XN000022-1986-05-28 — Page 19

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WEDNESDAY, MAY 28, 1986

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SIR JOHN'S TREMENDOUS CONTRIBUTION PRAISED

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THE GOVERNOR SIR EDWARD YOUDE, PRAISED THE RETIRING FINANCIAL ECRETARY, THE HON SIR JOHN BREMRIDGE, TODAY (WEDNESDAY) FOR SUCCESSFULLY BRINGING HONG KONG'S ECONOMY THROUGH AN EXTERNAL CRISIS AND A SERIES OF INTERNAL PROBLEMS.

RECALLING HIS LONG AND DISTINGUISHED SERVICE OF 11-1/2 YEARS IN THE LEGISLATIVE COUNCIL, SIR EDWARD SAID THAT SIR JOHN TOOK OVER AS FINANCIAL SECRETARY JUST AS THE WORLD WAS EXPERIENCING A RECESSION OF CONSIDERABLE SEVERITY.

THIS

GIVEN THE EXPOSURE OF THE ECONOMY TO EXTERNAL FORCES ALONE WOULD HAVE CALLED FOR SKILL AND DETERMINATION, HE ADDED.

+YET SIR JOHN NOT ONLY SUCCESSFULLY BROUGHT HONG KONG'S ECONOMY THROUGH AN EXTERNAL CRISIS, HE HAS SUCCESSFULLY STEERED IT THROUGH A SERIES OF INTERNAL PROBLEMS THE COLLAPSE OF THE PROPERTY MARKET, THE CURRENCY CRISIS OF SEPTEMBER 1983, AND A NUMBER OF SERIOUS PROBLEMS IN THE BANKING SECTOR.+

SIR EDWARD SAID THAT FINANCIAL SECRETARIES AND FINANCE MINISTERS WOULD PROBABLY AGREE THAT THE IR OBJECTIVES WERE TO PROMOTE A SOUND CURRENCY, LOW INFLATION, A BALANCED BUDGET, HIGH EMPLOYMENT AND ECONOMIC GROWTH.

+MOST WOULD BE HAPPY TO SEE THE ACHIEVEMENT OF SOME OF THESE.

+THEY WOULD ENVY SIR JOHN'S TREMENDOUS CONTRIBUTION TO THE ACHIEVEMENT OF THEM ALL.

+WE IN HONG KONG WOULD WISH TO THANK HIM FOR IT AND TO ACKNOWLEDGE THE STEADFASTNESS OF PURPOSE, THE COOLNESS OF JUDGMENT AND THE INCISIVE INTELLECT WHICH HAVE MADE IT POSSIBLE, HE SAID.

EARLIER IN HIS SPEECH, THE GOVERNOR SAID SIR JOHN FIRST JOINED THE COUNCIL AS AN UNOFFICIAL MEMBER IN JULY 1974 AND SERVED IN THAT CAPACITY UNTIL DECEMBER 1980.

HE SUBSEQUENTLY REJOINED AS AN EX-OFFICIO MEMBER FOLLOWING HIS APPOINTMENT AS FINANCIAL SECRETARY IN JUNE 1981.

SIR EDWARD SAID THAT MEMBERS WOULD LONG RECALL SIR JOHN'S

THEY HAD BEEN ENRICHED CONTRIBUTION TO PROCEEDINGS OF THE COUNCIL. BY HIS FORTHRIGHTNESS, MASTERY OF HIS SUBJECT AND ABIDING GOOD HUMOUR.

HE THEN WISHED SIR JOHN AND LADY BREMRIDGE A HAPPY RETIREMENT AND ASSURED THEM A WARM WELCOME WHENEVER THEY RETURNED TO HONG KONG.

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