TNAG-1237-FCO40-1550-Future-of-Hong-Kong-1983 — Page 18

Richars Heave

FLAGE

GIS 240/83

MMISSIONER EXDIS (C.C. HK GOVT OFFICES IN BRUSSELS, GENEVA,

WASHINGTON).

ADDITIONAL ROUNDUP

MAY 10, 1983

THE SOUTH CHINA MORNING POST REPORTED THAT THE INCLUSION OF 46 PROMINENT HONGKONG RESIDENTS IN THE NATIONAL COMMITTEE OF THE CHINESE PEOPLE'S CONSULTATIVE CONFERENCE WAS YESTERDAY VIEWED AS A BOOST FOR CONFIDENCE IN THE LONG-TERM STABILITY OF HONG KONG. THE POST SAID THE LATEST APPOINTMENTS, ALTHOUGH NOT UNPRECEDENTED, WERE DESCRIBED AS AN ENCOURAGING SIGN BECAUSE OF THE PROMINENCE OF THE APPOINTEES AND THE LARGE NUMBER OF THEM. IT WAS ALSO FELT THAT THE (45) COULD PROVIDE AN EFFECTIVE CHANNEL FOR HONGKONG TO MAINTAIN A DIALOGUE WITH PEKING.

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THE STANDARD LED TODAY'S EDITION WITH THE STORY THAT HONGKONG AND BRITAIN HAD AGREED ON A MULTI-MILLION-DOLLAR FUND TO SUBSIDISE HONGKONG STUDENTS IN THE UK. THE TWO GOVERNMENTS WILL CONTRIBUTE EQUALLY TO THE HKDOLLAR 40 MILLION SCHEME FOR THE 1983-4 YEAR. THE STANDARD SAID THE PACKAGE WAS SEEN AS A COMPROMISE BY THE HONGKONG GOVERNMENT IN DEMANDING THAT LOCAL STUDENTS BE GRANTED HOME STATUS IN BRITAIN,

THE STANDARD ALSO REPORTED THAT MAGISTRATE JAMES WILSON HAD CHALLENGED A GUIDELINE LAID DOWN BY THE APPEALS COURT AND REFUSED TO REVIEW TWO OF HIS JUDGEMENTS WHICH GAVE SUSPENDED SENTENCES TO ILLEGAL IMMIGRANTS WHO HELD FORGED ID CARD. MR WILSON WAS ASKED BY THE ATTORNEY-GENERAL LAST MONDAY TO REVIEW HIS DECISIONS. THE MAIN REASON WHY HE HANDED DOWN THE SUSPENDED SENTENCES WAS BECAUSE HE THOUGHT HONGKONG'S PRISONS WERE ALREADY OVERSTRETCHED AND THAT TAXPAYERS SHOULD NOT HAVE TO BEAR THE COST OF KEEPING ILLEGAL IMMIGRANTS IN JAIL.

THE STANDARD ALSO REPORTED THAT FORMER LEGCO MEMBER LO KWEE SEONG SAID THERE WAS NO CONFLICT OF INTEREST IN SERVING BOTH THE NATIONAL COMMITTEE OF THE CHINESE POLITICAL CONSULTATIVE CONFERENCE AND THE LEGISLATIVE COUNCIL HERE. HE SAID THIS WAS BECAUSE BOTH APPOINTMENTS SERVED THE PEOPLE OF HONGKONG. MR LO IS A MEMBER OF BOTH BODIES. MR LO URGED CHINA AND BRITAIN TO RESOLVE THE FUTURE OF HONGKONG AS SOON AS POSSIBLE. +BOTH SIDES SHOULD TAKE CONCRETE ACTION TO SAFEGUARD THE PROSPERITY AND STABILITY OF HONGKONG, + HE SAID.

THE BUSINESS STANDARD REPORTED THAT THE HONGKONG DOLLAR YESTERDAY SANK TO A NEW RECORD LOW AGAINST A BASKET OF TRADE- WEIGHTED CURRENCIES TO 75.5 ALTHOUGH IT MAINTAINED ITS GROUND AGAINST THE AMERICAN DOLLAR. THE SHARP DECLINE OF THE INDEX WAS ATTRIBUTED IN PART TO A STRONG JAPANESE YEN WHICH STRENGTHENED SHARPLY AGAINST MAJOR CURRENCIES ON A RELATIVELY BUOYANT JAPANESE. ECONOMY. SHARE PRICES FELL YESTERDAY TOO WITH THE HANG SENG INDEX DROPPING 19.09 POINTS TO 967.62. BROKERS SAID CONCERN OVER THE POLITICAL FUTURE OF HONGKONG DEPRESSED THE LOCAL CURRENCY SHARPLY AND LIMITED INVESTMENT INTEREST, BOTH DOMESTICALLY AND FROM ABROAD.

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