XN000022-1991-08-01 — Page 3

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THURSDAY, AUGUST 1, 1991

WITH

THE SPECIAL MANAGERS AND I HAVE HAD

CONTINUING DISCUSSIONS

AND

A NUMBER OF BANKS, GROUPS OF DEPOSITORS

PROMINENT BUSINESSMEN WITH A VIEW TO PUTTING TOGETHER A SCHEME OF ARRANGEMENT QR OTHER PROPOSAL WHICH, SUBJECT TO APPROVAL OF THE COMMISSIONER OF BINKING, WOULD CONTINUE THE BUSINESS OF BCCHK ON A SATISFACTORY BASIS.

HAVE UNTIL NOW, HOWEVER, ALL OF THESE PROPOSALS

FAILED

OF BECAUSE EITHER THE ABSENCE OF AN ACCEPTABLE FORM OF GUARANTEE OR AN ACCEPTABLE BANK TO TAKE OVER THE BANKING BUSINESS. NEVERTHELESS, THESE PROPOSALS ARE BEING ACTIVELY PURSUED AND HAVE BEEN AND ARE BEING PUT TO THE ADVISERS APPOINTED BY THE BENEFICIAL MAJORITY SHAREHOLDER.

IN THE MEANTIME I TAKE THIS OPPORTUNITY TO EXPRESS THE HOPE PROMINENT THAT

BUSINESSMEN, THE BANKING COMMUNITY AND ALSO THE CREDITORS THEMSELVES WILL WORK TOGETHER CONSTRUCTIVELY

PUT FORWARD A REALISTIC PROPOSAL FOR CONTINUING THE BANKING BUSINESS of BCCHK ON A SATISFACTORY BASIS.

AND

IN MAKING THIS STATEMENT I AM CONSCIOUS OF THE NEED то Аст QUICKLY WHILE AT THE SAME TIME NOT RAISING FALSE HOPES.

ANY BANK OR GROUP WHICH MAY BE INTERESTED SHOULD PUT THEIR PROPOSALS IN THE FIRST INSTANCE EITHER TO ME PERSONALLY OR ΤΟ THE SPECIAL MANAGERS. IT WOULD ASSIST IF THEY DID SO THROUGH THEIR PROFESSIONAL ADVISERS.

MAJOR CHANGES TO PORT OF HONG KONG IN NEXT FEW YEARS

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NEXT

THE PORT OF HONG KONG WILL UNDERGO MAJOR CHANGES IN THE FEW YEARS DUE TO THE CONSTRUCTION OF THE NEW AIRPORT, THE WEST KOWLOON RECLAMATION AND THE COMMENCEMENT OF IMPLEMENTING SOME OF THE NEW PORT DEVELOPMENT STRATEGIES UNDER PORT AND AIRPORT DEVELOPMENT STRATEGY (PADS),

PYRKE, SAID THIS AT

THE ACTING DIRECTOR OF MARINE, MR ALLAN THE 37TH ANNIVERSARY CELEBRATION OF THE HONG KONG AND KOWLOON MOTOR BOATS AND TUG BOATS ASSOCIATION THIS (THURSDAY) EVENING.

MR PYRKE SAID: "THESE MAJOR CHANGES TO THE PORT WILL REQUIRE ALL OF US TO RE-EVALUATE THE WAY IN WHICH WE DO THINGS AND IT

WAS WITH THIS IN MIND, AMONGST OTHER REASONS, WE TRIGGERED THE LOCAL CRAFT REVIEW WHICH COMMENCED IN 1989.

"THE REVIEW LED, IN TURN, TO THE SETTING UP OF THR LOCAL VESSEL ADVISORY COMMITTEE WHICH HAD ITS FIRST MEETING ON JUNE 28 THIS YEAR.

"I PLACE A LOT OF IMPORTANCE TO THIS COMMITTEE AS IT CARRIES FORWARD AND FORMALISES THE CONSULTATION PROCESS THAT WE HAVE FOLLOWED FOR MANY YEARS WITH OPERATORS OF DIFFERENT TYPES OF LOCAL CRAFT."

PHONG KONG'S

E