XN000022-1987-11-05 — Page 2

THURSDAY, NOVEMBER 5, 1987

HONG KONG PEOPLE WILL COPE DESPITE CRISES

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HONG KONG HAS ENJOYED ANOTHER GOOD YEAR IN DOMESTIC EXPORTS DUE TO THE HONG KONG-U.S. DOLLAR LINK, WHICH BENEFITS BOTH EMPLOYERS AND EMPLOYEES, THE HON CHAN KAM-CHUEN SAID IN THE LEGISLATIVE COUNCIL TODAY (THURSDAY).

SPEAKING IN THE DEBATE ON THE GOVERNOR'S POLICY ADDRESS, MR CHAN SAID THAT RE-EXPORTS MIGHT MAKE HONG KONG THE NO. 1 CONTAINER PORT IN THE WORLD.

DESPITE THE DARK CLOUD OF PROTECTIONISM ON THE HORIZON, HE SAID, HONG KONG HAD PASSED THROUGH MANY CRISES AND OUR PEOPLE WOULD BE ABLE TO COPE WITH THEM.

ON THE STOCK MARKET, MR CHAN SAID THE SLUMP OF SHARE MARKETS AROUND THE WORLD HAD ALREADY TAKEN ITS TOLL AND MIGHT LEAD то A DEPRESSION IN CONSUMER SPENDING.

HE SAID IF SMALL INVESTORS IN THE MARKET DID NOT TAKE THEIR PROFITS BY INSTALMENTS WHEN PRICES WENT UP AND SCRIP WAS SHORT, THEY WOULD BE UNABLE TO SELL THEM QUICKLY TO MINIMISE THEIR LOSS.

HE ALSO SAID THAT THE STOPPAGE OF THE STOCK MARKET REMINDED HIM OF THE IMPORTANT ISSUE RAISED IN HIS SPEECH ON NOVEMBER 27, 1985 WHETHER "HOUSE RULES ARE ABOVE THE LAW OF THE LAND".

TURNING TO TRANSPORT, MR CHAN SAID ALTHOUGH MOST OF THE DENSELY POPULATED AREAS OF HONG KONG WERE OR WOULD SHORTLY BE SERVED BY SOME FORM OF RAPID, AIR-CONDITIONED AND SMOOTH-RIDING MASS TRANSIT SYSTEM, THE PUBLIC IN EAST KOWLOON HAD YET TO GET FOR SUCH SERVICE.

HE SAID IF ONE LOOKED AT A MAP OF EAST KOWLOON, ONE WOULD FIND FROM THE SOUTHERN TIP OF TSIM SHA TSUI ΤΟ THE AIRPORT AND BEYOND,

FERRY TERMINALS, CULTURAL CENTRES, HOTELS, RESTAURANTS, TRAIN TERMINAL, AIRPORT AND COMMERCIAL CENTRES FREQUENTED BY TOURISTS AND LOCAL PEOPLE AS WELL AS RESIDENTIAL AREAS.

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"NO DOUBT THE HEAVY CAPITAL INVOLVED IS A MAJOR CONSIDERATION, HE SAID. "FROM EXPERIENCE, A SYSTEM ON THE GROUND OR OVERHEAD IS SEVERAL TIMES CHEAPER THAN AN UNDERGROUND SYSTEM."

HOWEVER, MR CHAN SAID MODERN LOW NOISE SYSTEMS WERE AVAILABLE AND GOVERNMENT SHOULD GIVE THIS SERIOUS CONSIDERATION.

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ON THE MISUNDERSTANDING THAT THE KCRC AND MTRC WERE HUGE PROFITS AND YET INCREASED FARES, MR CHAN SAID IF ONE ANNUAL REPORTS AND ACCOUNTS CAREFULLY, THERE WERE STILL OR INTEREST WHICH REQUIRED PAYMENT.

MAKING

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