NO MONEY HAS YET BEEN HANDED OUT FROM THE MACLEHOSE FUND, EIGHTEEN MONTHS AFTER IT WAS SET UP, THE SCM POST REPORTED IN A FRONT PAGE STORY. THE FUND, WHICH WAS
PROPOSED BY UMELCO TO COMMEMORATE HONG KONG'S LONGEST-SERVING AND POPULAR FORMER GOVERNOR, LORD MACLEHOSE, HAS A TOTAL OF HK$23.33 MILLION. IT ALSO HAS SEPARATELY ACCUMULATED INCOME OF HK$1.27 MILLION FROM THE DONATIONS RECEIVED TO DATE. THE PAPER SAID FIVE
APPLICATIONS FOR MONEY FROM THE TUND WERE BEING CONSIDERED BY THE GOVERNOR. 17 15
UNDERSTOOD THAT THE GOVERNOR DID NOT DISBURSE ANY MONEY CARLJER BECAUSE IT WAS FELT THAT THE INCOME ACCUMULATED FROM DONATIONS WAS NOT HIGH ENOUGH, ALTHOUGH THE SIR MURRAY MACLEHOSE TRUST FUND ORDINANCE DOES SAY THE GOVERNOR CAN USE SOME OF THE CAPITAL, THE FUND'S INTENTION IS TO USE INCOME GENERATED FROM IT FIRST, UNLESS THERE IS A GOOD CASE FOR THE USE OF THE CAPITAL, THE PAPER SAID.
THE SECURITIES AND COMMODITIES TRADING COMMISSIONS WILL GIVE ACTIVE CONSIDER- ATION TO TWO PROPOSALS SUBMITTED BY THE HONG KONG COMMODITY EXCHANGE AND THE CONSORTIUM
OF 10 BANKS FOR THE SETTING UP OF A STOCK INDEX FUTURES TRADING MARKET IN HONG KONG IN PRINCIPLE. AT A MEETING YESTERDAY, THE COMMISSIONS AUTHORISED THE COMMISSIONER TO CARRY OUT FURTHER STUDIES WITH THE INTERESTED PARTIES AND TO REFER THE FINDINGS TO THEM AGAIN BEFORE THEY TAKE A DECISION LEADING TO A RECOMMENDATION FROM THEM TO THE GOVERNMENT. THE
COMMISSIONER FOR SECURITIES AND COMMODITIES TRADING, MR. ROBERT FELL, WAS QUOTED BY THE HK STANDARD AS SAYING THAT THE GOVERNMENT WOULD MOST LIKELY MAKE A DECISION IN JANUARY NEXT YEAR. MEANWHILE, THE HK STANDARD ALSO REPORTED THAT THE FINANCIAL SECRETARY, SIR JOHN BREMRIDGE, HAD RECENTLY INFORMED THE BANKING CONSORTIUM THAT IT WAS QUITE IMPOSSIBLI TO ACCEDE TO THEIR REQUEST THAT THE PROFIT FROM COMMODITIES TRADING BE TAX FREE.
THE SCM POST REPORTED THAT HONG KONG GARMENT MANUFACTURERS WERE UPSET ABOUT THE SHORT NOTICE THEY HAD RECEIVED FROM THE US FEDERAL TRADE COMMISSION ABOUT A NEW LAW COMING INTO EFFECT NEXT MONTH THAT FORCED THEM TO SEW A "GARMENT CARE LABEL" INTO THEIR PRODUCTS. QUOTING INDUSTRY SOURCES, THE PAPER SAID THE COMMISSION APPROVED THE NEW LEGISLATION,D.S. TEXTILES WEARING APPARELS CARE LABELLING RULES, IN APRIL. BUT ONLY TOLD THEM ABOUT IT IN THE MIDDLE OF LAST MONTH. THE LAW MEANS THAT AFTER THE NEW YEAR, ALL GARMENTS IMPORTED FOR SALE IN U.S.WILL HAVE TO PROVIDE A CARF INSTRUCTION LABEL STATING HOW THE GARMENT SHOULD BE WASHED AND DRIED. THE LABEL ALSO HUST HAVE A FULL LIST OF THE SORTS OF WASHES AND TEMPERATURES RECOMMENDED BY THE GARMENT'S MANUFACTURERS. LOCAL GARMENT MANUFACTURERS AND THE TRADE DEPARTMENT ARE CONCERNED BECAUSE THEY CLAIM CERTAIN AREAS OF THE LAW ARE UNCLFAR AND THAT THEY DON'T KNOW HOW IT WILL BE ENFORCED.
THE NEW TRADING ARM OF SEARS ROEBUCK AND CO., THE LARGE U.S. RETAIL CONGLOMERATE,
HAS ESTABLISHED A HONG KONG OFFICE AS PART OF ITS DEVELOPMENT OF A GLOBAL MERCHANDISING STRUCTURE, ACCORDING TO THE SCM POST. SEAKS WORLD TRADE INC. WAS SET UP LAST YEAR IN A MAJOR EXPANSION BY THE SEARS ROEBUCK GROUP, WHICH PIONEERED THE DEPARTMENT STORE AND MAIL ORDER BUSINESS IN AMERICA, AND WHICH NOW HAS AN ANNUAL TURNOVER OF US$30 BILLION. THE HONG KONG-BASED REGIONAL DIRECTOR. MR. FRANK PAO, SAID THE COMPANY HAD ALREADY BEGUN
OPERATIONS HERT AND THAT RESPONSE WAS ENTHUSIASTIC,
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