XN000022-1974-05-05 — Page 2

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SUNDAY, MAY 5, 1974.

STEERING GROUP TO STUDY PROPOSED COMMODITY EXCHANGE

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THE GUVERNMENT ANNOUNCED TODAY THAT IT WILL ESTABLISH A SMALL STEERING GROUP COMPRISING OFFICIALS AND UNOFFICIALS UNDER THE CHAIRMANSHIP OF THE SECRETARY FOR ECONOMIC SERVICES, MR. DEREK

JONES, TO APPRAISE THE FEASIBILITY STUDIES SUBMITTED BY FIVE GROUPS, COVERING A WIDE RANGE OF HONG KONG'S FINANCIAL AND BUSINESS COMMUNITY, WHO HAVE EXPRESSED AN INTEREST IN THE ESTABLISHMENT AND OPERATION OF A COMMODITY EXCHANGE IN HONG KONG.

THE STEERING GROUP WILL ALSO HAVE THE ASSISTANCE OF AN INDEPENDENT CONSULTANT TO ADVISE IT ON THE TECHNICAL ASPECTS OF THE VARIOUS APPLICATIONS. HE IS EXPECTED TO ARRIVE IN HONG KONG IN THE LAST WEEK OF MAY AND IT IS HOPED THAT THE STEERING GROUP WILL BE IN A POSITION TO SUBMIT A FORMAL RECOMMENDATION TO THE GOVERNMENT BY THE END OF JUNE.

IT WILL BE RECALLED THAT THE COMMODITY EXCHANGES (PROHIBITION) ORDINANCE, WHICH CANE INTO EFFECT IN AUGUST 1973, EFFECTIVELY BANNED THE ESTABLISHMENT OF ANY NEW EXCHANGES IN HONG KONG DEALING IN ANY SPECIFIED COMMODITY INCLUDED IN THE SCHEDULE TO THE ORDINANCE.

THE FINANCIAL SECRETARY STATED AT THAT TIME THAT IT WAS NOT THE GOVERNMENT'S INTENTION TO FRUSTRATE THE DEVELOPMENT OF A PROPERLY REGULATED COMMODITY EXCHANGE BUT THAT ITS INTENTION WAS RATHER TO ENSURE THAT, IF. AND WHEN SUCH AN EXCHANGE WAS ESTABLISHED, IT WOULD OPERATE IN A WELL REGULATED AND ORDERLY MANNER, AND..IN ACCORDANCE WITH INTERNATIONALLY ACCEPTED PRACTICES AND STANDARDS.

THE GOVERMENT WOULD HAVE TO BE CONVINCED THAT THE CASE-FOR, AND VIABILITY OF, AN EXCHANGE HAD BEEN ESTABLISHED.

$2 MILLION PROJECT TO BEAUTIFY TUNG TAU ESTATE

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WORK HAS BEGUN ON THE CONSTRUCTION OF 13 REST GARDENS, A CHILDREN'S PLAYGROUND, TUO BADMINTON COURTS AND A TABLE TENNIS COMPOUND AT TUNG TAU ESTATE IN KOULOON.

THESE AMENITIES, ESTIMATED TO COST ABOUT $2 MILLION, .FORM PART OF AN OVERALL $5 MILLION ENVIROÏMENTAL IMPROVEMENT

PROGRAMME FOR THE ESTATE WHICH IS ONE OF THE EARLIER +GROUP B+ ESTATES HOUSING SOME 46,000 PEOPLE.

THE WORK IS BEING CARRIED OUT ON THE OPEN SPACE BETWEEN BLOCK 11 AND 20 AND SHOULD BE COMPLETED IN ABOUT FOUR MONTHS.

AT PRESENT, THERE ARE ALREADY 10 SMALL REST GARDENS

BETWEEN BLOCK 2 AND 10 IN THE ESTATE.

WHEN THE ENTIRE IMPROVEMENT PROGRAMME IS COMPLETED EARLY NEXT YEAR, THERE WILL BE A TUTAL OF 27 REST GARDENS, 2 BADMINTON COURTS, A CHILDREN'S PLAYGROUND AND A TABLE TENNIS COMPOUND.

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