XN000022-1985-01-29 — Page 5

TUESDAY, JANUARY 29, 1985

SIR EDWARD WELL, AS A NON-STOCK BROKER I WOULD PROBABLY GIVE YOU THE WRONG ANSWER.

SIR NICHOLAS GOODISON STOCK BROKERS ALWAYS GIVE THE WRONG ANSWERS!

SIR EDWARD : 1 THINK THE BENEFITS WILL UNDOUBTEDLY BE IN

THE GREATER EFFICIENCY OF THE STOCK EXCHANGE. THE NEW ONE WILL BE VERY MUCH BETTER EQUIPPED THAN THE OLD ONE. FROM THE DEALING POINT OF VIEW IT WILL BE, I SUPPOSE, THE BENEFITS WHICH COME FROM THE CENTRALISATION OF THE OPERATION.

THE SECOND BIT IS EASIER TO ANSWER: DO I EXPECT IT TO CONTINUE AFTER 1997? YES, I DO, PROVIDING THE STOCK BROKERS

BECAUSE THE AGREEMENT AGAIN PROVIDES HAVE MADE A SUCCESS OF IT. THAT THE SYSTEMS WHICH ARE THERE IN HONG KONG SHOULD CONTINUE.

1. NICHOLAS GOODISON DO WE NOT, SIR EDWARD, ALWAYS ALL LIVE IN HOPE OF OTHER STOCK EXCHANGES IN SHANGHAI, AND IN OTHER CENTRES?

~IR EDWARD: YES, I THINK IT MIGHT BE QUITE SUCCESSFUL, AND WOULD DIVERSIFY YOUR PORTFOLIOS.

MR J. BURNETT-STUART, (ROBERT FLEMING AND CO LTD) : WE WERE TALKING ABOUT PEOPLE COMING OUT OF HONG KONG AND GOING AND LIVING ELSEWHERE. WHAT ABOUT THE POSITION IN RELATION TO PEOPLE WANTING TO COME AND WORK IN HONG KONG FROM OUTSIDE? A: THE MOMENT IT IS A VERY FREE AND EASY LABOUR MARKET, AND SO ON. IS THAT SITUATION LIKELY TO CHANGE?

SID EDWARD DO NOT THINK SO. I THINK ONE THING WHICH IS HAPPENING, OF COURSE, IN HONG KONG, IS THE GROWTH OF THE PROFESSIONAL CLASS TRAINED IN HONG KONG ITSELF, AND THE NUMBER OF PEOPLE WHO ARE QUALIFYING THERE. EVEN IF YOU TAKE THE NUMBER WHO DEPART, AS A RESULT OF THE EDUCATION POLICY THAT WAS ESTABLISHED IN THE 1970'S WE ARE NOW BEGINNING TO SEE FURTHER OUTPUT FROM THAT. THEN YOU HAVE THE LARGE NUMBERS WHO HAVE BEEN TRAINED ABROAD, HONG KONG CHINESE, WHO COME BACK AND DO VERY WELL. SO HONG KONG CAN PROVIDE QUITE A LARGE PROPORTION OF ITS OWN PROFESSIONAL CLASSES. BUT IT IS NEVER GOING TO BE BIG ENOUGH, I BELIEVE, TO BE SELF-SUFFICIENT.

THE NOR WOULD IT BE SENSIBLE FOR IT TO BE SELF-SUFFICIENT. STRENGTH OF HONG KONG IS THAT IT HAS BEEN SO OPEN TO INTERNATIONAL CONSULTANCY AND THE LIKE. IT DRAWS O. THE CONSULTANCY OF THE WORLD FOR ITS OWN ECONOMIC DEVELOPMENT, AND ITS OWN

SO I WOULD SEE FINANCIAL, INDUSTRIAL AND OTHER PROCESSES.

I

INCREASING GROWTH OF THE PROFESSIONAL CLASSES TRAINED IN IG KONG. BUT I WOULD CERTAINLY HOPE TO SEE A CONTINUING F. JW OF EXPERTISE OF ALL SORTS COMING INTO HONG KONG, BECAUSE

I I THINK THAT IS ITS STRENGTH, THE INTERNATIONAL MIXTURE. THINK THAT WILL BE ONE OF THE ROLES IN WHICH, OF COURSE, IT CAN ALSO HELP IN ITS RELATIONSHIP WITH THE PEOPLE'S REPUBLIC, BECAUSE IT IS A VERY EASY PLACE TO COME DOWN TO AND MEET YOUR OPPOSITE NUMBER, AND A VERY EASY PLACE TO COME DOWN TO AND SEE INTERNATIONAL COMPANIES ESTABLISHED THERE AND TALK TO THEM.

AR H.L.C. GREIG,