XN000022-1988-11-10 — Page 5

THURSDAY, NOVEMBER 10, 1988

LABOUR SHORTAGE SHOULD NOT CONTINUE UNABATED

* * * * *

OF

CONTINUE THE HON

THE GOVERNMENT SHOULD REVERSE ITS POLICY ON THE IMPORTATION

IF ALLOWED TO FOREIGN LABOUR AS

LABOUR SHORTAGE, THE UNABATED, WILL MAKE HONG KONG UNCOMPETITIVE AND UNATTRACTIVE, RONALD ARCULLI SAID TODAY (THURSDAY).

POLICY

COUNCIL LEGISLATIVE

DROVE UP COSTS

SPEAKING ON THE SECOND DAY OF THE DEBATE, MR ARCULLI SAID THE LABOUR SHORTAGE NOT ONLY BUT ALSO CAUSED EXTENSIVE DELAY AND LOWERING OF QUALITY.

HE WAS CONVINCED THAT THE CONSTRUCTION INDUSTRY WAS ONE OF AREAS EXPERIENCING SEVERE SHORTAGE.

THE

DEBATE ON

TURNING TO THE PROPOSED SECURITIES AND FUTURES COMMISSION (SFC) BILL, HE NOTED THAT THERE HAD BEEN A FAIR AMOUNT OF PUBLIC THREE PARTICULAR ASPECTS.

SFC

ΤΟ WHICH

A

UNDER REQUIRE

PERSON THESE WERE THE RIGHT OF THE

AS MAY USED

EVIDENCE INFORMATION INVESTIGATION TO PROVIDE

TO HAVE AGAINST HIM, THE RIGHT OF THE SFC TO ENTER BUSINESS PREMISES ACCESS TO BOOKS RECORDS ETC. KEPT THERE AND TO REMOVE THEM IF NEED BE; AND THE ABSENCE OF AN APPEAL TO AN INDEPENDENT PANEL OUTSIDE BY A PERSON AGGRIEVED BY A DECISION OF THE COMMISSION.

THE SFC

"THERE

BODY GREAT IS A

OF

PUBLIC POWERS ARE

OPINION

INCLUDING

UNNECESSARY,

FAR

PROFESSIONAL BODIES THAT SAY THAT SUCH TOO WIDE AND SWEEPING.

"UNLESS

OBJECTIONS SUCH

GROUNDLESS ARE

EXCESSIVE POWERS IS NOT ONLY FUNDAMENTALLY UNSOUND SUSPICION," HE SAID.

THE PROVISION

BUT ALSO CREATES

OF

AND

MARKETS A YEAR WEAKNESSES THAT WERE EXPOSED IN THE FINANCIAL

COULD IMPROVED BUT OVER-CORRECTION

THERE WAS NO

AGO NEEDED TO BE CORRECTED STIFLE THE MARKETS, HE SAID.

A NEW AIRPORT, ADDITIONAL

ON INFRASTRUCTURAL DEVELOPMENT, MR ARCULLI SAID ROOM FOR DISPUTING THAT HONG KONG NEEDED PORT FACILITIES AND A TRANSPORT NETWORK,

"THESE ARE ALL MAJOR UNDERTAKINGS THAT BILLIONS OF DOLLARS BUT IF WE ARE TO CONTINUE TO GROW AND

41 HE SAID. MUST NOT BE TIMID IN MAKING THESE COMMITMENTS,

THIS

HE RESPECT,

IN

SUGGESTED SECTOR INTO MAJOR PROJECTS WAS EFFECTIVE GOOD DEAL OF COMMERCIAL SENSE.

WILL REQUIRE

OF TENS PROSPER WE

THAT AND

THE BRINGING EFFICIENT AND

PRIVATE MADR A

ITS

BENEFITS OF A TREMENDOUS MOREOVER, THERE WAS THE INTANGIBLE VOTE OF CONFIDENCE BY THE PRIVATE SECTOR "PUTTING ITS MONEY WHERE MOUTH IS".

/ON THE