FRIDAY, APRIL 7, 1978
GOVERNMENT ROLE IN FINANCIAL SERVICES
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THE FINANCIAL SECRETARY, MR. PHILIP HADDON-CAVE, SAID THERE WERE POSITIVE ADVANTAGES IN THE DEVELOPMENT OF HONG KONG AS A FINANCIAL CENTRE AND HE WELCOMED THE ESTABLISHMENT OF FOREIGN
INSTITUTIONS HERE.
ADDRESSING THE FIRST ASIAN FOREIGN EXCHANGE AND MONEY DEALERS' CONGRESS TODAY AT THE CONVENTION CENTRE, MR. HADDON-CAVE SAID: +WE DO NOT, HOWEVER, OFFER SPECIFIC INCENTIVES TO ENCOURAGE THIS DEVELOPMENT. OUR POLICY IS SIMPLY TO SEEK TO ENSURE THAT, WHERE POSSIBLE, ARTIFICIAL BARRIERS DO NOT IMPEDE THE DEVELOPMENT CF HONG KONG AS A FINANCIAL CENTRE.+
IT IS THE POLICY OF THE HONG KONG GOVERNMENT TO LIMIT ITS INVOLVEMENT IN THE FINANCIAL SERVICES SECTOR OF OUR ECONOMY, MR. HADDON-CAVE ADDED.
THE GOVERNMENT ONLY SOUGHT TO ENSURE THAT USERS OF FOREIGI. EXCHANGE WERE PROTECTED WHEN THEY COULD NOT PROTECT THEMSELVES AND TO ENSURE THAT THE SECTOR PROVIDING THESE SERVICES ADEQUATELY SERVED THE NEEDS OF THE OTHER SECTORS OF THE ECONOMY.
AS A RESULT OF THESE SELF-IMPOSED LIMITS ON THE GOVERNMENT'S ROLE, MR. HADDON-CAVE CONTINUED, THE GOLD AND FOREIGN EXCHANGE MARKÉTS IN HONG KONG WERE A GOOD DEAL FREER THAN IN SOME OTHER PLACES AND A GOOD DEAL LESS SUPERVISED THAN, SAY, THE BANKING AND OTHER DEPOSIT-TAKING INSTITUTIONS WHICH CAME INTO DIRECT CONTACT WITH INDIVIDUALS.
+PROVIDED WE CONTINUE TO BE SATISFIED THAT THESE MARKETS CONTINUE TO SERVE THE NEEDS OF THEIR USERS, AND OF THE ECONOMY AS A WHOLE, THAT STATE OF AFFAIRS WILL CONTINUE, HE ASSURED.
MR. HADDON-CAVE SAID IN HONG KONG, IT WAS MANAGEMENTS OF FINANCIAL INSTITUTIONS WHO WERE PRINCIPALLY RESPONSIBLE FOR DECISIONS AS TO THE P13KS THEY SHOULD TAKE WITH THEIR SHAREHOLDERS' FUNDS.
+THE ABSENCE OF GOVERMENT CONSTR. 1: TS ON FOREIGN EXCHANGE POSITIONS SHOULD HAVE THE EFFECT OF STIMULATING MANAGEMENTS' SENSE OF RESPONSIBILITY.
+ SUSPECT THAT HIS FACE THESE IN THE LAST FEW YEARS,
FOREIGN EXCHANGE OPERATICS HAVE TE SYSTEMS OF INTERNAL MANAGE: ENT CO HAS BEEN THE MAIN REASON FOR SUCI
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