XN000022-1989-03-30 — Page 4

THURSDAY, MARCH 30, 1989

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HONG KONG-NEW ZEALAND AIR SERVICES AGREEMENT INITIALLED

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FOLLOWING A SERIES OF NEGOTIATIONS WHICH BEGAN IN 1987, THE HONG KONG AND NEW ZEALAND GOVERNMENTS HAVE INITIALLED THE TEXT OF A NEW HONG KONG-NEW ZEALAND AIR SERVICES AGREEMENT.

IN WELCOMING THE NEW AGREEMENT, THE SECRETARY FOR ECONOMIC SERVICES, MRS ANSON CHAN, SAID TODAY (THURSDAY) THIS NEW AGREEMENT WITH NEW ZEALAND WOULD BE THE FIFTH HONG KONG AIR SERVICES AGREEMENT TO BE SEPARATED FROM UNITED KINGDOM AGREEMENTS.

IT WAS CAST IN A FORM WHICH WAS CAPABLE OF REMAINING IN FORCE BEYOND 1997 THUS ENSURING THE CONTINUITY OF HONG KONG AIR LINKS WITH NEW ZEALAND.

"I AM DELIGHTED THAT THE NEW ZEALAND GOVERNMENT HAVE, IN THIS PRACTICAL WAY, DEMONSTRATED THEIR SUPPORT FOR THE JOINT DECLARATION AND THEIR CONFIDENCE IN HONG KONG'S FUTURE," SHE SAID.

AIR SERVICES BETWEEN HONG KONG AND NEW ZEALAND WERE INCREASED TO TWICE WEEKLY LAST DECEMBER. FROM OCTOBER THIS YEAR, BOTH CATHAY PACIFIC AIRWAYS AND AIR NEW ZEALAND CAN DOUBLE THEIR WEEKLY SERVICES BETWEEN HONG KONG AND NEW ZEALAND.

AMENDMENTS TO SFC BILL WILL BE PROPOSED

A SUBSTANTIAL NUMBER OF AMENDMENTS ΤΟ THE FUTURES COMMISSION BILL WILL BF PROPOSED DURING THE OF THE BILL IN THE LEGISLATURE, WHICH IS EXPECTED APRIL 12, THE ACTING FINANCIAL SECRETARY, MR DAVID TODAY (THURSDAY).

TO

SECURITIES AND

COMMITTEE STAGE TAKE PLACE ON NENDICK. SAID

SPEAKING AT A LUNCH ADDRESS OF THE FIRST INTERNATIONAL CONFERENCE OF THE CHARTERED INSTITUTE OF MANAGEMENT ACCOUNTANTS, MR NENDICK SAID HE BELIEVED THE LEGISLATION WOULD CONTAIN ADEQUATE CHECKS AND BALANCES AGAINST ANY POSSIBLE ABUSE OF POWER BY THE NEW COMMISSION WITHOUT UNDERMINING ITS ABILITY TO DISCHARGE ITS FUNCTIONS EFFECTIVELY AND EFFICIENTLY,

CHANGE

"THE CREATION OF THIS NEW BODY REPRESENTS A FUNDAMENTAL IN THE WAY HONG KONG'S MARKETS ARE TO BE SUPERVISED BUT ONE WHICH BRINGS US INTO LINE WITH OTHER MAJOR FINANCIAL CENTRES," HE SAID.

/MR NENDICK