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PRESS REVIEW 13/16 20/11
Sing Tao Wan Pao suggested that "in addition to obtaining the consent of the Mareholders, a public company must submit to the authorities concerned a report on its business and the employment of its capital and then be allowed to issue now shares only if à careful scrutiny of the report reveals that it is a necessary move to do and that it will not harm investors in any way."
Kung Shoun Evening News urged the Government to "tidy up the stock market", in order to "eliminate irresponsible business groups and speculators," the same way as a parent disciplines a spoilt child.
In another editorial (13.11.74), the same paper asked what transitional remedies there are to prevent the indiscriminate issue of new shares before the proposed legislation becomes law.
"Is it within the power of the heads of the four exchanges to stop the transaction of these additional shares or to advise their members against buying them?" the paper queried.
It said that both the Governmen
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and members of the stock exchanges had the responsibility to salvage the stock market.
Sing Tao Jih Pao (17.11.74) did not feel too enthusiastic about the introduction of legislation against the indiscriminate issue of new shares.
"This is a rather superfluous move, " it said and went on to say, "there is already legislation which stipulates that every registered company must await the permission of the Government before it can increase its capital or issue additional shares." "So, why is another rule needed?" the paper asked.
It also pointed out that the new rule would be even more "meaningless" if it could only control small public companies but not the big ones.
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The paper suggested that the Government should take the initiative to salvage the stock market instead of restricting itself to stopping the issue of
ditional shrras by public companies.
АЗЛІВОЗН
Arrest of Narcotics Suspects
In a series of raids, the Police arrested five men and one woman on November 12 allegedly in connection with drug offences.
One of the persons arrested known as the "Limping Man", is believed to be the Big Boss of a drug trafficking ring.
Narcotics Bureau Chief Mr. H.J. Rumbelow described the arrests as 1 the most important and significant for many years'.
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The arrests prompted eleven editorials in the Chinese press.
General Reaction
Sing Tao Jih Pac (17.11.74), Kung Sheung Daily News (15.11.74), Kung Shoung Evening News (14.11.74 and 16.11.74), Hong Kong Times (14.11.74 and 15.11.74), Ming Po (19.11.74) and the communist Hong Kong Evening News (16.11.74) unanimously praised the Narcotics Bureau officers for their good performance.
"Compared with the work of other government departments, the Narcotics Bureau has achieved the most outstanding results;" Ming Pao said.
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