XN000022-1992-12-01 — Page 5

TUESDAY, DECEMBER 1, 1992

SIR, IN THE LAST FEW DAYS, AS YOU HAVE MENTIONED JUST NOW YOURSELF THAT THERE ARE A LOT OF SHARP WORDS, OR 'WAR' WORDS, MAINLY FROM THE CHINESE SIDE, DOES THE HONG KONG GOVERNMENT OR THE BRITISH GOVERNMENT HAVE ANY PLANS TO THAW THE ICE, AS IT WERE?

GOVERNOR:

I THINK IT'S FAIR TO SAY TO THE HONOURABLE MEMBER, IN RESPONSE то A QUESTION WHICH IS ON MANY PEOPLE'S LIPS, THAT THOUGH THERE HAVE BEEN SOME SHARP WORDS, THERE HAVE BEEN NO SHARP WORDS FROM THE GOVERNOR OF HONG KONG OR FROM THE GOVERNMENT OF HONG KONG. I REMAIN RESOLUTELY DETERMINED TO BE CALM AND RATIONAL, AND TO SET OUT FOR THE COMMUNITY WHAT THE PROPER ARRANGEMENTS ARE FOR CONSIDERING, AS WE MUST, HOW TO PREPARE FOR THE 1995 ELECTIONS. I CONTINUE TO SAY, AND то MEAN, THAT I BELIEVE MY PROPOSALS ARE FAIR AND OPEN, THAT I BELIEVE THEY'VE RECEIVED A GOOD WELCOME IN HONG KONG, AND I CONTINUE TO SAY THAT IF THERE ARE THOSE WHO HAVE PROPOSALS WHICH THEY REGARD AS BEING MORE FAIR AND MORE OPEN AND MORE ACCEPTABLE, THEN I HOPE THAT THEY WILL PUT THEM FORWARD.

RESPOND IN

RELIEVE ΤΟ ITSELF ΤΟ

I HONESTLY DON'T BELIEVE THAT THE RIGHT WAY FOR ME TO PRESENT CIRCUMSTANCES, IS TO ABANDON A POSITION WHICH I BE RATIONAL, TO ABANDON A POSITION WHICH HAS COMMENDED THE LEGISLATIVE COUNCIL ON MORE THAN ONE OCCASION, BUT I REPEAT THAT 1 REMAIN KEEN ON DIALOGUE, KEEN ON RATIONAL DISCUSSION, AND KEEN ON MOBILISING AS MUCH CONSENT AS POSSIBLE FOR THE ARRANGEMENTS THAT WILL NEED TO BE IN PLACE FOR 1995. THE GOVERNMENT OF HONG KONG, THE BRITISH GOVERNMENT, HAVEN'T, EITHER OF THEM, THE NECESSITY OF PUTTING IN PLACE ARRANGEMENTS FOR 1995,

IMAGINED

SINCE NO SUCH ARRANGEMENTS AT PRESENT EXIST.

TAN YIU-CHUNG: THANK YOU, GOVERNOR. THE QUESTION THAT I'M GOING RAISE IS NOT A POLITICAL ISSUE BUT IT'S RELATED то PEOPLE'S LIVELIHOOD. BEFORE I CAME TO THIS MEETING TODAY I HAD A YOUNG FRIEND WIIO ASKED FOR MY Help. HE HOPED THAT THROUGH ME HE WOULD BE ABLE TO RAISE A QUESTION WITH YOU, GOVERNOR. TODAY AND YESTERDAY, UP TO MORNING, THE STOCK MARKET HAS PLUMMETED BY 500 POINTS AND HE HAS A MAJOR PART OF THE MONEY THAT HE WOULD HAVE SPENT ON HIS WEDDING AND THEREFORE HE IS VERY UNHAPPY. GOVERNOR, COULD YOU IN ANY WAY TRY AND MAKE HIM HAPPIER AND PUT HIS HEART AT EASE.

GOVERNOR:

THIS LOST

I WOULD VERY MUCH LIKE TO PUT ANYBODY'S HEART AT EASE, WHETHER SOMEBODY ABOUT TO GET MARRIED AND CONCERNED ABOUT LOOKING AFTER HIS NEW FAMILY PROPERLY, OR ANYONE ELSE WHO IS INVESTING ON THE STOCK MARKET. I WOULD POINT OUT TO ANYONE IN THAT POSITION THAT STOCK MARKETS DO HAVE A HABIT OF GOING UP, AND INDEED DOWN. THAT THE HANG SENG INDEX, I BELIEVE I'M RIGHT IN SAYING, STANDS ABOUT THREE TIMES AS HIGH TODAY AS IT DID THREE YEARS AGO, AND THAT THAT REPRESENTS THE UNDERLYING STRENGTH OF THE HONG KONG ECONOMY. I DON'T THINK IT WOULD BE SENSIBLE FOR THE GOVERNOR OF HONG KONG TO ATTEMPT TO TAKE CREDIT WHEN THE HANG SENG INDEX WENT UP, AS IT HAS BEEN OVER THIS YEAR, I THINK BY A VERY SUBSTANTIAL MARGIN SINCE THE BEGINNING OF THE YEAR. I THINK THAT IT'S UNWISE TO COMMENT ON MOVEMENTS UP AND DOWN IN THE HANG SENG INDEX BUT I DO BELIEVE THAT THE FUNDAMENTALS OF THE HONG KONG ECONOMY ARE AS SOUND AS THOSE OF ANY ECONOMY IN THE WORLD AND THAT THE HONOURABLE MEMBER'S YOUNG FRIEND WILL FIND, AS WILL OTHERS, THAT INVESTING IN HONG KONG IS PROBABLY BETTER THAN INVESTING ANYWHERE ELSE IN THE WORLD.

/MARTIN LEE: