XN000022-1987-10-28 — Page 12

WEDNESDAY, OCTOBER 28, 1987

10

FUND USED TO SAFEGUARD CURRENCY'S EXCHANGE VALUE

VALUE

OF

THE EXCHANGE FUND WAS USED TO SAFEGUARD THE EXCHANGE THE CURRENCY OF HONG KONG FROM THE UNACCEPTABLE ADVERSE EFFECT DUE TO THE UNSTABLE SECURITIES MARKETS OVER THE SECRETARY, THE HON PIERS TODAY (WEDNESDAY);

JACOBS, SAID

THE FINANCIAL LEGISLATIVE COUNCIL

IN

LAST

THE

WEEK,

REPLYING TO A QUESTION BY DR THE HON CONRAD LAM, THE FINANCIAL

SAID: 'SECTION 3(1) SECRETARY

OF THE EXCHANGE FUND ORDINANCE SHALL BE USED FOR SUCH SPECIFIES THAT THE FUND

PURPOSES AS THE FINANCIAL SECRETARY THINKS FIT AFFECTING, EITHER

OR DIRECTLY KONG HONG

AND FOR INDIRECTLY THE EXCHANGE VALUE OF THE CURRENCY OF OTHER PURPOSES INCIDENTAL THERETO."

MR JACOBS SAID AB FINANCIAL SECRETARY AND CONTROLLER OF THE ALL RELEVANT FACTORS, HE HAD EXCHANGE FUND, AND HAVING CONSIDERED

KONG FACED OVER FORMED THE OPINION THAT THE CIRCUMSTANCES THAT HONG

SUCH THAT THE LAST WEEK IN RELATION TO ITS SECURITIES MARKETS, WERE

PROLONGED DISORDER ANY

IN THESE

HAVE MARKETS WOULD

HAD AN UNACCEPTABLE ADVERSE EFFECT ON THE EXCHANGE VALUE OF THE CURRENCY.

1

GUARANTEE

CORPORATION,

FULL "ON THIS BASIS, AND WITH THE

SUPPORT OF THE EXECUTIVE

THE COUNCIL I DECIDED TO USE THE EXCHANGE FUND TO EXTEND

SUPPORT WITH FACILITIES TO THE HONG KONG FUTURES

A AND NORMAL OPERATIONS OF VIEW TO ENSURING THE CONTINUED

BOTH THE FUTURES EXCHANGE AND THE STOCK EXCHANGE, HE SAID.

MINIMAL BUILDING DELAY ARISING FROM LABOUR SHORTAGE

BASIS

*

OF CURRENT

PUBLIC

PUBLIC WORKS AND

HOUSING ON THE

THE COMPLETION OF WORKS PROJECTS, THERE IS ONLY A MINIMAL DELAY IN

IN SHORTAGES

THE SUPPLY OF CONSTRUCTION CONTRACTS RESULTING FROM WORKERS.

THE HON ALISTAIR ASPREY, THE SECRETARY FOR LANDS AND WORKS,

TO A SAID THIS IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY) IN REPLY QUESTION FROM THE HON CHENG HON-KWAN.

OVER

MR ASPREY SAID THAT SO FAR AS DELAY WAS CONCERNED, OF THE

CONTRACTS BRING CARRIED OUT AT 400 BUILDING AND CIVIL ENGINEERING

THE HOUSING AUTHORITY, PRESENT FOR GOVERNMENT WORKS DEPARTMENTS AND

PER CENT WERE DELAYED BY 62 PER CENT WERE ON OR AHEAD OF TIME, 17

MONTHS, LESS THAN A MONTH, 15 PER CENT WERE DELAYED FROM ONE TO THREE AND SIX PER CENT WERE DELAYED MORE THAN THREE MONTHS.

/HE EXPLAINED1 .....