THURSDAY, OCTOBER 18, 1964
+VOREOVER, WHILE A RETURN TO THE BOOM CONDITIONS OF THE EARLY 1980'S IS NEITHER EXPECTED NOR WANTED, THE LIKELY IMPROVEMENT IT LAND PRICES WILL HELP TO OFFSET THE EFFECT OF SHARING PREMI.. INCOME, HE SAID.
HE POINTED OUT THERE WAS ALSO SPECIFIC PROVISION FOR
THE LAND COMMISSION TO MAKE RECOMMENDATIONS TO THE CHINESE SIDE AFTER EXAMINATION OF PROPOSALS FOR DRAWING ON THE SAR's SOARE OF PREMIUM INCOME, AND TO CONSIDER REQUESTS TO EXCEED THE ANNUAL 50 HECTARE LIMIT.
SIR JOHN TOLD THE COUNCIL THAT ONE OF THE JOINT LIAISON GROUP'S FIRST TASKS WOULD BE TO CONSIDER ACTION TO BE TAKEN BY THE BRITISH AND CHINESE GOVERNMENTS TO ENSURE THE MAINTENANCE OF
ONG KONG'S PARTICIPATION IN THE GENERAL AGREEMENT ON TARIFFS AND TRADE, THE MULTI-FIBRE AGREEMENT AND OTHER INTERNATIONAL ARRANGEMENTS.
REFERRING TO THE HON FRANCIS TIEN'S, THE HON P.Y. WONG'S AND THE HON CHAN YING-LUN'S CONCERNS OVER THESE TRADE ISSUES, SIR JOHN SAID THE DRAFT AGREEMENT WAS QUITE SPECIFIC, ADDING, *THE SAR GOVERNMENT WILL BE IN A POSITION TO REPRESENT AND REFLECT THE ECONOMIC INTERESTS OF THE TERRITORY AFTER 1997 AND TO DO 30 ON ITS OWN.+
HE ALSO POINTED OUT THAT UNDER SECTION VI OF ANNEX I OF THE DOCUMENT, EXPORT QUOTAS, TARIFF PREFERENCES AND OTHER SIMILAR ARRANGEMENTS OBTAINED BY HONG KONG WOULD BE ENJOYED EXCLUSIVELY BY THE SAR.
ON THE ROLE AND MANAGEMENT OF THE EXCHANGE FUND, SIR JOHNN STRESSED THAT THE EXERCISE OF PRUDENCE AND WISDOM WAS OF PARAMOUNT IMPORTANCE.
+SAFE AND HIGHLY LIQUID INVESTMENTS, SENSIBLE MATURITIES, A PROPER SPREAD OF HARD CURRENCIES, ARE EVER PRESENT CONSIDERATI.... OF THE FUND MANAGEMENT, CONDUCTED BOTH DIRECTLY AND THROUGH OVER AGENTS, + HE SAID.
REPLYING TO THE HON KIM CHAM'S COMMENTS ON THE SUBJECT, SIR JOHN POINTED OUT THE EXCHANGE FUND'S OPERATIONS WERE SEPARATI AND DISTINCT FROM THE FISCAL SYSTEM.
+ THE SIZE OF THE FUND AND THE REGULAR CRITICAL ASSESSMENTS OF ITS MANAGEMENT ARE KEPT CONFIDENTIAL, BUT I CAN AT LEAST ASSURE MR CHAM THAT OUR CURRENCY IS FAR MORE THAN FULLY BACKEL BY HIGH QUALITY ASSETS. THE DRAFT AGREEMENT PROVIDES FOR CONTINUITY IN OUR EXISTING SYSTEMS, HE SAID.
ON TRADE, SIR JOHN SAID A MAJOR FOCUS OF GOVERNMENT FULLL HAD LONG BEEN THE ENCOURAGEMENT OF EXPORTS.
+ ACCEPT ALSO AS A MAJOR COMMITMENT THE PROVISTU. INFRASTRUCTURE, INCLUDING LOW TAXATION, WHICH IS FRIENDLY SUPPORTIVE TO ENTREPRENEURS. THIS DOES NOT AND WILL NOT ANY ELEMENT OF SUES IDY OR SPECIAL TREATMENT. ALL NUST
TAND. THE IR OWN FEET,+ SIR JOHN SAID.
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