THURSDAY, NOVEMBER 26, 1987
POLICIES REMAIN FIRMLY IN PLACE: SIR DAVID
ALTHOUGH IT
GROWTH RATE THAT APPEARS
HONG KONG'S ECONOMIC
IN HAPPENED
THE WORLD'S FINANCIAL BE
WHAT KAS AFFECTED BY
IN HIS MARKETS, POLICIES OUTLINED BY THE GOVERNOR, SIR DAVID WILSON,
WILL NOT BE AFFECTED ADDRESS TO THE LEGISLATIVE COUNCIL LAST MONTH AND THEY WILL REMAIN IN PLACE.
THIS
THE
HONG
SPEAKING WHEN KONG MANAGEMENT
AT
THE ASSOCIATION
ANNUAL THIS
SIR DAVID EMPHASISED
DINNER OF
FELLOWSHIP (THURSDAY) EVENING.
THE
GOVERNOR
SAID SOME
COMMENTATORS
HAD SUGGESTED
THAT, EFFECTS, OF THE SOCIAL
BECAUSE OF THE STOCK MARKET CRISIS AND ITS POSSIBLE KNOCK-ON THE GOVERNMENT WOULD NOT NOW BE ABLE TO CARRY OUT ALL PROGRAMMES THAT HE ANNOUNCED LAST MONTH.
THIS IS NOT THE A POINT OF SAYING
CASE.
THAT, PLANS
"I SHOULD LIKE TO MAKE IT CLEAR THAT WHEN THOSE POLICIES WERE ANNOUNCED I MADE EVEN WHEN THE ECONOMY WAS DOING WELL, WE MUST BE PRUDENT IN OUR FOR NEW SPENDING, HE SAID.
11
"THE SERIES OF POLICIES WHICH I ANNOUNCED IN THAT DESIGNED WITH THIS CONSIDERATION IN MIND.
SIR DAVID RECALLED THAT THE PAST FEW WEEKS HAD PS IN HONG KONG AND IN THE REST OF THE WORLD.
―
SPEECH WERE
BEEN DIFFICULT
OUR FUTURES MARKET "OUR STOCK MARKET WAS TEMPORARILY CLOSED.
RAPID AND LAD SERIOUS PROBLEMS WHICH MADE IT ESSENTIAL TO BRING IN A
KEEP TRADING AND ASSIVE LIFEBOAT OPERATION TO ENSURE THAT IT COULD
THE REST
THE NOT COLLAPSE IN A WAY WHICH FINANCIAL SYSTEM.
WOULD
HAVE
AFFECTED
OF
50 PER CENT IN LESS THAT IT STANDS
OCTOBER
"THE HANG SENG INDEX HAS FALLEN ALMOST THAN TWO MONTHS, EVEN THOUGH IT IS WORTH REMEMBERING
EARLY PART OF TODAY AT MUCH THE SAME LEVEL AS IN THE YEAR," HE SAID.
LAST
HE OBSERVED THAT THE INDEX HAD PREVIOUSLY ALSO GONE UP FAST.
GONE
DOWN
FAST
BUT
IT
HAD
IN OUR WHAT
THE GOVERNOR SAID THESE EVENTS HAD SHOWN UP WEAKNESSES
WE SHOULD ANALYSE CAREFULLY
SYSTEM AND IT WAS IMPORTANT THAT THEY WERE AND THEN PUT THEM RIGHT.
SECURITIES REVIEW COMMITTEE,
OTHER MEMBERS FROM
"THAT IS WHY I HAVE APPOINTED A CHAIRED BY MR IAN HAY DAVISON AND INCLUDING FIVE THE HONG KONG COMMUNITY.
++
/THE COMMITTEE