XN000022-1979-11-02 — Page 5

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FRIDAY, NOVEMBER 2, 1979

HE SAID THE ARRANGEMENT REGARDING THE WO CHE SHOPS AND STALLS WAS THAT THEY HAD BEEN OFFERED BY RESTRICTED TENDER TO THE 91 ELIGIBLE OPERATORS AT 90 PER CENT OF THE UPSET TENDER RENT WHICH HAD BEEN DETERMINED THROUGH AN OPEN TENDER EXERCISE HELD EARLIER THIS YEAR.

+BY TAKING UP THIS ATTRACTIVE OFFER THE SHA TIN MARKET SHOPKEEPERS WILL BE ABLE TO PARTICIPATE IN THE GROWING PROSPERITY OF THE NEW TOWN, MR HIGGINSON SAID.

HE SAID THE OPEN TENDER WAS HEAVILY OVER-SUBSCRIBED, WHICH HE PUT DOWN TO RECOGNITION OF THE EXCELLENT BUSINESS POTENTIAL OF SHOPS IN THE WO CHE COMMERCIAL COMPLEX.

SIR MURRAY PRAISES ESTABLISHMENT OF HANG SENG SCHOOL OF COMMERCE

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THE GOVERNOR, SIR MURRAY MACLEHOSE, SAID THAT THE HANG SENG SCHOOL OF COMMERCE WOULD MAKE A VALUABLE CONTRIBUTION TO POST- SECONDARY EDUCATION IN A FIELD WHICH IS MOST BADLY NEEDED IN HONG KONG.

SIR MURRAY WAS SPEAKING TODAY (FRIDAY) AT THE FOUNDATION STONE LAYING CEREMONY AT THE SCHOOL'S SITE IN SHA TIN NEW TOWN.

THE GOVERNOR SAID THAT THE GROWTH, SPECIALISATION AND SOPHISTICATION OF HONG KONG'S BANKING AND COMMERCIAL INFRASTRUCTURE WHICH PROVIDED INDISPENSABLE SUPPORT TO THE EXTRAORDINARY EXPANSION OF OUR INDUSTRY AND TRADE, REQUIRED AN INCREASING NUMBER OF HIGHLY TRAINED STAFF.

THE FOLLOWING IS THE FULL TEXT OF SIR MURRAY'S SPEECH

+TODAY'S CEREMONY MARKS THE IMPLEMENTATION OF A PROJECT LONG CHERISHED BY THE HANG SENG BANK AND ITS SENIOR BOARD MEMBERS.

+ IT IS TYPICAL THAT THE CAPITAL COST AND EQUIPMENT OF THE SCHOOL IS TO BE BORNE ENTIRELY BY THE SPONSORING BODY, WHILE RECURRENT COSTS WILL BE MET FROM THE TRUST FUND ESTABLISHED FOR THIS PURPOSE. I WOULD LIKE TO CONGRATULATE THE BANK, THE S.H. HO FOUNDATION LIMITED, THE BANK'S FOUNDING SHAREHOLDERS AND THE HANG CHEONG INVESTMENT CO. ON THEIR GENEROUS SPONSORSHIP. I WOULD ALSO LIKE TO PAY A PARTICULAR TRIBUTE TO TWO MEN DR S.H. HO, CHAIRMAN OF THE BOARD OF DIRECTORS OF THE HANG SENG BANK, WHOSE IDEA THE SCHOOL IS AND WHOSE CONTRIBUTION IN BOTH FINANCIAL TERMS AND PERSONAL ENTHUSIASM HAS BEEN CONSIDERABLE, AND MR Q.W. LEE, GENERAL MANAGER OF THE BANK, FOR THE BOUNDLESS ENERGY AND SINGLENESS OF PURPOSE WITHOUT WHICH THE PROJECT WOULD NOT HAVE BEEN REALISED.

+HONG KONG'S