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The Administration will work with Members to examine the scope of a mechanism whereby Members and the public will be able to monitor the performance of the Post Office Trading Fund more easily and effectively. As in the recent case of the Office of the Telecommunications Authority Trading Fund we undertake to discuss the target rate of return with Members in the light of the Post Office Trading Fund's actual operational experience. We are also prepared to consider possible changes to the present system for approving some postal fees and charges. To this end, I undertake to put up proposals for consideration by the Economic Services Panel during the next six months. As there are no proposals to amend postage charges during the financial year 1995/96, there will be ample time to consider these issues after the creation of the Post Office Trading Fund on 1st August, 1995.
Finally, Mr President, I would like to emphasise once again that our primary objective in proposing that the Post Office be moved on to trading fund operation is to provide it with the operational flexibility it needs to optimise the use of resources and provide an efficient and modern postal service to meet and support Hong Kong's continued economic development. The Hong Kong Post Office has a long and distinguished history. Throughout the years, it has provided us with an essential service, efficiently and without fuss. Postal charges in Hong Kong are among the lowest in the industrialised world; our postmen amongst the most efficient, dedicated and hardworking. I am convinced that, when operating as a trading fund, the Post Office will be able to build strongly on its already excellent track record as one of the world's leading postal administrations.
Mr President, I beg to move.
End/Wednesday, July 19, 1995
Insurance Companies (Amendment) Bill: second reading
Following is the speech by the Secretary for Financial Services, Mr Michael Cartland, on the second reading debate of the Insurance Companies (Amendment) Bill 1995 in the Legislative Council today (Wednesday):
Mr President,
I would like to thank the Bills Committee under the chairmanship of the Honourable Peter Wong for its careful consideration of the Insurance Companies (Amendment) Bill 1995. I would also like to express my appreciation to the professional and industry organisations involved for their valuable comments.