XN000022-1987-10-29 — Page 3

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THURSDAY, OCTOBER 29, 1987

NOT

SIR DAVID STRESSED THAT HE HAD COMPLETE CONFIDENCE IN WHAT WAS BEING DONE IN HONG KONG, AND THAT WAS THE REASON WHY HE DECIDED TO CUT SHORT HIS AMERICAN VISIT TO RETURN TO HONG KONG,

HE WAS IN CONSTANT CONTACT WITH HONG KONG WHILE HE WAS AND GAVE FULL SUPPORT TO EVERYTHING THE ADMINISTRATION WAS DOING.

AWAY

"1 ALSO THOUGHT THAT IT WAS RIGHT, PARTICULARLY AT A TIME WHEN THERE WERE QUESTIONS ABOUT WHAT WAS GOING ON IN HONG KONG, TO MAINTAIN A PROGRAMME IN WHICH I WAS MEETING A LARGE NUMBER OF VERY INFLUENTIAL PEOPLE ΤΟ BE ABLE ΤΟ EXPLAIN TO THEN PERSONALLY SOME OF THE UNDERLYING TRUTHS ABOUT HONG KONG, HE SAID.

"

THE GOVERNOR SAID HE DID NOT THINK THE APPOINTMENT OF MR ROBERT FELL AND MR PHILIP THORPE TO THE STOCK EXCHANGE WOULD BE REGARDED BY THE REST OF THE WORLD AS STRONG GOVERNMENT INTERVENTION

IN THE HONG KONG MARKET.

KONG AND

HE WAS OF THE OPINION THAT THE APPOINTMENTS WHICH HAVE BEEN MADE RECENTLY WOULD GREATLY DELP IN CONFIDENCE BOTH IN HONG OVERSEAS.

WHEN ASKED IF THE GOVERNMENT MIGHT HAVE BEEN TOO FAR FROM THE FINANCIAL SCENE AND HAD NOT REACTED QUICKLY ENOUGH FINANCIAL CRISIS, SIR DAVID DID NOT SHARE THIS VIEW.

'I THINK CERTAIN DECISIONS HAVE TO BE TAKEN INITIALLY MARKETS. THEY HAVE THE RESPONSIBILITY TO DO IT AND THEY DID.

REMOVED

ΤΟ THE

BY THE

BACK-UP

"WHEN THERE WAS A NEED FOR GOVERNMENT TO PUT IN MEASURES, WHICH CLEARLY BECAME NECESSARY, THE GOVERNMENT TOOK ACTION AND IT TOOK ACTION TOGETHER WITH THE PRIVATE SECTOR.

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'SO IT WAS A CO-OPERATIVE MOVE AND IT HAS EFFECTIVE MOVE, SIR DAVID SAID.

CLEARLY BEEN

AN

ON HIS AMERICAN TRIP, THE GOVERNOR SAID HE WAS STRUCK BY THE AMOUNT OF TIME PEOPLE WERE PREPARED TO DEVOTE TO LISTENING TO WHAT HE HAD TO SAY ABOUT THE ESSENTIAL DYNAMISM OF THE HONG KONG ECONOMY AND ABOUT HONG KONG'S ROLE AS A FREELY TRADING SOCIETY.

STOCK

"I THINK IT WAS VERY USEFUL TO BE ABLE TO MAKE THOSE POINTS, PARTICULARLY AT A TIME WHEN THERE'S SO MUCH UNCERTAINTY IN THE MARKETS THROUGHOUT THE WORLD,' HE SAID.

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