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THURSDAY, DECEMBER 24, 1987
THE SECTION OF SAI WAN HO STREET BETWEEN HOI NING STREET HOLY CROSS PATH WILL BE PERMANENTLY WIDENED FROM ITS PRESENT WIDTH 3M TO 7.3M TO PROVIDE VEHICULAR ACCESS TO THE AREA.
AND
OF
AT THE END OF THE SITE FORMATION WORKS, THE CONVEYOR SYSTEM WILL BE DISMANTLED AND THE AFFECTED PORTION OF HOI NING STREET WILL BE REINSTATED.
THE PLAN ON THE PROPOSED MODIFICATIONS CAN BB SREN AT THE CENTRAL AND WESTERN DISTRICT OFFICE, CENTRAL ENQUIRY SUB-OFFICE, CENTRAL GOVERNMENT OFFICES, WEST WING, MAIN ENTRANCE LOBBY, HONG KONG; THE DISTRICT LANDS OFFICE/ HONG KONG RAST, 12TH FLOOR, HARBOUR CENTRE, HARBOUR ROAD, HONG KONG; AND THE EASTERN DISTRICT SHAU KRI WAN SUB-OFFICE, GROUND FLOOR, 347 SHAU KEI WAN ROAD, HONG KONG DURING OFFICE HOURS.
PROPOSALS SHOULD SEND FOR TRANSPORT, CENTRAL
ANY PERSON WHO WISHES TO OBJECT TO THE HIS OBJECTION IN WRITING TO THE SECRETARY GOVERNMENT OFFICES, EAST WING, SECOND FLOOR, LOWER ALBERT ROAD, HOND KONG BEFORE FEBRUARY 22 NEXT YEAR.
BANKING COMMISSIONER ISSUES ADVISORY LETTER
THE COMMISSIONER OF BANKING, MR TONY NICOLLE, HAS ISSUED AN ADVISORY LETTER URGING BANKS AND DEPOSIT-TAKING COMPANIES (DTC's) THAT THE CURRENT MARKET SPOT RATE SHOULD BE USED TO LIQUIDATE THE MATURING FOREIGN-EXCHANGE CONTRACTS AND FOR CALCULATING THE NEW FORWARD RATE.
IN A LETTER SENT TO THE HONG KONG ASSOCIATION OF BANKS AND THE HONG KONG DEPOSIT-TAKING COMPANIES ASSOCIATION, MR NICOLLE SAID THAT HIS OFFICE WAS AWARE THAT BANKS AND DTC'S HAD ON OCCASION BEEN UNDER PRESSURE FROM COMMERCIAL CUSTOMERS TO ROLL OVER MATURING FORWARD CONTRACTS ON THE BASIS OF PREVIOUS, RATHER THAN CURRENT, RATES.
"THERE HAVE BEEN EXAMPLES, TOO, OF HONG KONG BANKS AND DTC'S EXPERIENCING PRESSURE FROM PARENT BANKS OVERSEAS TO ROLL ON FORWARDS AT NON-CURRENT RATES.
"I WOULD STRONGLY RECOMMEND THAT, WHEN EXTENDING THE MATURITY OF ANY FORWARD CONTRACT, THE CURRENT MARKET SPOT RATE SHOULD BE USED TO LIQUIDATE THE MATURING CONTRACT AND AS THE BASK FROM WHICH TO CALCULATE THE NEW FORWARD RATE.
"FAILURE
OR
I
TO USE THE CURRENT SPOT RATE MAY RESULT IN A BANK DTC EFFECTIVELY COLLABORATING IN THE CONCEALMENT OF A PROFIT OR LOSS, SAID MR NICOLLE IN HIS LETTER.
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