XN000022-1987-10-21 — Page 12

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WEDNESDAY, OCTOBER 21, 1987

MR JACOBS SAID HONG KONG FACED A QUITE EXTRAORDINARY SITUATION AT THE BEGINNING OF THIS WEEK, WHICH HAD COME ON TOP OF A LONG SUSTAINED BULL RUN, AND THERE HAD BEEN A GREAT BACKLOG OF SETTLEMENTS.

"A CLOSURE OR SUSPENSION WAS NEEDED, PARTICULARLY TO GET RID

HE SAID.

OF THAT BACKLOG OF SETTLEMENT,

"HAD TRADING COMMENCED AND HAD THE SITUATION GOT CONSIDERABLY WORSE, THAT WOULD NOT HAVE SERVED THE INVESTORS OF THE MARKET AND IT WOULD NOT HAVE SERVED THIS COMMUNITY," HE SAID,

ASKED IF THE STOCK EXCHANGE HAD THE LEGAL AUTHORITY ΤΟ CLOSE THE MARKET, MR JACOBS SAID THE SUSPENSION OF TRADING WAS SOMETHING WHICH WAS WITHIN THE POWER OF THE STOCK EXCHANGE UNDER THE TERMS OF THE SECURITIES ORDINANCE.

ON THE QUESTION OF WHETHER HONG KONG BANKS SHOULD LOWER THE INTEREST RATE IN VIEW OF THE PRESENT SITUATION, THE FINANCIAL SECRETARY SAID HE HAD NOT YET DISCUSSED THE INTEREST RATE LEVEL WITH THE HONG KONG ASSOCIATION OF BANKS.

STABLE AND EFFICIENT CIVIL SERVICE VITAL

THERE IS NO DOUBT THAT THE MAINTENANCE OF A STABLE, EFFICIENT AND WELL-MOTIVATED CIVIL SERVICE WILL BE A KEY ELEMENT IN THE CONTINUING PROSPERITY OF HONG KONG, THE SECRETARY FOR ECONOMIC SERVICES, MRS ANSON CHAN, SAID THIS (WEDNESDAY) MORNING.

SPEAKING AT THE OPENING OF THE 1987 CIVIL SERVICE CAREERS EXHIBITION AT THE UNIVERSITY OF HONG KONG, MRS CHAN SAID HONG KONG WAS NOW AT A CRUCIAL STAGE IN ITS CONSTITUTIONAL AND POLITICAL DEVELOPMENT.

"MORE THAN EVER BEFORE, WE REQUIRE HIGH CALIBRE, DEDICATED AND ENTHUSIASTIC YOUNG MEN AND WOMEN ΤΟ JOIN THE RANKS OF THE CIVIL SERVICE, " SHE SAID.

YOUTH

PARTICULARLY

MRS CHAN SAID THAT IN A WORLD WHERE UNEMPLOYMENT, UNEMPLOYMENT, REMAINED A SERIOUS PROBLEM, WE WERE INDEED

FORTUNATE IN HONG KONG.

"WE HAVE NOT ACHIEVED OUR ENVIABLE POSITION BY CHANCE AND SOMB OF THE CREDIT AT LEAST MUST GO TO THE CIVIL SERVICE WHOSE MEMBERS WORK QUIETLY AND EFFICIENTLY AT MEETING THE NEEDS OF AN INCREASINGLY WELL EDUCATED AND SOPHISTICATED COMMUNITY,' SHE SAID.

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/MRS CHAN