XN000022-1975-07-30 — Page 7

WEDNESDAY, JULY 30, 1975

+LET THERE BE NO DOUBT EVEN GIVEN SENSIBLE MEASURES OF CONTROL THAT HIGHLY GEARED COMMODITY SPECULATION IS A TRAP FOR THE UNWARY, THAT ROGUES ABOUND, AND THAT THE POSSIBILITY OF DISASTER IS ALWAYS PRESENT.+

HE ADDED INDIVIDUAL SPECULATORS ENTER THIS JUNGLE AT THEIR OWN RISK IN THE HOPE OF GREAT REWARDS.+

HE ATTACHED THE GREATEST IMPORTANCE TO PRAGMATIC GOVERNMENT CONTROLS. AND THE RULES AND REGULATIONS OF THE EXCHANGE WOULD REQUIRE CAREFUL STUDY BY THE LEGISLATIVE COUNCIL, HE SAID.

BUT THE EXTENT TO WHICH ANY GOVERNMENT COULD LEGISLATE TO PREVENT A FOOL AND HIS MONEY FROM BEING EASILY PARTED WAS OPEN TO WIDE PHILOSOPHICAL DEBATE.

STRESSING THAT BALANCED AND SENSIBLE FINANCIAL DEVELOPMENT SHOULD NOT BE STIFLED, HE URGED COUNCIL NOT TO SHRINK FROM NEW IDEAS, DUT RATHER BE SEEN TO ADOPT THEM WISELY FOR THE BENEFIT OF THE COMMUNITY IN ITS WIDEST SENSE.

+WITHOUT OVERSTATING MY CASE, I SUSPECT THAT IF WE DO NOT GRASP THIS OPPORTUNITY TO ESTABLISH A CONTROLLED COMMODITIES EXCHANGE HERE, NOT ONLY MAY HONG KONG SEEM A LAUGHING STOCK TO THE FINANCIAL WORLD AT LARGE, NOT ONLY MAY OTHER IN THE FAR EAST TAKE ADVANTAGE OF OUR TIMIDITY, BUT THIS PRECEDENT MAY MARK THE ZENITH OF OUR GRAND PERIOD OF FINANCIAL GROWTH,

HE SAID.

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