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SATURDAY, OCTOBER 24, 1987
PRESS CONFERENCB
THE GOVERNOR, SIR DAVID WILSON, MET MEDIA REPRESENTATIVES At A
NEWS CONFERENCE AFTER ADDRESSING THE JOINT MEETING OF THE ABIA SOCIETY, AND THE HONG KONG ASSOCIATION OF NEW YORK IN NEW YORK ON FRIDAY (U.S. TIME).
A TRANSCRIPT OF THE QUESTIONS AND ANSWERS FOLLOWS:
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THE
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SIR DAVID: THE IDEA OF THIS SESSION IS THAT WE JUST WRAP UP ON THE VISIT. I'VE JUST BEEN UNWRAPPING ON NEW YORK JUST THERE. A FEW COMMENTS FIRST, IF I MAY. THE NEW YORK PART OF THR VISIT HAS BREN ESSENTIALLY TO DEAL WITH AND TO MEET PEOPLE IN THE LEARNED INSTITUTIONS, LIKE THE FOREIGN POLICY ASSOCIATION, THR COUNCIL ON FOREIGN RELATIONS AND TODAY'S MEETING WITH THE ABIA SOCIETY AND THE NEW HONG KONG ASSOCIATION. THAT'S WHAT NEW YORK IS PARTICULARLY GOOD FOR; AND ALSO A CHANCE TO MEET, BUT MORE SOCIALLY, OTHER PEOPLE WHO ARE IN A PROMINENT POSITION IN NEW YORK. WITH THIS VISIT TO NEW YORK, AND WITH TODAY, MY WEEK'S VISIT TO THE UNITED STATES, COMES TO AN END. ALTHOUGH, IF I HAD BEEN PLANNING AHEAD AND KNOWN WHAT WAS GOING TO HAPPENING DURING THIS WEEK, IN WALL STREET AND VARIOUS PARTS OF WORLD, I WOULDN'T HAVE CHOSEN THIS WEEK. NEVERTHELESS, I DO THINK VISIT HAS BEEN VERY VALUABLE. IT'S BEEN A TREMENDOUS OPPORTUNITY MEET SIGNIFICANT PROPLE BOTH IN WASHINGTON AND HERE IN NEW YORK, EXPLAIN TO THEM THAT THE UNITED STATES IS OF GREAT IMPORTANCE TO IN HONG KONG, BOTH IN THE POLITICAL SPHERE AND ECONOMICALLY. AND TO GET ACROSS TO THEM SOME OF OUR OWN CONCERNS, PARTICULARLY PERHAPS IN WASHINGTON ON THE HILL, TO EXPLAIN THE NATURE OF HONG KONG AND ITS ECONOMY, THE FACT THAT IT IS THE SUPREME EXAMPLE IN THE WORLD, TOGETHER WITH SINGAPORE, OF A FREE TRADING SOCIETY. AND TO TRY TO ENSURE THAT THERE IS A GOOD UNDERSTANDING OF THOSE FACTS AMONGST PROMINENT PEOPLE IN POLITICAL LIFE HERE IN THE UNITED STATES. So, EVEN THOUGH THIS MIGHT NOT BE THE IDEAL WEEK, I THINK IT'S BEEN A VISIT WHICH HAS BEEN WELL WORTHWHILE. IF THERE ARE ANY QUESTIONS THAT I CAN ANSWER, I SHOULD BE HAPPY TO TRY TO DO SO.
US
QUESTIONER: I GOT A STATEMENT ABOUT THE HONG KONG STOCK MARKET AND I GOT A COUPLE OF QUESTIONS. THE FIRST ONE
ONE IS, WHY DOES THE
· GOVERNMENT OF HONG KONG NEED TO ENGAGE A CONSULTANT TO STUDY THE FUTURES MARKET, AND WHAT IS THE TERM OF REFERENCE OF MR HAMBROS?
THE THE
BIR DAVID: HAMBROS IS THE NAMB OF THE MERCHANT BANK. QUESTIONS RELATED TO THE FUTURES MARKET ARE VERY COMPLEX ONES AND GOVERNMENT THEREFORE THOUGHT IT RIGHT TO GET SPECIALIST ADVICE. HAMBROS 18 A FAMOUS MERCHANT BANK. 80 IF THERE ARE ANY PROBLEMS RELATING TO THE FUTURES MARKET, THE GOVERNMENT THOUGHT IT RIGHT THAT IS SHOULD HAVE SPECIALIST ADVICE ON HOW TO DEAL WITH THEM. THE PRECISE TERMS OF REFERENCE I DO NOT HAVE AT MY FINGERTIPS. YOUR PEOPLE IN HONG KONG CAN ASK THAT OF THE FINANCIAL SECRETARY.
QUESTIONER: OK. ON THE SECOND QUESTION, THERE'S A RUMOUR IN HONG KONG SAYING THAT THE GOVERNMENT MIGHT INTEND TO USE THE EXCHANGE FUNDS TO SAVE THE FUTURES MARKET. IS THAT TRUE?
/SIR DAVID.