Mr Stewart (HKD)
Deele
реев
CONFIDENTIAL
Molest
گئے
1521/2
(60)
88
NXK0401
HONG KONG : STANDING COMMITTEE
1.
Mr David's minute of 3 March 1977 requested comments on the latest batch of quarterly reports received from Hong Kong Government Departments in my case the Economic Services Branch.
2.
On part I, insider trading is one aspect we need to keep a keen eye on, now that invoking of S 140 of the Securities Ordinance is to be dropped. The UK economic interest here is that Hong Kong's open financial and trading role (the benefits) is carried on with a sense of social responsibility (the costs) this has been somewhat opaque in the past. We would wish to see the AG's revised memorandum as soon as possible. I have already commented (my minute of
31 January 1977) on the inadequacy of Hong Kong's bi-monthly economic assessments - it leaves out much economic information that we know is available locally and which is pertinent to the Hong Kong economy.
3. On part II, I would wish to enquire regarding the postal monopoly, how the courier firms are "making hay while the sun shines". It could be that there is a loss of postal (and government) revenue here. Additionally, further details would be welcome on the scheme of profit control being introduced under the new telephone franchise.
Amon fina
Adrian Smith
9 March 1977
Senior Economic Adviser G 72/G
8815
CONFIDENTIAL
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