5
-
MONDAY, NOVEMBER 1, 1993
PROTECTIONISM IN TRADE CONDEMNED
MANY
WORKERS IN THEM INTO
DEVELOPED. HIGHER-PAID
COUNTRIES TO DRUDGE JOBS INSTEAD OF RELEASING POSITIONS IN THE SERVICE SECTOR, HE SAID.
"AND INSTEAD OF ENCOURAGING GRADUAL AND CONTINUOUS
ADJUSTMENT,
IT GUARANTEES THAT, WHEN IT COMES, THE ADJUSTMENT WILL BE SUDDEN, LUMPY AND MORE PAINFUL.
TI
·
THE NARROW, NATIONAL VIEW OF TRADE WHICH REGARDED IT AS CHEATING WHEN IMPORTED GOODS WERE CHEAPER THAN THE DOMESTIC PRODUCT, WAS PARTICULARLY UNFORTUNATE AT A TIME WHEN MANUFACTURING WAS GOING GLOBAL, MR MILLER SAID.
OPERATING INTERNALLY
FREE TRADE
"FREE TRADE IS SIMPLY THE FREE MARKET INTERNATIONALLY. JUST AS FREE MARKET FORCES OPERATING ENSURE THE BEST USE OF RESOURCES WITHIN A COUNTRY, SO ENSURES THE GREATEST GOOD FOR THE GREATEST NUMBER GLOBALLY.
MOREOVER, HE POINTED OUT THAT FREE TRADE WAS ΝΟΤ JUST ABOUT THE EXCHANGE OF GOODS.
"THE MARKET PLACE IS AN ESSENTIALLY DEMOCRATIC PLACE. BUYERS AND SELLERS, PRODUCERS AND CONSUMERS COME TOGETHER FACH WITH A FREEDOM OF CHOICE; TO SELL OR NOT TO SELL, TO BUY OR NOT TO BUY.
"AND FROM THIS ALMOST RANDOM NEGOTIATION OF MULTIPLE BUYERS AND SELLERS EMERGES, NOT SIMPLY PRICE, BUT A CONTINUOUS AND CONSTANTLY ADJUSTING CONSENSUS ON WHAT GOODS SHOULD BE PRODUCED, IN WHAT QUANTITIES AND WHERE.
"
"THE CHALLENGE AS WE ENTER THE NEW MILLENNIUM, SAID MR MILLER, "IS TO ENSURE THE VICTORY OF FREE TRADE OVER MANAGED TRADE.'
}
0
MONETARY STATISTICS FOR SEPTEMBER
* *
HONG KONG DOLLAR
DEPOSITS WITH AUTHORISED INSTITUTIONS INCREASED DURING SEPTEMBER, ACCORDING TO STATISTICS PUBLISHED TODAY (MONDAY) BY THE HONG KONG MONETARY AUTHORITY.
CONSISTENT WITH THIS, SUPPLY, M3 ROSE DURING THE MONTH.
THE BROADEST HONG
KONG DOLLAR MONEY
THE HONG KONG DOLLAR LOANS AND ADVANCES ALSO REGISTERED AN
INCREASE.
DEPOSITS
HONG KONG DOLLAR DEPOSITS WITH AUTHORISED INSTITUTIONS, ADJUSTED TO INCLUDE SWAP DEPOSITS, ROSE BY 0.9% IN SEPTEMBER FOLLOWING AN INCREASE OF 4.5% IN JULY AND A DECREASE OF 0.8% IN AUGUST.
/AMONG THESE