XN000022-1993-08-17 — Page 7

TUESDAY, AUGUST 17, 1993

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SFS VISITS CHINESE GOLD AND SILVER EXCHANGE SOCIETY

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THE SECRETARY FOR FINANCIAL SERVICES, MR MICHAEL CARTLAND, VISITED THE CHINESE GOLD AND SILVER EXCHANGE SOCIETY TODAY (TUESDAY).

THIS WAS MR CARTLAND'S FIRST VISIT TO THE SOCIETY SINCE HE TOOK

UP HIS PRESENT APPOINTMENT EARLIER IN THE YEAR.

HE WAS RECEIVED BY MEMBERS OF THE EXECUTIVE AND SUPERVISORY COMMITTEES OF THE SOCIETY, INCLUDING PRESIDENT OF THE SOCIETY, MR ZEE KWOH-KUNG; VICE-PRESIDENT, MR RAYMOND CHAN; AND CHAIRMAN OF THE SUPERVISORY COMMITTEE, MR KWONG WAI-CHUNG.

A TOUR OF THE TRADING FLOOR WAS ARRANGED WHERE MR CARTLAND THE PROCESS OF PREMIUM SETTING CARRIED OUT AT 11 AM EVERY DAY.

SAW

HE ALSO HAD A GENERAL DISCUSSION WITH COMMITTEE MEMBERS ON THE OPERATION OF THE SOCIETY AS WELL AS THE GOLD MARKET IN HONG KONG.

"THE SOCIETY HAS CONTRIBUTED TO THE DEVELOPMENT OF HONG KONG AS A LEADING GOLD MARKET IN THE WORLD WHICH IS CRUCIAL FOR OUR ROLE AS A MAJOR FINANCIAL CENTRE," MR CARTLAND SAID AFTER THE VISIT.

"I AM IMPRESSED BY THE SELF-DISCIPLINE IMPOSED BY THE EXCHANGE ON ITS MEMBERS AND MARKET-PRACTITIONERS WHICH I UNDERSTAND HAS COME FROM TRADITIONAL PRACTICE WHICH WENT BACK TO 83 YEARS AGO BUT IS STILL AS GOOD AS GOLD TODAY.

"I AM SURE THE SOCIETY WILL MAINTAIN ITS TRADITION AND CONTINUE WITH ITS GOOD WORK IN PROVIDING A REGULATED GOLD MARKET FOR INVESTORS IN HONG KONG," HE SAID.

CUSTOMS SEIZE FALSELY DESCRIBED GARMENTS

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A MANUFACTURING FIRM AND ITS MANAGER WERE FINED $480,000 TODAY (TUESDAY) AT THE WAN CHAI DISTRICT COURT FOR APPLYING FALSE LABELS OF ORIGIN ON NYLON GARMENTS WORTH MORE THAN $1.2 MILLION.

GRACESANE GARMENT LTD AND IT'S MANAGER LI KONG-TAI PLEADED GUILTY TO ONE COUNT RACH OF APPLYING FALSE TRADE DESCRIPTION ON WOVEN SKIWEAR, JACKETS AND PANTS.

ON JUNE 14 LAST YEAR CUSTOMS OFFICERS AT LOK MA CHAU CONTROL POINT EXAMINED AN INCOMING CONTAINER OF GARMENTS AND CHINA-MADE SKIWEAR WHICH BORE FALSE LABELS OF ORIGIN SINGAPORE".

FOUND 10,980 "MADE IN

/AFTER FURTHER