XN000022-1980-08-06 — Page 17

WEDNESDAY, AUGUST 6, 1980

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SINGLE EXCHANGE POSITIVE STEP IN RIGHT DIRECTION

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THE HON PETER C. WONG, SAID IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY) THE MOVE TOWARDS UNIFYING THE FOUR STOCK EXCHANGES MUST BE CONSIDERED AS A POSITIVE STEP IN THE RIGHT DIRECTION*,

MR WONG, CONVENOR OF AN AD HOC GROUP FORMED TO EXAMINE THE BILL WAS SPEAKING ON THE STOCK EXCHANGES UNIFICATION BILL, PROVIDING FOR Å SINGLE UNIFIED EXCHANGE, WHICH WAS PASSED.

+ALTHOUGH THE PRINCIPLE OF THE BILL WAS NEVER IN DOUBT, SEVERAL ISSUES WERE DISCUSSED, HE SAID.

MR WONG SAID SOME PROVISIONS WERE CONSIDERED TOO RESTRICTIVE AND THAT GOVERNMENT HAS NOW AGREED TO ALLOW DIRECTORS AND EMPLOYEES OF COMPANIES ASSOCIATED WITH BANKS AND DEPOSIT-TAKING COMPANIES TO BE ELIGIBLE FOR MEMBERSHIP OF THE PROPOSED EXCHANGE.

HE REGARDED THIS AS A MOST WELCOME CONCESSION WHICH WOULD CERTAINLY PLEASE THE INVESTMENT COMMUNITY.

HOWEVER, HE REGRETTED THAT AT THIS STAGE THE GOVERNMENT WAS UNABLE TO ENTERTAIN THE IDEA OF FULL CORPORATE MEMBERSHIP AS DISTINCT FROM ASSOCIATE CORPORATE MEMBERSHIP.

IN OTHER PARTS OF THE WORLD SUCH AS THE USA AND JAPAN, HE SAID, CORPORATE MEMBERS PLAY A LEADING ROLE IN THE STOCK MARKETS.

AND THE TREND IN ENGLAND IS TOWARDS CORPORATE

MEMBERSHIP.

+THE ADVANTAGES ARE OBVIOUS. IT IS HOPED THAT. WHEN THE LOCAL CLIMATE IN THIS AREA IS MORE AMENABLE TO REFORM, GOVERNMENT WOULD INTRODUCE SUCH CHANGES AS MIGHT BE BENEFICIAL TO THE INVESTING PUBLIC,+ MR WONG ADDED.

INDUSTRIAL SAFETY IS A TRI-PARTITE BUSINESS

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INDUSTRIAL SAFETY IS INDEED A TRI-PARTITE BUSINESS AS WELL AS RESPONSIBILITY, ACCORDING TO THE HON FRANCIS TIEN.

THE GOVERNMENT IS PLAYING ITS PART BY PROGRESSIVELY ENACTING THE NECESSARY LEGISLATION AND IMPROVING THE EFFECTIVENESS OF ITS ENFORCEMENT MACHINERY.

BUT IT IS ESSENTIAL FOR EMPLOYERS AND WORKERS TOO, TO PLAY THEIR RESPECTIVE ROLES IN ORDER TO REDUCE THE UNACCEPTABLY HIGH NUMBER OF INDUSTRIAL ACCIDENTS, HE SAID.

/MR TIEN