TUESDAY, MAY 9, 1989
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FS PLEASED WITH OUTCOME OF HKFE'S EGM
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THE FINANCIAL SECRETARY, MR PIERS JACOBS, TODAY (TUESDAY) CONGRATULATED THE HONG KONG FUTURES EXCHANGE FOR HAVING SUCCESSFULLY AND FULLY RECONSTITUTED ITSELF ALONG THE LINES RECOMMENDED BY THE SECURITIES REVIEW COMMITTEE, THUS PAVING THE WAY FOR FURTHER IMPROVEMENTS AND DEVELOPMENT OF THE FUTURES EXCHANGE,
TWO RESOLUTIONS WERE ADOPTED BY THE EXCHANGE AT IT'S EXTRAORDINARY GENERAL MEETING THIS EVENING,
THE FIRST DEALS WITH CONSTITUTIONAL REFORMS FOR A MORE BALANCED, MARKET-ORIENTED BOARD AND A BETTER STRUCTURED MEMBERSHIP AND THE SECOND RELATES TO VOTING RIGHTS OF NON-MEMBER SHAREHOLDERS.
"I AM MOST IMPRESSED BY THE DECISION OF THE SHAREHOLDERS OF THE FUTURES EXCHANGE AND THE EFFORTS OF ALL CONCERNED, IN PARTICULAR, THE BOARD OF THE EXCHANGE AND ITS CHAIRMAN, MR EOGHAN MCMILLAN, WHO HAVE TAKEN THE INITIATIVE AND WORKED SO PATIENTLY IN THE PAST MONTHS ON THE RECONSTITUTION EXERCISE,' MR JACOBS SAID.
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"THE SUCCESSFUL RECONSTITUTION OF THE FUTURES EXCHANGE IS VERY ENCOURAGING INDEED.
"THIS, TOGETHER WITH THE RESTRUCTURED LIFEBOAT AGREEMENT AND THE ESTABLISHMENT OF THE NEW CLEARING CORPORATION, WILL NOW PROVIDE A VERY GOOD FOUNDATION FOR THE FURTHER DEVELOPMENT AND GROWTH OF OUR FUTURES MARKET WITH STANDARDS COMPARABLE TO THOSE OF OTHER MAJOR INTERNATIONAL FINANCIAL CENTRES, HE ADDED.
TAC DISCUBS FARE INCREASES
COMMITTEE (TAC) TODAY
THE TRANSPORT ADVISORY
(TUESDAY) RECOMMENDED AN INCREASE IN THE FARES CHARGED BY TAXIS ON LANTAU ISLAND.
MEMBERS EXAMINED THE FARE DIFFERENCE BETWEEN TAXIS AND BUSES, THE FINANCIAL POSITION OF THE TAXI TRADE AND THE LEVEL OF TAXI SERVICE ON LANTAU.
TAKING ACCOUNT OF THE RELATIVELY LONG DISTANCE THAT THE TAXIS MUST TRAVEL TO COLLECT PASSENGERS, THE TAC SUPPORTED AN INCREASE IN THE SURCHARGE FOR RADIO-CALL TAXI SERVICE ON THE ISLAND.
TAC ALSO DISCUSSED APPLICATIONS FOR FARE INCREASES FROM THE STAR FERRY COMPANY AND THE CHINA MOTOR BUS COMPANY.
THE COMMITTEE'S