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WEDNESDAY, JULY 15, 1987
"IT IS TIME THAT AN INDISPENSABLE SECTOR OF OUR ECONOMY SHOULD BE RECOGNISED BY CREATING A FUNCTIONAL CONSTITUENCY IN ACCOUNTING,"
DR CHAM SAID.
TURNING TO THE FINANCIAL CONSTITUENCY, DR CHAM NOTED THAT AT PRESENT IT HAD ONLY ONE SEAT IN THE LEGISLATIVE COUNCIL.
"UNDOUBTEDLY, HONG KONG IS THE THIRD LARGEST FINANCIAL CENTRE IN THE WORLD AND IT IS NOT THE BANKS ALONE WHICH CONTRIBUTE TO OUR SIZE AND IMPORTANCE,' HE SAID.
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HE ADDED THAT HONG KONG'S STOCK MARKET WAS THE SECOND LARGEST IN ASIA. THE LOCAL STOCK INDEX FUTURES MARKET AND THE GOLD MARKET BOTH RANKED AS THE THIRD LARGEST MARKETS IN THE WORLD.
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FURTHERMORE, THE FINANCIAL SECTOR WAS ONE WHICH BOOSTED A RETURN TO THE LABOUR INPUT REPRESENTING HIGHER WAGES TO ITS EMPLOYEES. THE NEED FOR VENTURE CAPITAL HAD BEEN POSITIVELY IDENTIFIED WITH THE FUTURE DEVELOPMENT OF TECHNOLOGY AND DIVERSIFICATION FOR
MANUFACTURING INDUSTRY.
HE SAID HONG KONG MUST RECOGNISE THE HARD WORK WHICH ORGANISERS OF FINANCIAL MARKETS HAD PUT IN TO NURTURE ITS MARKETS, INTERNATIONALISE THESE MARKETS AND TO BUILD UP THE CONFIDENCE WORLD HAD IN HONG KONG. HONG KONG MUST ALSO REALISE THE SPEED PACE OF DEVELOPMENT IN THIS SECTOR WHICH HONG KONG WOULD HAVE TO IN FACE OF KEEN INTERNATIONAL COMPETITION.
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"FOR OUR LEGISLATIVE PROCESS, WE NEED THOSE WHO ARE KNOWLEDGEABLE IN THE TRADE, WITHOUT WHOM THIS WILL RESULT IN THE BLIND LEADING THE SOPHISTICATED, HE SAID.
HE URGED THAT SERIOUS CONSIDERATIONS BE GIVEN TO CREATE A SECOND SEAT FOR THE FINANCIAL CONSTITUENCY CONSISTING OF MEMBERS OF THE STOCK EXCHANGE OF HONG KONG, MEMBERS OF THE CHINESE GOLD AND SILVER SOCIETY AND MEMBERS OF THE HONG KONG FUTURES EXCHANGE.
"THIS WILL GIVE THE NECESSARY LEGISLATIVE SUPPORT FOR OUR FINANCIAL MARKETS AND IN TUNE WITH OUR EFFORTS TO MAINTAIN HONG KONG AS ONE OF THE THREE LEADING FINANCIAL CENTRES OF THE WORLD,'
++ HE SAID.
TURNING TO THE DISTRICT BOARD SYSTEM, HE NOTED THAT SOME DISTRICT BOARD MEMBERS CONSIDERED THAT THEIR ADVICE WAS NOT UPON BY GOVERNMENT DEPARTMENTS TO THE EXTENT THAT THEY WOULD WISH.
ACTED HE SAID THIS WAS UNDERSTANDABLE AS THE IMPLEMENTATION OF THEIR ADVICE MAY INVOLVE COMPLICATED CO-ORDINATION OF DIFFERENT GOVERNMENT DEPARTMENTS.
HE SAID THE PROPOSAL TO ELECT A REPRESENTATIVE FROM EACH URBAN DISTRICT BOARD TO THE URBAN COUNCIL MAY NOT BE AN EFFECTIVE SOLUTION TO THE FRUSTRATION WHICH THE DISTRICT BOARDS HAD. IN HIS OPINION, IT WAS MORE IMPORTANT FOR THE DISTRICT BOARD TO
REPRESENTED IN THE DISTRICT MANAGEMENT COMMITTEE.
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/HE SAID
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