WEDNESDAY, MAY 26, 1976
+THERE IS EVERY INDICATION THAT THE TOTAL OF THESE CONTRACTS, WHEN LET, WILL BE WITHIN THE ESTIMATED CONSTRUCTION COST. THIS BOND ISSUE HAS BEEN PROPOSED AS A MEANS OF RAISING LONGER TERM FINANCE ON ACCEPTABLE TERMS WHICH WILL BE UTILISED IN PLACE OF CERTAIN SHORTER TERM STANDBY FACILITIES WHICH HAVE ALREADY BEEN ARRANGED AND IS PART OF THE CONTINUING EFFORT BY THE CORPORATION TO LENGTHEN THE MATURITY OF ITS DEBT.
+IN OTHER WORDS, IT IS SIMPLY AN ALTERNATIVE METHOD OF FINDING FUNDS TO HELP PAY FOR THE CONSTRUCTION OF THE MODIFIED INITIAL SYSTEM,+ HE ADDED.
HONG KONG-AUSTRALIA TEXTILE RESTRAINT AGREEMENT
******
THE DIRECTOR OF COMMERCE AND INDUSTRY, THE HON, DAVID JORDAN, SAID TODAY (WEDNESDAY) THAT HE HOPES TO BE INFORMED SOON AS TO WHAT THE AUSTRALIAN GOVERNMENT INTENDS TO DO ABOUT THE HONG KONG-AUSTRALIA TEXTILE EXPORT RESTRAINT AGREEMENT WHICH EXPIRES AT THE END OF NEXT MONTH.
HE POINTED OUT THAT IF AUSTRALIA WISHED TO CONTINUE ANY OF THE RESTRAINTS FOR A FURTHER PERIOD, HER GOVERNMENT MAY SEEK CONSULTATIONS WITH HONG KONG IN ACCORDANCE WITH THE PROVISIONS OF THE ARRANGEMENT REGARDING INTERNATIONAL TRADE IN TEXTILES ARRANGEMENT UNDER WHICH THE PRESENT AGREEMENT WAS CONCLUDED.
THE
MR. JORDAN WAS REPLYING TO A QUESTION PUT BY THE HON. FRANCIS TIEN AT THE LEGISLATIVE COUNCIL TODAY.
HE ADDED: +OUR UNDERSTANDING OF THE PRESENT POSITION IS THAT THE AUSTRALIAN GOVERNMENT IS STILL CONSIDERING A REPORT ISSUED IN APRIL THIS YEAR BY THE AUSTRALIAN TEXTILES AUTHORITY. THE AUSTRALIAN GOVERNMENT'S DECISION ON THIS REPORT CAN BE EXPECTED TO HAVE A BEARING ON WHETHER OR NOT THEY WILL SEEK TO EXTEND OR MODIFY THE CURRENT AGREEMENT WITH HONG KONG OR ALLOW IT TO LAPSE.+
MR. JORDAN CONTINUED: +HONOURABLE MEMBERS MAY BE AWARE THAT THE AUSTRALIAN GOVERNMENT HAS STATED ITS INTENTION TO USE THE ARRANGEMENT REGARDING INTERNATIONAL TRADE IN TEXTILES WHERE IT IS FEASIBLE TO DO SO.
+IN SOME CASES, HOWEVER, AUSTRALIA HAS NOT USED THE ARRANGE- MENT TO SEEK RESTRAINT ON EXPORTS FROM PARTICULAR SOURCES BUT HAS RESORTED TO A TARIFF-QUOTA METHOD TO LIMIT IMPORTS GENERALLY.+
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