XN000022-1987-10-28 — Page 5

WEDNESDAY, OCTOBER 28, 1987

"OUR TASK AFTER THE MARKETS WERE CLOSED WAS TO GET THEM OPEN AND GET THEM FUNCTIONING AGAIN IN A NORMAL AND ORDERLY MANNER AND THAT IS WHAT THE PACKAGE WAS ALL ABOUT.

ON THE IMPORTANCE OF FINANCIAL SERVICES ΤΟ THE ECONOMY + MR JACOBS SAID HE AGREED THAT WAS ONE OF THE REASONS WHY "MANY OF US" HAD BEEN WORKING OVERNIGHT, VIRTUALLY EVERY HOUR OF THE DAY, ON THE MEASURES THAT WERE DRAWN UP.

"THE PUBLIC PURSE WOULD NOT BE OUT OF POCKET EVEN THOUGH THE COST OF ADMINISTRATION FALLS ON GENERAL REVENUE BECAUSE WE WILL BE ENJOYING SOME INTERESTS ON THE SUPPORT FACILITIES THAT HAVE BERN GIVEN, HE ADDED.

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MEMBERS SUPPORT MEASURES TO STABILISE MARKETS

THE GREAT MAJORITY OF MEMBERS OF THE LEGISLATIVE EXPRESSED THEIR WHOLEHEARTED SUPPORT FOR THE MEASURES THE GOVERNMENT ON SUNDAY AND TUESDAY, THE HON PETER C. THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).

COUNCIL HAVE ANNOUNCED BY WONG SAID IN

COUNCIL,

MAKING A STATEMENT AS THE ACTING SENIOR MEMBER OF THE MR WONG SAID THE MEASURES TAKEN WERE DESIGNED TO ENABLE THE FUTURES MARKET TO CONTINUE TO OPERATE.

THAT THE

"THE EVIDENCE OF TODAY AND YESTERDAY SUGGESTS

STEPS TAKEN ARE CONTRIBUTING TOWARDS STABILISING BOTH THE FUTURES MARKET AND THE STOCK MARKET," HE SAID.

"WE ARB CONFIDENT THAT CALM WILL BE RESTORED ΤΟ THE MARKET-PLACE AND HONG KONG WILL COMB OUT OF THIS CRISIS IN GOOD HEALTH AND GOOD HEART."

HOWEVER, MR WONG POINTED OUT THAT THE DIFFICULTIES OF THE 10 DAYS INDICATED THAT THERE MIGHT BE PROBLEMS WITH THE OPERATION REGULATION OF HONG KONG'S FINANCIAL MARKETS.

PAST AND

HE SAID ONLY A FULL AND SYSTEMATIC INVESTIGATION INTO THE CAUSES OF THE DIFFICULTIES WOULD REVEAL WHAT THOSE PROBLEMS WERE.

MEMBERS THEREFORE URGED THE GOVERNMENT TO INITIATE SUCH AN INVESTIGATION AS SOON AS POSSIBLE AND TO TAKE WHATEVER MEASURES WERE NECESSARY TO IMPROVE THE REGULATION OF THE MARKETS, MR WONG SAID.

MR WONG ADDED THAT HE PERSONALLY WOULD LIKE TO PUT ON RECORD HIS DERP APPRECIATION REGARDING ALL THOSE WHO HAD TO PUT TOGETHER, THE EXTREMELY COMPLEX PACKAGES IN SUCH A SHORT TIME.

M