XN000022-1987-11-26 — Page 3

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THERSDAY, NCTOBER 26, 1987

THE COMMITTEE WAS ALREADY HARD AT WORK, HE NOTED.

SIR DAVID SAID HE HAD ASKED THE WITHIN SIX MONTHS.

TO COMMITTEE

REPORT TO HIM

"IT'S

TASK IS

ΤΟ

CRITICALLY EXAMINE MANAGEMENT OF OUR

THE

BE

THE CONSTITUTION,

AND OF EXCHANGES

COULD STRUCTURE, OPERATION AND GOVERNMENT'S SUPERVISORY MACHINERY, AND TO ADVISE HOW THESE IMPROVED,' HE EXPLAINED.

וי

THE GOVERNOR EMPHASISED THAT THE COMMITTEE WOULD NOT CONDUCT WITCH-HUNT AND THAT IT WOULD LOOK FORWARD, NOT BACKWARDS.

A

THE

AND

MAJOR WORLD "OUR AIM IS TO MAINTAIN HONG KONG'S POSITION AS A

ADDRESS TO FINANCIAL CENTRE AND TO ENSURE THAT, AS I SAID IN MY

WARRANT THE TRUST MARKETS LEGISLATIVE 'COUNCIL LAST MONTH, OUR

HR SAID. CONFIDENCE OF THOSE WHO PARTICIPATE IN THEM,

THE EVENTS THAT HE WOULD FALL ON THE HONG AND то FALLS

IN COMMENTING ON THE IMPLICATIONS FOR HONG KONG OF OF THE PAST FEW WEEKS, SIR DAVID SAID THE FIRST POINT LIKE TO MAKE WAS AN OBVIOUS ONE: THE RECENT SHARP

TO WORLD EVENTS WAS A REACTION KONG STOCK MARKET ELSEWHERE, NOT TO PROBLEMS IN HONG KONG'S OWN ECONOMY.

TRADE

"OUR MARKETS HAVE ALWAYS BEEN KNOWN FOR THEIR VOLATILITY.

"BUT THE HONG KONG ECONOMY

SHOW UP FIGURES

TO OCTOBER UNEMPLOYMENT AND UNDEREMPLOYMENT FOR T RECORD LOW LEVELS. AT PRESENT OUR HE POINTED OUT.

INCREASES.

AS A WHOLE REMAINS

VERY SUBSTANTIAL

THE THOSE,

FIGURES ARE STILL ORDER BOOKS ARE

FULL, STILL

BUOYANT. OUR

*

ECONOMIES,

THAT MANY

SIR DAVID SAID HE RECOGNISED HONG KONG'S, WERE LIKELY TO SUFFER AS A RESULT OF THE FINANCIAL MARKETS.

TO ESTIMATE

INCLUDING

SHARP FALL IN

PRECISELY

WHAT THE

POSSIBLE NOT "IT IS STILL EFFECTS WILL BE, NOR THEIR INFLUENCE ON OUR ECONOMY.

HONG KONG HAS ALWAYS "BUT WE ARE ALL ACUTELY CONSCIOUS THAT BEEN KEENLY AFFECTED BY EXTERNAL FORCES OUTSIDE OUR CONTROL," HE SAID.

"I SAID IN MY ADDRESS TO THE LEGISLATIVE COUNCIL THAT IF THERE ARE STORMS WE MUST REACT TO THEM QUICKLY.

7

LAST MONTH,

I

DOING So, HE SAID, ECONOMIC CRISES,

'AS A COMMUNITY, WE HAVE A TRADITION OF

HAD SURVIVED POLITICAL AND ADDING THAT HONG KONG TRADE EMBARGOES, OIL SHORTAGES AND BANK FAILURES,

SIR DAVID