XN000022-1994-11-25 — Page 13

11

FRIDAY, NOVEMBER 25, 1994

OF

SUCCESSFUL

ENTREPRENEURS,

ΤΟ SIZE,

AND

A

"

HE

"IT INCLUDES ADMIRATION DESIRE TO EMULATE THEM, NOT TO JEALOUSLY CUT THEM DOWN

SAID.

SIR HAMISH SAID THIS BASIC PHILOSOPHY WAS ALSO ENSHRINED IN THE JOINT DECLARATION AND THE BASIC LAW.

"IT

COMPLETE IS A

CRITICISE WILLINGNESS TO SPEND SOME OF OUR INCREASING WEALTH ON SOCIAL AS MOVING HONG KONG TOWARDS A WELFARE STATE, WITH THE IMPLICATION THAT ΤΟ MEET AT WE ARE ACCUMULATING WELFARE OBLIGATIONS BEYOND OUR MEANS SOME TIME IN THE FUTURE.

MISREPRESENTATION

TO

THIS SERVICES

-

THAT WE

-

THAT LEAVING

"ON THE CONTRARY, WE HAVE BEEN SCRUPULOUS IN ENSURING

TO HAVE THE SIXTH LARGEST FOREIGN CURRENCY HAVE ADEQUATE RESERVES HOLDINGS IN THE WORLD HARDLY SUGGESTS A SPENDTHRIFT GOVERNMENT

NOT AND THAT WE ARE THE NEW INITIATIVES ARE PROPERLY FUNDED, LARGE BILLS FOR OUR SUCCESSORS.

"OUR FINANCES, AND OUR FOREIGN CURRENCY RESERVES ARE OF THE WORLD. IT IS MY JOB TO ENSURE THAT THIS CASE, HE SAID.

THE ENVY CONTINUES TO BE THE

TRANSCRIPT OF FINANCIAL SECRETARY'S REMARKS

FOLLOWING IS THE

MADE BY KONG CONVENTION

THE

TRANSCRIPT OF THE REMARKS FINANCIAL SECRETARY, SIR HAMISH MACLEOD AT THE HONG AND EXHIBITION CENTRE THIS (FRIDAY) MORNING:

INVOLVING

GAMMON Q: I THINK YOU MIGHT WANT TO COMMENT ON THIS CASE

PAA

THAT INSIDERS ARE REPORTED TO HAVE ADMITTED BECAUSE

THEY WERE

ABOUT CONCERNED

THE EFFECT THE DECISION TO EXCLUDE OR INCLUDE THIS AND SOME COMPANY WOULD HAVE ON LEGISLATORS, CHINA WATCHERS AND MEDIA,

BE JUMPED TO A CONCLUSION THAT MEANS THERE MIGHT

A HAVE

POLITICAL ANGLE THE DECISION TO EXCLUDE THIS COMPANY, WHAT HAVE YOU TO SAY?

IF

IT'S FS: WELL,

WE HAVE A SITUATION HERE WHERE ABSURD, FRANKLY, AWARD A CONTRACT WE

TO A JARDINE'S

WE COMPANY,

ARE ACCUSED OF POLITICAL BIAS, IF WE DON'T AWARD A CONTRACT TO JARDINE'S COMPANY, WE'RE

IT ALSO ACCUSED FOR POLITICAL BIAS. YOU ONLY HAVE TO STATE LIKE THAT TO REALISE THAT IT'S AN ABSURD SITUATION. I OF COURSE, AM THAT THE CHAIRMAN OF THE PAA, SO I WAS FULLY INVOLVED AND AWARE OF DECISION. IT'S A CONTINUATION OF ENTIRELY NORMAL TENDER PROCEDURE. FACT IS, GAMMON'S LIKE ANY OTHER CONTRACTORS, WILL SOMETIMES WIN SOMETIMES LOSE. AND IT WILL DO THAT DEPENDING ON HOW GOOD ITS BID I REALLY DEPLORE THIS ATTEMPT TO POLITICISE TENDER DECISIONS.

Q:

THE

AND IS.

SIR HAMISH, ONE OF THE CONCERNS ABOUT IS THE MANAGING CHANGES SOME PEOPLE IN THE BUSINESS COMMUNITY HAVE ABOUT THE LINKED EXCHANGE RATE, WHAT IS THE LATEST YOU HAVE FROM CHINA THAT THE LINKED EXCHANGE

SEE AFTER 1997 AND ALSO DO YOU BE CONTINUED WILL

ANY

THE SPECULATORS WOULD GO OUT FOR INTERNATIONAL

CURRENCY DOLLARS AND TRY TO MAKE THE

+ I

?

RATE

SIGNS

THAT

HONG

KONG

/FS: