XN000022-1982-10-06 — Page 8

EDNESDAY, OCTOBER 6, 1982

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+ IT NOW SEEMS UNLIKELY THAT THIS YEAR THE BUDGETTED SURPLUS OF $2.3 BILLION WILL BE ACHIEVED, AND PRESENT INDICATIONS ARE THAT THIS YEAR'S ACCOUNTS WILL ONLY BREAK EVEN.+

ON TERTIARY SERVICES, SIR EDWARD SAID THE INSURANCE COMPANIES BILL, PREPARED AFTER LENGTHY CONSULTATIONS WITH REPRESENTATIVES OF THE INDUSTRY AND PRESENTED TO THE LEGISLATIVE COUNCIL IN MAY THIS YEAR, WILL HOPEFULLY BE ENACTED WITHIN THIS SESSION.

HE SAID THE OBJECT OF THE BILL ARE TWOFOLD: TO PROVIDE MORE PROTECTION TO POLICYHOLDERS AND TO IMPROVE HONG KONG'S STANDING AS AN INSURANCE AND REINSURANCE CENTRE WITHOUT STIFLING COMPETITION IN THE MARKET. COMMENTS ON THE BILL HAVE BEEN RECEIVED FROM THE INDUSTRY AND RELATED ORGANISATIONS AND THEY ARE NOW BEING EXAMINED BY THE GOVERNMENT AND UNOFFICIAL MEMBERS OF THE LEGISLATIVE COUNCIL, HE ADDED.

THE COMPANIES BILLS, AIMED TO MODERNISE OUR COMPANY LAW AND FIRST PUBLISHED IN 1980 FOR PUBLIC INFORMATION AND COMMENT, IS BEING REDRAFTED IN THE LIGHT OF REPRESENTATIONS RECEIVED AND CONSULTATIONS WITH UNOFFICIAL MEMBERS AND WILL BE INTRODUCED INTO THE LEGISLATIVE COUNCIL THIS SESSION.

SIR EDWARD SAID HONG KONG HAS EMERGED AS AN IMPORTANT INTERNATIONAL FINANCIAL CENTRE AND THAT BOTH THE PRIVATE SECTOR AND THE GOVERNMENT ARE WORKING TOGETHER TO PROVIDE THE FRAMEWORK IN WHICH THAT CENTRE CAN FLOUR ISH.

N-POWER PLANT PROJECT KEPT UNDER REVIEW

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THE GOVERNOR, SIR EDWARD YOUDE SAID THERE WAS NO REASON TO BELIEVE THAT THE GOVERNMENTS INVOLVED IN THE NUCLEAR POWER PLANT PROJECT IN GUANGDONG WOULD BE OTHER THAN RESPONSIBLE IN THEIR ATTITUDE TO THE SAFETY OF THE PLANT BOTH IN CONSTRUCTION AND OPERATION.

IN HIS OPENING ADDRESS IN THE LEGISLATIVE_COUNCIL_TODAY, SIR EDWARD ASSURED MEMBERS THAT, IN SO FAR AS THE PLANT WAS LIKELY TO AFFECT HONG KONG, THE MATTER WOULD BE KEPT UNDER +CLOSE AND CAREFUL REVIEW+.

+SHOULD THE CHINESE AUTHORITIES DECIDE TO BUILD THE PLANT NEAR HONG KONG WE SHOULD HAVE AN INTEREST IN IT, NOT ONLY AS A SOURCE OF POWER, BUT IN ITS SAFETY, HE SAID.

SIR EDWARD SAID DISCUSSIONS BETWEEN CHINA AND OTHER GOVERNMENTS AND COMPANIES WITH AN INTEREST IN THE PLANT WERE STILL CONTINUING.

THE HONG