XN000022-1978-06-07 — Page 29

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WEDNESDAY, JUNE 7, 1978

QUERY ON HK US DOLLARG EXCHANGE RATE IMPOSED BY IATA

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THE SECRETARY FOR ECONOMIC SERVICES, THE HON. DAVID JEAFFRESC". TOLD THE LEGISLATIVE COUNCIL TODAY THAT IT WOULD BE UNREALISTIC +TO THINK IN TERM OF HONG KONG TAKING UNILATERAL ACTION+ TO ADJUST THE HONG KONG AND U.S. DOLLARS EXCHANGE RATE IMPOSED BY THE INTERNATIONAL AIR TRANSPORTATION ASSOCIATION.

MR. JEAFFRESON WAS REPLYING TO A QUESTION FROM THE HON. JAMES WU WHO ASKED WHETHER THE HONG KONG GOVERNMENT CAN INTERVENE TO SAVE LOCAL SHIPPERS FROM PAYING AT A DISCRIMINATING RATE WHICH IS NOW 21 PER CENT HIGHER THAN THE CURRENT MARKET RATE OF THE U.S. DOLLARS.

HE SAID: +AIR SERVICES BETWEEN HONG KONG AND THE U.S.A. ARE GOVERNED EY A TREATY BETWEEN THE GOVERNMENTS OF THE UNITED KINGDOM AND THE UNITED STATES.

+ IT PROVIDES. AMONG OTHER THINGS, MECHANISM FOR ESTABLISHING TARIFFS TO BE CHARGED BY AIRLINES SERVING BRITISH AND AMERICAL. POINTS.

+THIS MECHANISM INCLUDES THAT BOTH THE U.K. CIVIL AVIATION AUTHORITY AND THE UNITED STATES AERONAUTICAL BOARD WOULD NEED TO DE

IF AGREEMENT ON ANY CHANGES TO TARIFFS,+ HE EXPLAINED.

REPLYING TO ANOTHER QUESTION FROM MR. WU, MR. JEAFFRESON CONFIRMED THAT THE GOVERNMENTS OF MALAYSIA AND SINGAPORE HAVE UNILATERALLY DIRECTED FROM FEBRUARY 1 AND MARCH 31 THIS YEAR RESPECTIVELY THAT FREIGHT PAYMENTS FOR CARGO FROM THESE TO COUNTRIES DESTINED FOR THE U.S.A. ARE REQUIRED TO BE MADE IN LOCAL CURRENCIES CONVERTED FROM THE U.S. DOLLAR TARIFF AT THE BANKERS' DUYING RATE,

IN THE CASE OF TAIWAN AND KOREA, MR. JEAFFRESON SAID HE UNDER- STOOD THAT THE IATA EXCHANGE RATE SYSTEM STILL APPLIES, AND THESE RATES ARE CLOSE TO THEIR MARKET RATES,+ HE ADDED,

PROPOSALS FOR STRENGTHENING LEGISLATION

ON REGISTRATION OF MONEY LENDERS

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THE ACTING FINANCIAL SECRETARY, THE HON. DAVID JORDAN SAID TODAY THE COMMISSIONER OF POLICE HAD RECENTLY MADE PROPOSALS FOR STRENGTHENING THE LEGISLATION CONTROLLING THE REGISTRATION OF MONEY LENDERS.

IN REPLY TO A QUESTION FROM THE HON. MRS. KWAN KO SIU-WAH IN THE LEGISLATIVE COUNCIL MR. JORDAN SAID AT PRESENT APPLICATIONS FOR REGISTRATION AS A MONEY-LENDER WERE NOT VETTED BECAUSE THERE WERE NO RESTRICTIONS ON WHO MIGHT REGISTER AS A MONEY- LENDER UNDER THE MONEY-LENDERS ORDINANCE.

MR. JORDAN ALSO SAID THAT THE POLICE TOOK ACTION ON ALLEGATIONS OF BREACHES OF THE MONEY-LENDERS ORDINANCE THAT WERE BROUGHT TO THEIR ATTENTION, AND IN 1977, FIVE PERSONS WERE CONVICTED OF OFFENCES UNDER THE ORDINANCE.

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