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FRIDAY, JULY 3, 1992

ACCOMPANYING

THE SONG WAS A HUGE SLIDE SHOWING MOUNTAIN SCENERIES OF HONG KONG AND SCOTLAND, AND OF LORD WILSON CLIMBING A MOUNTAIN IN SCOTLAND.

AS LORD WILSON AND HIS FAMILY WALKED A SHORT DISTANCE ΤΟ QUEEN'S PIER FOR THE FORMAL LEAVE-TAKING. TWO PIPERS IN FULL REGIMENTAL REGALIA WITH KILT, BONNET WITH OSTRICH FEATHERS AND THE "RED HACKLE" (A SYMBOL OF BLACK WATCH) FROM THE BLACK WATCH (ROYAL HIGHLAND REGIMENT) PLAYED THREE WELL-KNOWN SCOTTISH SONGS ON THE BAGPIPES.

THE "HIGHLAND LADDIE" IS THE BLACK WATCH REGIMENTAL MARCH PASS MELODY: THE "BLACK BEAR" IS THE BATTLE CHARGE THAT SIGNIFIES COURAGE; AND THE "HIGHLAND CRADLE SONG"

IS A SLOW HAUNTING MELODY AND IS

RECOGNISED AS A FITTING TUNE FOR BIDDING FAREWELL.

MUCH ΤΟ THE DELIGHT OF THE GOVERNOR, WHO ONCE SERVED IN THE BLACK WATCH, THE PIPERS WERE NOT PART OF THE OFFICIAL PROGRAMME BUT A SURPRISE EPISODE ARRANGED FOR LORD WILSON AND HIS FAMILY.

AT THE PIER, THE GOVERNOR, LADY WILSON AND THEIR TWO SONS SHOOK HANDS WITH THE OFFICIAL PARTY WHICH INCLUDED THE CONSUL-GENERAL OF GERMANY AND DOYEN OF THE CONSULAR CORPS, DR E.V. BRACKLO, AND MRS BRACKLO; THE ACTING DIRECTOR OF THE HONG KONG BRANCH OF THE NEW CHINA NEWS AGENCY, MR ZHENG HUA, AND MRS ZHENG; THE CONVENOR OF THE LEGISLATIVE COUNCIL, MRS ELSIE TU, AND MR TU; THE DEPUTY PRESIDENT OF THE LEGISLATIVE COUNCIL, MR JOHN SWAINE, AND MRS SWAINE; THE SENIOR MEMBER OF THE EXECUTIVE COUNCIL, BARONESS DUNN, AND MR MICHAEL THOMAS; THE ROMAN CATHOLIC BISHOP OF HONG KONG, HIS EMINENCE CARDINAL WU; THE BISHOP OF HONG KONG, THE RT REV PETER KWONG KONG-KIT, AND MRS KWONG; THE COMMANDER BRITISH FORCES, MAJOR-GENERAL JOHN FOLEY. AND MRS FOLEY: THE CHIEF SECRETARY, SIR DAVID FORD, AND LADY FORD: AND THE CHIEF JUSTICE. SIR TI LIANG YANG, AND LADY YANG.

LORD WILSON AND HIS FAMILY THEN WAVED ΤΟ THE HUNDREDS OF SPECTATORS WHO TURNED UP AT EDINBURGH PLACE TO SEE THEM OFF, BEFORE THEY BOARDED THE "LADY MAURINE" FOR THE SHORT TRIP ACROSS THE HARBOUR ON THEIR WAY TO THE AIRPORT. THEIR VESSEL WAS ESCORTED BY A ROYAL NAVY LAUNCH AND A POLICE LAUNCH.

BID AND OFFER RATES OF EXCHANGE FUND'S LAF CUT

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THE OFFICE OF THE EXCHANGE FUND EARLY THIS MORNING (FRIDAY) CUT THE BID AND OFFER RATES OF ITS LIQUIDITY ADJUSTMENT FACILITY (LAF), HONG KONG'S VERSION OF A DISCOUNT WINDOW, BY 0.5 PERCENTAGE POINT.

THE BID AND OFFER RATES ARE NOW 2 PER CENT AND 4 PER CENT RESPECTIVELY.

THE MOVE FOLLOWED CLOSELY THE HALF PERCENTAGE POINT CUT IN THE U.S. DISCOUNT RATE OVERNIGHT BY THE FEDERAL RESERVE BANK FROM 3.5 PER CENT TO 3 PER CENT.

/THIS IS

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