XN000022-1982-07-22 — Page 3

THURSDAY, JULI 22.

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FROM HIS EXPERIENCE, WITHOUT EXCEPTION THE BOARDS OF THE PRIVATELY RUN PUBLIC UTILITIES RECOGNISED THE NEED FOR THEIR DIRECTORS TO LOOK AFTER THE INTERESTS OF CONSUMERS IN ADDITION TO THEIR CLASSIC ROLE OF LOOKING AFTER THE INTERESTS OF SHAREHOLDERS.

+BUT, AGAINST THE BACKGROUND OF THE IMPORTANCE OF THE UTILITY SERVICES INVOLVED AND THE INEVITABLE SUBSTANTIAL PUBLIC INTEREST IN THEM, THE GOVERNMENT HAS HAD TO OVERSEE TO SOME EXTENT VIRTUALLY ALL THE PRIVATELY RUN PUBLIC UTILITIES.

+BUT PLEASE DO NOT FORGET THAT MANY OF THEM RAN SUCCESSFULLY FOR MANY DECADES WITHOUT ANY GOVERNMENT INTERVENTION AT ALL.

+ IN FACT IT IS OFTEN THE COMPLEXITY OF THE SERVICES THEY ARE NOW PROVIDING THAT FORCES THE GOVERNMENT TO BECOME INVOLVED. FOR EXAMPLE, INVESTMENT ON THE SCALE NOW BEING UNDERTAKEN BY THE TWO POWER COMPANIES MEANS THAT THE COMPANIES MUST OPERATE WITH A DEGREE OF CERTAINTY ABOUT CHARGES FOR THE FUTURE.

*FOR THIS REASON THEY OPERATE ON THE BASIS OF 5-YEAR PLANS APPROVED BY THE GOVERNMENT, HE SAID.

MR JEAFFRESON SAID THAT WHEN THE GOVERNMENT DOES OVERSEE THE AFFAIRS OF THE PUBLIC UTILITY COMPANIES, ITS OBJECTIVES INCLUDED SEEING THAT CONSUMERS GOT FULL AND RELIABLE SERVICES, AND AT REASONABLE PRICES, AND SEEING THAT SHAREHOLDERS GOT A REASONABLE FINANCIAL RETURN ON THEIR INVESTMENT.

MORE PROTECTION FOR HISTORICAL BUILDINGS

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HONG KONG'S PHENOMENAL GROWTH HAS NOT BEEN ATTAINED WITHOUT A PRICE, AS MANY OF OUR HISTORICAL BUILDINGS AND OTHER WELL-KNOWN LANDMARKS HAVE BEEN TORN DOWN TO MAKE WAY FOR SKYSCRAPERS AND OTHER USES.

BUT A NEW LAW WHICH CAME INTO EFFECT IN JUNE THIS YEAR, TOGETHER WITH THE ALLOCATION OF FUNDS BY THE GOVERNMENT, NOW MAKES IT POSSIBLE TO PRESERVE AND EVEN REBUILD SOME OF OUR BEST KNOWN BUILDINGS OF HISTORICAL SIGNIFICANCE.

THE ANTIQUITIES AND MONUMENTS (AMENDMENT) ORDINANCE 1982 NOW PERMITS THE GOVERNMENT TO PROTECT, IMMEDIATELY, +PROPOSED MONUMENTS+ AT THE RECOMMENDATION OF THE ANTIQUITIES ADVISORY BOARD.

IN THE PAST, STRUCTURES OF DISTINCT HISTORICAL INTEREST WERE OFTEN LOST TO DEVELOPERS BEFORE THEY COULD BE IDENTIFIED AND FORMALLY DECLARED AS MONUMENTS AND THEREBY BE LEGALLY PROTECTED.

NOW, HOWEVER, THE LAW PROVIDES AS MUCH PROTECTION FOR PROPOSED MONUMENTS AS FOR MONUMENTS, FOR A PERIOD OF ONE YEAR WHILE THE MATTER IS BEING CONSIDERED BY THE RELEVANT AUTHORITIES.

UNDER THI