XN000022-1975-07-30 — Page 5

WEDNESDAY, JULY 30, 1975

+NOBODY WHO READ THE SPEECH OF DR. CHUNG COULD HAVE DOUBTED THAT THE UNOFFICIAL MEMBERS WEIGHED THE PROS AND CONS VERY CAREFULLY AND I VENTURE TO SUGGEST, SIR, THAT THESE VIEWS REPRESENTED THE VIEW OF MUCH OF THE COMMUNITY AT LARGE.+

HE ADDED: +1 AM INFORMED ON MOST RELIABLE AUTHORITY THAT THE MAJORITY OF PEOPLE AMONG WELL INFORMED CIRCLES THROUGHOUT HONG KONG WOULD STILL PREFER THE GOVERNMENT TO TAKE A CAUTIOUS LINE AND SHELVE THE PROPOSAL.+

MR. WU ALSO EXPRESSED SURPRISE THAT THE COLONIAL SECRETARY. SIR DENYS ROBERTS, HAD DESCRIBED THE UNOFFICIALS VIEW AS +A ROOT : AND BRANCH ATTACK.+ RATHER IT WAS ONE OF CAREFUL BALANCING OF THE VARIOUS FACTORS, MR. WU SAID.

HE WENT ON THAT UNOFFICIALS HAD NEVER BEEN SO COMPLETELY OPPOSED TO A COMMODITY EXCHANGE AS TO BE UNWILLING TO CONTEMPLATE ITS ESTABLISHMENT UNDER THE RIGHT CIRCUMSTANCES, IN THIS REGARD, MR. WU QUOTED FROM A SPEECH BY THE THEN SENIOR UNOFFICIAL MENDER IN AUGUST 1973 WHO SAID THE UNOFFICIAL SUPPORTED THE GOVERNMENT 'S VIEW THAT COMMODITY EXCHANGES SHOULD NOT BE ALLOWED TO OPERATE UNTIL ADEQUATE AND PROPER CONTROLS COULD BE PROVIDED.

IF SUCH CONTROLS COULD BE INTRODUCED AND EFFECTIVELY ENFORCED TO MINIMISE A POSSIBLE SOURCE OF SOCIAL HAZARD, THEN THE SITUATION WOULD BE DIFFERENT, MR. WU SAID.

+WITH THE SOCIAL HAZARD REMOVED OR EFFECTIVELY MINIMISED, THE FEARS OF MANY UNOFFICIAL MEMBERS OF THIS COUNCIL AND MUCH RESPONSIBLE PUBLIC OPINION WOULD BE ASSUAGED.+

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