XN000022-1985-10-30 — Page 17

WEDNESDAY, OCTOBER 30, 1985

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THE STANDING COMMITTEE ON COMPANY LAW REFORM HAD MADE RECOMMENDATIONS TO IMPROVE THE OPERATION OF THE COMPANIES AND SECURITIES ORDINANCE.

THESE RECOMMENDATIONS WERE BEING CONSIDERED WITH A VIEW

TO INTRODUCING LEGISLATION TO IMPLEMENT THEM.

CONSUMER PROTECTION, SIR EDWARD SAID, WAS ALSO A MATTER

OF CONCERN BOTH TO THE PUBLIC AND THE GOVERNMENT.

MEASURES HAD ALREADY BEEN TAKEN TO STRENGTHEN ENFORCEMENT UNDER EXISTING LEGISLATION, AND NEW MEASURES TO IMPROVE THE LAW WERE IN PREPARATION, SIR EDWARD SAID.

NO LET-UP IN ANTI-PROTECTIONIST EFFORT

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HONG KONG WOULD NOT RELAX ITS EFFORTS IN COUNTERACTING ALL PROTECTIONIST MOVES WHICH THREATENED ITS LIVELIHOOD, THE GOVERNOR, SIR EDWARD YOUDE, SAID TODAY.

EMPHASIS ING THAT TRADE AND INDUSTRY WERE THE FOUNDATIONS OF THE HONG KONG ECONOMY, SIR EDWARD APPLAUDED THE STAND TAKEN BY THE UNITED STATES ADMINISTRATION AGAINST PROTECTIONISM.

+THE RECENT GROWTH IN PROTECTIONIST SENTIMENT IN THE UNITED STATES POSES A SERIOUS THREAT TO OUR ECONOMIC INTERESTS,+ THE GOVERNOR SAID.

SPEAKING OF THE U.S. CUSTOMS REGULATIONS IMPOSED IN APRIL THIS YEAR ON ORIGIN REQUIREMENTS FOR MULTI-FIBRE ARRANGEMENT TEXTILE PRODUCTS, HE SAID THEY MADE NO CONCESSIONS ON KNITWEAR, DESPITE HONG KONG'S STRONG PROTESTS AND A RULING BY THE TEXTILES SURVEILLANCE BODY IN HONG KONG'S FAVOUR.

AS A RESULT, THE KNITWEAR INDUSTRY HAD TO MAKE MAJOR, COSTLY INVESTMENTS, BUT HAD YET TO ADJUST FULLY TO THE REQUIREMENTS.

THE RECENT THURMOND-JENKINS BILL, HE SAID, POSED AN EVEN MORE SERIOUS THREAT.

IF PASSED INTO LAW, THE BILL WOULD SERIOUSLY UNDERMINE NOT ONLY WORLD TRADE IN TEXTILES, BUT THE VERY PRINCIPLES ON WHICH THE MFA AND THE GATT WERE BASED.

+CREDIT MAY BE GIVEN DESERVEDLY TO THE GOVERNMENT, TO INDUSTRY, AND TO TRADE AND INDUSTRY ORGANISATIONS, IN PARTICULAR THE TRADE DEVELOPMENT COUNCIL, FOR THE IR CONCERTED EFFORTS IN LOBBYING AGAINST THE BILL, THE GOVERNOR SAID.

THE EXHIBITION