF FLEXIBILITY AND GOOD WILL.
"OBVIOUSLY, AT THE BEGINNING, PEOPLE HAD TAKEN CERTAIN POSITIONS, BUT IN THE COURSE OF DISCUSSIONS WE'VE BEEN HAVING PEOPLE HAVE GRADUALLY BEGUN TO SEE EACH OTHER'S POINTS OF VIEW,
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"SO AT THE MOMENT, WE ARE AT A VERY FLUID STATE. WHAT IS GRADUALLY EMERGING IS A CONSIDERABLE RECOGNITION OF NEED ΤΟ THINK ABOUT THE SOLUTION THAT IS TO THE INTEREST OF HONG KONG AND TO THE BENEFIT OF ALL THE PLAYERS IN THE MARKET," HE ADDED.
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ASKED HOW LONG WOULD IT TAKE FOR THE HAMBROS BANK TO COME UP WITH A PROPOSAL, MR JACOBS SAID: "PROPOSALS ARE GRADUALLY EMERGING THROUGHOUT THE DAY. I CAN'T REALLY PUT OUT A FIXED TIME ON THIS, BUT WE HAVEN'T GOT MUCH TIME, AND THE BEAUTY OF THIS IS THAT: TIME IS VERY LIMITED, AND I WOULD LIKE TO SEE SOMETHING PUT TOGETHER EITHER LATER TODAY OR TOMORROW. WE HAVE TO SEE SOME SORT OF FRAMEWORK OF THIS BY THE WEEKEND."
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