"ALL ISSUES ARE SUBSTANTIALLY OVER SUBSCRIBED AT TENDER, AND TRADING IN THE SECONDARY MARKET HAS BEEN ACTIVE. ON AVERAGE, THERE IS A TURNOVER OF NEARLY HK$2 BILLION A DAY. ON THE MOST ACTIVE DAY RECORDED SO FAR, THERE WAS A TURNOVER OF NEARLY HK$6 BILLION, ROUGHLY EQUAL TO THE TOTAL AMOUNT OF BILLS OUTSTANDING AT THAT TIME.
"THE EXTENSION OF THE PROGRAM TO INCLUDE BIWEEKLY ISSUES OF 182-DAY BILLS WAS ALSO WELL RECEIVED. IN THE LIGHT OF EXPERIENCE, WE MAY WISH TO TRY OUT 364-DAY BILLS IN THE FUTURE," HE SAID.
SIR PIERS HAD INDICATED IN HIS SPEECH IN THE LEGISLATIVE COUNCIL ON OCTOBER 31 THIS YEAR THAT THERE MIGHT BE A NEED FOR JUDICIOUS BORROWING BY THE GOVERNMENT FOR FINANCING MAJOR CAPITAL PROJECTS AND SMOOTHING PUBLIC SECTOR CASH FLOW.
"THE EXCHANGE FUND BILLS PROGRAM HAS PUT US IN A POSITION THAT ENABLES US TO DO SO IN HOUSE AND AT SHORT NOTICE. THIS IS ON THE ASSUMPTION THAT WE RUN A PAPERLESS MARKET EVEN FOR TREASURY BONDS.
"BUT
FOR THE TIME BEING I WISH TO KEEP OUR OPTIONS OPEN. IN DEVELOPING A PROGRAM OF BORROWING, IT IS LIKELY THAT WE WOULD MAKE USE OF THE EXISTING MARKET MAKERS AND RECOGNISED DEALERS.
"I HOPE THEY WILL CONTINUE ΤΟ BE SUPPORTIVE, BECAUSE I CERTAINLY SEE GOOD BUSINESS OPPORTUNITIES FOR THEM IN THE YEARS AHEAD," HE SAID.
HK REMAINS A PLACE OF OPPORTUNITIES
**
BARMA, HAS
THE DIRECTOR OF INDUSTRY, MR T.H. BUSINESSMEN AND INDUSTRIALISTS THAT HONG KONG REMAINS THEY CAN FIND OPPORTUNITIES AND PROFIT FROM.
ASSURED GERMAN
A PLACE WHERE
HIS EUROPEAN
SPEAKING AT A SEMINAR IN COLOGNE DURING INDUSTRIAL PROMOTION TRIP, MR BARMA SAID HONG KONG'S FUTURE WAS NOT WITHOUT UNCERTAINTIES, BUT NEITHER DID IT LACK EXCITING OPPORTUNITIES.
"THE LARGE NUMBER OF OVERSEAS COMPANIES IN HONG KONG AND THE CONTINUOUS INFLOW OF TECHNOLOGY AND INVESTMENT SHOW CLEARLY THAT HONG KONG IS A PLACE WHERE YOU CAN FIND OPPORTUNITIES FOR AND PROFIT FROM COMMERCIAL AND INDUSTRIAL ACTIVITIES.
"IN ACCEPTING THE CHALLENGE OF EXPANDING BUSINESS INTEREST IN EASTERN EUROPE, I URGE YOU TO CONTINUE FOCUSING ON THE ASIA PACIFIC REGION, IN PARTICULAR HONG KONG," HE SAID.
MR BARMA SAID BUSINESS TIES BETWEEN GERMANY AND HONG KONG WERE STRONG, AND GERMANY WAS HONG KONG'S FIFTH LARGEST TRADING PARTNER.
BY THE END OF FISCAL YEAR 1989, GERMANY'S TOTAL INVESTMENT IN HONG KONG WAS ABOUT US$530 MILLION. THERE WERE ABOUT 400 GERMAN FIRMS HAVING A PRESENCE IN THE TERRITORY, SECOND ONLY IN NUMBER TO JAPAN.
/"AMONG THE
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