XN000022-1988-06-30 — Page 4

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THURSDAY, JUNE 30, 1988

EARLIER IN THE DAY, LORD GLENARTHUR MET WITH THE GOVERNOR, SIR DAVID WILSON; THE CHIEF SECRETARY, SIR DAVID FORD; AND OTHER SENIOR GOVERNMENT OFFICIALS. HE ALSO ATTENDED A MEETING OF THE EXECUTIVE COUNCIL.

LORD AND LADY GLENARTHUR LATER ATTENDED A LUNCH WITH LOCAL BUSINESSMEN AT A CENTRAL RESTAURANT. THIS WAS HOSTED BY THE SECRETARY FOR TRADE AND INDUSTRY, MR HAMISH MACLEOD.

LORD GLENARTHUR LATER VISITED THE HONG KONG TRADE DEVELOPMENT COUNCIL IN WAN CHAI AND MET COUNCIL MEMBERS. HE WAS BRIEFED ON TDC'S FUNCTION AND ACTIVITIES BY ITS CHAIRMAN, MISS LYDIA DUNN,

LORD GLENARTHUR WAS TOLD TDC LISTED MORE THAN 35,000 LOCAL MANUFACTURING COMPANIES, EXPORTERS AND IMPORTERS, AS WELL AS SOME 107,000 OVERSEAS BUYERS IN THE MANAGEMENT INFORMATION SERVICES, WHILE THE TRADE ENQUIRY SECTION HANDLED ABOUT 16,000 ENQUIRIES WORLDWIDE EACH MONTH.

HE WAS ALSO BRIEFED ON THE FACILITIES OF THE TDC'S NEW $2.3 BILLION HONG KONG CONVENTION AND EXHIBITION CENTRE, WHICH WILL BE THE LARGEST IN ASIA WHEN COMPLETED IN NOVEMBER.

IN THE EVENING, LORD GLENARTHUR WILL MEET WITH OMELCO MEMBERS IN THE LEGISLATIVE COUNCIL BUILDING, AND HE WILL BE JOINED BY LADY GLENARTHUR AND THE GOVERNOR AND LADY WILSON AT A DINNER HOSTED BY OMELCO MEMBERS,

COMMISSIONER OF BANKING ANNUAL REPORT PUBLISHED

UNLIKE RECENT YEARS, THE COMMISSIONER OF BANKING DID NOT NEED TO CONCERT ACTION ΤΟ CONTROL OR TO ASSIST INSTITUTIONS FACING SOLVENCY DIFFICULTIES IN 1987, ACCORDING TO THE ANNUAL REPORT OF THE COMMISSIONER OF BANKING PUBLISHED TODAY (THURSDAY).

THE REPORT NOTED THAT THERE WERE PROBLEMS ARISING FROM THE COLLAPSE OF STOCK MARKET PRICES IN OCTOBER LAST YEAR.

"BUT FOR MOST INSTITUTIONS THESE PROBLEMS WERE CONTAINED WITHIN THEIR INCOME. DURING THE YEAR, SUCH DIFFICULTIES AS THERE WERE DID NOT AFFECT DEPOSITORS, THE REPORT SAID.

THE REPORT, WHICH HAS BEEN APPROVED BY THE GOVERNOR IN COUNCIL, IS THE SECOND REPORT MADE UNDER THE BANKING ORDINANCE 1986. 1T SURVEYS THE WORK OF THE COMMISSIONER'S OFFICE AND REVIEWS POLICY DEVELOPMENTS IN 1987.

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