TNAG-0735-FCO40-939-Policy-objective-for-the-developing-of-Hong-Kong-in-the-1980-1978 — Page 198

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COMM

PUBLIC ACCOUNTS COMMITTEE

60. I now turn to a few items in the Financial sector.

Standing Orders of this Council were amended on 10th

June to provide for the establishment of a Public

Accounts Committee.

The Committee will have its

first meeting in a few weeks' time to consider the

Director of Aduit's report on the accounts for 1977-78.

This is a welcome constitutional development.

FINANCIAL LEGISLATION

61. In his speech concluding the debate on the

Second Reading of the Appropriation Bill 1978, the

Financial Secretary said that he had set up a small

working party to consider a method of statutory

backing for our system of financial control.

working party has made good progress and a Public

Finance Bill will be introduced this session.

The

62. Last year I mentioned proposals to extend to

registered deposit-taking companies some of the obligations

at present imposed only on banks. A Bill will be

introduced into this Council very shortly to amend the

Deposit-Taking Companies Ordinance. It will provide for

a system of prudential supervision of such companies, of

which there are 234 in Hong Kong, on somewhat similar lines