XN000022-1985-06-26 — Page 30

WEDNESDAY, JUNE 26, 1985

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UPDATING OF NOTES ORDINANCE URGED

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IT HAD YET TO BE PROVED BEYOND ALL DOUBT THAT THE 72-YEAR-OLD FOREIGN NOTES (PROHIBITION OF CIRCULATION) ORDINANCE HAD OUTLIVED

ITS USEFULNESS.

THIS WAS SAID BY THE HON STEPHEN CHEONG IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY) WHEN HE OPPOSED THE MOTION DURING THE RESUMED DEBATE ON THE FOREIGN NOTES (PROHIBITION OF CIRCULATION) (REPEAL) BILL 1984.

MR CHEONG SAID IF WE CARED TO CAST OUR MEMORIES BACK TO SEPTEMBER 1983, WE SHOULD BE ABLE TO RECALL THAT THE ADMINISTRATION DID DRAW THE PUBLIC'S ATTENTION TO THE EXISTENCE OF THE ORDINANCE.

IN THE MIDST OF A SEVERE LOSS OF CONFIDENCE IN HONG KONG, THERE WERE WIDESPREAD RUMOURS THAT SOME SHOPKEEPERS HERE HAD LOST TOTAL CONFIDENCE IN OUR CURRENCY AND WERE DEMANDING U.S. CURRENCY AS PAYMENT FOR GOODS OR SERVICES RENDERED.

+THE GOVERNMENT HAD TO DO SOMETHING TO AVERT A POTENTIALLY DISASTROUS SITUATION, + HE SAID.

+THE ACT OF WIDELY PUBLICISING THE EXISTENCE OF THE ORDINANCE DID HAVE A POSITIVE EFFECT IN STABILISING THE THEN CHAOTIC SITUATION.

+HOWEVER ANTIQUATED THE ORDINANCE MIGHT BE, IT DID SERVE SOME USEFUL PURPOSE.

+WHY THEN SHOULD WE CHOOSE TO DISCARD IT TOTALLY NOW?

+COULD WE NOT UPDATE THE ORDINANCE RATHER THAN THROW IT OUT AL TOGETHER?+

· IF THE SOLE OBJECTIVE OF REPEALING THE ORDINANCE WAS TO CORRECT A PRESENT DAY ANOMALY SO AS TO LEGALISE THE CURRENT PRACTICE ADOPTED BY THOSE INVOLVED IN THE TOURIST TRADE OR TRADES INVOLVING FOREIGN CURRENCIES, SHOULD THE SOLUTION NOT LIE IN SO AMENDING THE ORDINANCE AS TO CORRECT THE ANOMALY WHILE PRESERVING THE SPIRIT OF THE ORDINANCE IN QUESTION? HE ASKED.

MR CHEONG SAID HE BELIEVED THE SPIRIT OF THE ORDINANCE WAS TO PROMOTE AND ESTABLISH WITHIN OUR COMMUNITY THE RIGHTFUL RECOGNITION OF THE IMPORTANCE OF OUR CURRENCY.

IF THIS ORDINANCE WAS REPEALED, HE WAS MOST CONCERNED THAT IT MIGHT BE MISREAD THAT THE ADMINISTRATION WOULD, BY CONDONING A TOTALLY FREE CIRCULATION OF FOREIGN CURRENCIES WITHIN OUR COMMUNITY, UNWITTINGLY SOW THE SEEDS OF WEAKENING THE SIGNIFICANCE OF OUR CURRENCY.

/+ONE MAY

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