1
HONG KONG BANK COMMITTED TO HK: GOVERNOR
*
*
THE RESTRUCTURING OF THE HONG KONG AND SHANGHAI BANKING CORPORATION IS A BUSINESS DECISION TAKEN BY THE BANK FOR BUSINESS REASONS, THE GOVERNOR, SIR DAVID WILSON, SAID TODAY (TUESDAY).
SPEAKING TO REPORTERS BEFORE ATTENDING A MEETING OF THE EXECUTIVE COUNCIL, SIR DAVID SAID IF WE WERE TO LOOK AT THE ISSUE FROM A WIDER HONG KONG PERSPECTIVE, WHAT HONG KONG NEEDED WAS A STRONG AND EFFECTIVE BANK, WHICH WAS COMMITTED TO HONG KONG AND ABLE TO OPERATE THROUGHOUT THE WORLD.
HE
SAID THE WAY IN WHICH THE BANK WAS BEING DESIGNED PRECISELY TO DO THAT.
RESTRUCTURED WAS
THE COMMITTED
SIR DAVID SAID HE WAS PLEASED TO HEAR THAT THE CHAIRMAN OF BANK, MR WILLIAM PURVES, HAD RE-EMPHASISED HOW THE BANK WAS TO HONG KONG AND WOULD GO ON PLAYING IT'S MAJOR ROLE IN THE TERRITORY,
SIR DAVID STRESSED THAT THE IMPORTANT THING WAS THAT THE BANK REMAINED BASED ITS HEADQUARTERS IN HERE WITH IT'S DECISION-TAKING AND MANAGEMENT IN HONG KONG.
AND THE SECOND IMPORTANT POINT, THE GOVERNOR SAID, WAS THAT THE HONG KONG BANK SHOULD BE AN EFFECTIVE BANK AND IT SHOULD HAVE A SECURE BUSINESS FOUNDATION.
OCTOBER ORDERS-ON-HAND, EMPLOYMENT AND PAYROLL FIGURES RELEASED
* * * * * *
BY
IN OCTOBER 1990, THE AVERAGE VOLUME OF ORDERS-ON-HAND REPORTED THE 200 LARGEST MANUFACTURING COMPANIES DECREASED BY 1 PER CENT WHEN COMPARED WITH SEPTEMBER 1990, AND BY 2 PER CENT WHEN COMPARED WITH OCTOBER 1989, ACCORDING TO THE RESULTS OF A SURVEY RELEASED TODAY (TUESDAY) BY THE CENSUS AND STATISTICS DEPARTMENT.
COMPARED WITH SEPTEMBER 1990, THE AVERAGE VOLUME OF ORDERS-ON- HAND IN OCTOBER 1990 DECREASED MODERATELY IN
THE PLASTIC PRODUCTS INDUSTRY, AND TO A LESSER EXTENT IN MOST OTHER MANUFACTURING INDUSTRIES SURVEYED. ON THE OTHER HAND, THE ELECTRICAL AND ELECTRONIC PRODUCTS INDUSTRY REPORTED A SLIGHT INCREASE IN ORDERS.
COMPARED WITH OCTOBER 1989, THE ORDERS POSITION IN OCTOBER 1990 DROPPED IN MOST MANUFACTURING INDUSTRIES SURVEYED, PARTICULARLY IN THE PLASTIC PRODUCTS AND FABRICATED METAL PRODUCTS INDUSTRIES. ON THE OTHER HAND, ORDERS IN THE ELECTRICAL AND ELECTRONIC PRODUCTS INDUSTRY INCREASED MODERATELY OVER THE SAME PERIOD.
THE AVERAGE VOLUME OF ORDERS-ON-HAND IS MEASURED IN TERMS OF THE NUMBER OF MONTHS AND REFERS TO ORDERS OUTSTANDING AS AT THE END OF THE REFERENCE MONTH.
/ON EMPLOYMENT