XN000022-1985-06-26 — Page 29

WEDNESDAY, JUNE 26, 1985

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HE SAID WITH THE RATIFICATION OF THE JOINT DECLARATION HONG KONG HAD OFFICIALLY ENTERED ITS TRANSITION PERIOD.

THE TIMING ELEMENT WHICH PROMPTED THIS COUNCIL TO DEFER THE PASSAGE OF THE BILL LAST YEAR NO LONGER APPLIED.

+ I BELIEVE THIS IS THE RIGHT MOMENT FOR US TO OBJECTIVELY ASSESS THE LOGIC AND RATIONALE BEHIND THIS BILL AND IN MY OPINION THERE WILL NEVER BE A BETTER TIME THAN NOW TO DEAL WITH THIS PIECE OF OUTMODED LEGISLATION, HE CONCLUDED.

'OUTDATED ORDINANCE SHOULD BE REPEALED'

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SINCE THE FOREIGN NOTES (PROHIBITION OF CIRCULATION) ORDINANCE HAD ALREADY BECOME OUTDATED, IT WAS APPROPRIATE TO REPEAL IT NOW AS A MATTER OF PRINCIPLE AND FROM THE TECHNICAL POINT OF VIEW, THE HON ANDREW SO SAID TODAY (WEDNESDAY).

SPEAKING IN SUPPORT OF THE FOREIGN NOTES (PROHIBITION OF CIRCULATION) (REPEAL) BILL AT THE LEGISLATIVE COUNCIL MEETING, MR SO SAID WE MUST THROW AWAY THAT WHICH WAS USELESS AND OUTDATED.

+HONG KONG IS A DYNAMIC SOCIETY AND A WORLD-RENOWNED FINANCIAL CENTRE. IN ORDER TO MAINTAIN ITS VITALITY AND ENHANCE ITS STATUS, CONSTANT ATTENTION HAS TO BE PAID TO 'KEEPING IT FIT',+ HE SAID.

SO HE WISHED TO KNOW HOW MANY OUTDATED BILLS THERE WERE IN HONG KONG.

+TWO MORE? ONE MORE?+ HE ASKED.

EARLIER IN HIS SPEECH, MR SO EXPLAINED THAT THE PURPOSE AND DETERRENT EFFECT OF THE FOREIGN NOTES BILL ENACTED IN 1913 TO PROHIBIT THE CIRCULATION OF FOREIGN NOTES WERE NO LONGER APPLICABLE TO OUR PRESENT-DAY SOCIETY.

UNDER THIS BILL, ANY PERSON OTHER THAN A BANK OR A LICENSED MONEY CHANGER WHO WAS FOUND USING FOREIGN NOTES WOULD BE PROSECUTED. THE MAXIMUM FINE WAS $25 AND THE FOREIGN NOTES USED WOULD BE CONFISCATED.

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