XN000022-1981-03-25 — Page 4

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WEDNESDAY, MARCH 25, 1981

TURNING TO ENVIRONMENTAL CONDITIONS, MR LOBO SAID APART FROM A FLURRY OF ACTIVITY TEN YEARS AGO, THE STAND OF PUBLIC CLEANLINESS IN HONG KONG HAD BEEN SLIPPING RELENTLESSLY.

HE HOPED THE REVIVAL OF THE CLEAN HONG KONG CAMPAIGN WOULD BE A DETERMINED AND SUSTAINED EFFORT AND NOT JUST A SHORT-TERM AND EXPENSIVE PUBLICITY EXERCISE.

THE FIRST STEP IN A SUCCESSFUL CAMPAIGN WOULD BE DETERMINED ACTION BY THE GOVERNMENT TO CLEAN ITS OWN HOUSE.

ROADS AND PAVEMENTS MUST BE KEPT FREE OF BUILDERS' SPOIL AND RUBBLE, AND THE PUBLIC AREAS OF HOUSING ESTATES AS WELL AS SQUATTER AREAS MUST ALSO BE KEPT CLEAN,

+WE MUST DO SOMETHING ABOUT THE SQUATTER AREAS TOO, MR LOBO SAID, +WE CAN NO LONGER WITHHOLD PROPER PUBLIC SERVICES FROM THEM JUST BECAUSE WE DID NOT DIRECTLY CREATE THE SQUATTER AREAS AND WE WISH THEY WERE NOT THERE.+

ON RECREATIONAL SERVICES, MR LOBO REMARKED: +1 DETECT A WIDENING GAP BETWEEN EXPENSIVE AND SOPHISTICATED FACILITIES IN THE CENTRAL AREAS, WHICH IN PRACTICE ARE ACCESSIBLE AND AVAILABLE ONLY T: FEW, AND THE MISERABLY INADEQUATE RECREATIONAL FACILITIES IN CR OTHER OLDER AND MORE DENSELY POPULATED CITY DISTRICTS.+

HE WAS HOPEFUL THAT +WE WILL NOT LOSE THE OPPORTUNITY, WHEN CONSTRUCTING THE ISLAND MTR, TO SNATCH BACK A FEW HECTARES FOR REC EATION FROM THE DEVELOPMENT BONANZA WHICH EVERYONE SEEMS TO BE EXPECTING, +

CAUTION URGED OVER PROPOSED REDEFINING OF 'BANKING BUSINESS'

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THE GOVERNMENT SHOULD RE-EXAMINE VERY CAREFULLY ALL THE IMPLICATIONS BEFORE ANY IRREVOCABLE DECISION IS MADE TO CREATE A THIRD TYPE OF FINANCIAL INSTITUTION IN HONG KONG, THE HON LI FOOK-WO SAID TODAY (WEDNESDAY).

HE WAS COMMENTING ON THE FINANCIAL SECRETARY'S PROPOSAL TO AMEND LEGISLATION TO CREATE A NEW CATEGORY OF DEPOSIT-TAK ING COMPANIES, WHICH MAY BE DESCRIBED AS +MERCHANT BANKS+, TO PREVENT LARGE DEPOSITS FROM BEING TRANSFERRED ABROAD.

COMPANIES LICENSED AS MERCHANT BANKS WOULD BE PERMITTED TO ACCEPT DEPOSITS OF $500 000 OR MORE WITH NO LIMITATION AS TO THE IR TERM OF MATURITY WHILE DEPOSIT-TAKING COMPANIES NOT LICENSED AS SUCH WOULD IN FUTURE BE RESTRICTED TO DEPOSITS OF $50 000 OR MORE, WITH ORIGINAL TERM OF MATURITY OF A MINIMUM OF THREE MONTHS.

THE FINANCIAL SECRETARY HAS REFERRED TO WHOLESALE DEPOSITS AS BEING VERY SENSITIVE TO INTEREST RATE CONSIDERATION.

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