THURSDAY, DECEMBER 3, 1981
DO THINGS IN HONG KONG FASHION WITH HONG KONG STYLE, FINANCIAL SECRETARY TELLS STOCKBROKERS
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ONG KONG STOCK BROKERS WERE TOLD BY THE FINANCIAL SECRETARY MR JOHN BREMRIDGE THIS EVENING THAT IN THE FINANCIAL AND SECURITIES FIELD GOVERNMENT BELIEVES IN DOING THINGS IN HONG KONG FASHION WITH HONG KONG STYLE.+
OFFICIATING AT THE INAUGURAL SWEARING-IN CEREMONY OF THE FIRST- TERM OFFICE BEARERS OF THE UNIFIED STOCK EXCHANGE TODAY (THURSDAY), MR BREMRIDGE SAID CLEARLY WE WOULD BE FOOLISH NOT TO LEARN FROM THE EXPERIENCES OF OTHERS AND INDEED WE STILL HAVE MUCH TO LEARN- BUT LET NO ONE THINK THAT IT IS GOVERNMENT'S POLICY MERELY TO APE EXTERNAL PRACTICES.
*WE ARE HONG KONG PEOPLE AND MUST DO OUR OWN THING IN OUR OWN WAY. AND WHEN WE HAVE GOT IT RIGHT, AS WE SHALL, THEN LET THE REST OF THE WORLD LEARN FROM US.+
IN HIS TALK TO THE STOCKBROKERS, MR BREMRIDGE MADE THREE OTHER MAJOR POINTS.
HE HAD LONG BEEN IMPRESSED BY THE ABILITY OF THE CHINESE GOLD AND SILVER EXCHANGE IN RUNNING ITS OWN AFFAIRS COMPETENTLY AND WITHOUT EXTERNAL FUSS, HE SAID.
+BY THIS THEY HAVE PROVED TO THE COMMUNITY THAT THERE AF REAL VIRTUES IN INTELLIGENT AND NO DOUBT FIRM SELF-REGULATION, + MR BREMRIDGE SAID.
TO THE BEST OF HIS KNOWLEDGE, THERE HAD NEVER BEEN ANY MAJOR PROBLEM THAT HAD COME TO THE NOTICE OF THOSE OUTSIDE THE EXCHANGE OR THE GOVERNMENT AND HE BELIEVED THIS WAS VERY MUCH TO THE CREDIT OF MR WOO HON-FAI, WHO HAD BEEN ELECTED FIRST CHAIRMAN OF THE UN IF IED EXCHANGE.
MR BREMRIDGE ALSO REITERATED HIS BELIEF IN THE VIRTUES OF FIRM AND HONEST SELF-REGULATION. +
+ IT IS FOOLISH TO THINK THAT GOVERNMENT INTERVENTION CAN SERVE BETTER IN A FREE SOCIETY. BUT IF SELF-REGULATION IS NOT SUFFICIENT OR EFFICIENT, THEN IT IS INEVITABLE THAT GOVERNMENT WILL HAVE TO INTERVENE IN THE INTERESTS OF THE COMMUNITY AS A WHOLE, HE SAID.
AS A FINAL POINT, MR BREMRIDGE SAID THAT WHILE ACKNOWLEDGING THAT THE MANUFACTURING INDUSTRY WOULD CONTINUE TO BE THE BACK BONE OF HONG KONG, HE EXPECTED TO SEE CONTINUED RAPID GROWTH IN THE FINANCIAL SECTOR SO THAT HONG KONG MIGHT BECOME THE THIRD LARGEST FINANCIAL CENTRE IN THE WORLD.
+I HOPE TO ASSIST BY ALLOWING A FREE MARKET TO OPERATE WITH A SENSIBLE INFRASTRUCTURE PROVIDED BY GOVERNMENT.
+ IN OTHER WORDS, POSITIVE AND PRUDENT FREEDOM. NO ENTREPRENEURS
IN HONG KONG SHOULD ASK FOR MORE, HE SAID.
HE WISHED THE CHAIRMAN AND FOUR VICE-CHAIRMEN PROSPERITY AND GOOD HEALTH, AND SAID THEY WERE AN IMPORTANT PART OF THE FUTURE OF HONG KONG.
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