WEDNESDAY, OCTOBER 28, 1987
10
FUND USED TO SAFEGUARD CURRENCY'S EXCHANGE VALUE
VALUE
OF
THE EXCHANGE FUND WAS USED TO SAFEGUARD THE EXCHANGE THE CURRENCY OF HONG KONG FROM THE UNACCEPTABLE ADVERSE EFFECT DUE TO THE UNSTABLE SECURITIES MARKETS OVER THE SECRETARY, THE HON PIERS TODAY (WEDNESDAY);
JACOBS, SAID
THE FINANCIAL LEGISLATIVE COUNCIL
IN
LAST
THE
WEEK,
REPLYING TO A QUESTION BY DR THE HON CONRAD LAM, THE FINANCIAL
SAID: 'SECTION 3(1) SECRETARY
OF THE EXCHANGE FUND ORDINANCE SHALL BE USED FOR SUCH SPECIFIES THAT THE FUND
PURPOSES AS THE FINANCIAL SECRETARY THINKS FIT AFFECTING, EITHER
OR DIRECTLY KONG HONG
AND FOR INDIRECTLY THE EXCHANGE VALUE OF THE CURRENCY OF OTHER PURPOSES INCIDENTAL THERETO."
MR JACOBS SAID AB FINANCIAL SECRETARY AND CONTROLLER OF THE ALL RELEVANT FACTORS, HE HAD EXCHANGE FUND, AND HAVING CONSIDERED
KONG FACED OVER FORMED THE OPINION THAT THE CIRCUMSTANCES THAT HONG
SUCH THAT THE LAST WEEK IN RELATION TO ITS SECURITIES MARKETS, WERE
PROLONGED DISORDER ANY
IN THESE
HAVE MARKETS WOULD
HAD AN UNACCEPTABLE ADVERSE EFFECT ON THE EXCHANGE VALUE OF THE CURRENCY.
1
GUARANTEE
CORPORATION,
FULL "ON THIS BASIS, AND WITH THE
SUPPORT OF THE EXECUTIVE
THE COUNCIL I DECIDED TO USE THE EXCHANGE FUND TO EXTEND
SUPPORT WITH FACILITIES TO THE HONG KONG FUTURES
A AND NORMAL OPERATIONS OF VIEW TO ENSURING THE CONTINUED
BOTH THE FUTURES EXCHANGE AND THE STOCK EXCHANGE, HE SAID.
MINIMAL BUILDING DELAY ARISING FROM LABOUR SHORTAGE
BASIS
*
OF CURRENT
PUBLIC
PUBLIC WORKS AND
HOUSING ON THE
THE COMPLETION OF WORKS PROJECTS, THERE IS ONLY A MINIMAL DELAY IN
IN SHORTAGES
THE SUPPLY OF CONSTRUCTION CONTRACTS RESULTING FROM WORKERS.
THE HON ALISTAIR ASPREY, THE SECRETARY FOR LANDS AND WORKS,
TO A SAID THIS IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY) IN REPLY QUESTION FROM THE HON CHENG HON-KWAN.
OVER
MR ASPREY SAID THAT SO FAR AS DELAY WAS CONCERNED, OF THE
CONTRACTS BRING CARRIED OUT AT 400 BUILDING AND CIVIL ENGINEERING
THE HOUSING AUTHORITY, PRESENT FOR GOVERNMENT WORKS DEPARTMENTS AND
PER CENT WERE DELAYED BY 62 PER CENT WERE ON OR AHEAD OF TIME, 17
MONTHS, LESS THAN A MONTH, 15 PER CENT WERE DELAYED FROM ONE TO THREE AND SIX PER CENT WERE DELAYED MORE THAN THREE MONTHS.
/HE EXPLAINED1 .....