WEDNESDAY, MARCH 1, 1989
MARKET
MR JACOBS ALSO SAID THE LABOUR
WAS LIKELY TO REMAIN TIGHT AND THAT THE PRESSURE TO ADOPT LABOUR-SAVING PROCESSES AND TECHNIQUES WOULD BE SUSTAINED.
WHILE EXPLOYERS WERE EXPERIENCING LABOUR SHORTAGES AND INCREASED LABOUR COSTS, HE SAID IT SHOULD BE REMEMBERED THAT EMPLOYEES AS A GROUP SHOULD CONTINUE TO BE ABLE ΤΟ SHARE IN THE FRUITS OF PROSPERITY THROUGH AMPLE JOB OPPORTUNITIES AND BETTER PAY.
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MOVE TO HELP GROWTH OF DOLLAR PAPER MARKET
THE GOVERNMENT IS SEEKING то CREATE A MORE FAVOURABLE ENVIRONMENT FOR THE DEVELOPMENT OF THE HONG KONG DOLLAR PAPER MARKET, THE FINANCIAL SECRETARY TOLD THE LEGISLATIVE COUNCIL TODAY
(WEDNESDAY).
DELIVERING HIS BUDGET SPEECH, THE HON PIERS JACOBS SAID THAT THOSE WHO USED THE MARKET HAD TO DECIDE FOR THEMSELVES ON WHERE THE MARKET WENT FROM HERE.
"MY TASK IS TO REMOVE IMPEDIMENTS TO HEALTHY GROWTH," HE SAID.
"I INTEND TO SEEK AMENDMENTS TO THE PROTECTION OF INVESTORS ORDINANCE IN ORDER TO STREAMLINE THE AUTHORISATION PROCEDURES FOR ADVERTISEMENTS CONCERNING THE ISSUE OF COMMERCIAL PAPER AND FOR CONSULTING THE PARTIES CONCERNED.
"AND, SUBJECT TO THE ADVICE OF THE EXECUTIVE
COUNCIL, I HOPE
TO BE ABLE TO INTRODUCE A BILL INTO THIS COUNCIL IN THE NOT TOO DISTANT FUTURE," MR JACOBS ADDED.
IN OUTLINING THE MONETARY ISSUES IN THE PAST 1988 SAW THE INTRODUCTION OF VARIOUS ARRANGEMENTS MAINTENANCE OF EXCHANGE RATE STABILITY.
YEAR, HE SAID HELPFUL TO THE
"IN THE EARLY PART OF LAST YEAR, THE HONG KONG ASSOCIATION OF BANKS INTRODUCED THE SPECIFIED RATE RULES AND THE SUBSEQUENT AMENDMENTS TO THE RULES ON INTEREST RATES IN ORDER TO MAKE 1T POSSIBLE TO HAVE NEGATIVE INTEREST RATES SHOULD THE NEED ARISE.
"
'IN JULY, THE GOVERNMENT INTRODUCED THE NEW ACCOUNTING ARRANGEMENTS, WHICH ENABLED THE ADMINISTRATION TO EXERT MORE EFFECTIVE INFLUENCE ON MONETARY CONDITIONS IN THE INTERBANK MARKET, MR JACOBS SAID.
/HE SAID
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