TNAG-1725-FCO40-2438-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1988 — Page 20

In

17.

the meantime, various improvements are being--

carried out by both the Stock Exchange and the Futures Exchange

in order to deal with immediate problems

problems that have been

identified. It is important that where steps can be taken to

further safeguard investors those steps should not be delayed pending the recommendations of the Securities Review Committee.

18.

The Government, for its part, continues to put together proposals in relation to the disclosure of beneficial interests in the shares held by directors and other substantial shareholders of public listed companies. Comments on the published White Bill have been received and I intend to seek the advice of the Executive Council in the near future. The subject

of insider trading is also under active consideration, and again I am on the point of taking proposals to the Executive Council.

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PRESENT STATE OF PUBLIC FINANCES AND REVISED ESTIMATES 1987-88

19.

turn Sir, I

now to

of the present state our public

finances. In sum, the expected position

position at the end of the financial year 1987-88 is one of higher than forecast

forecast revenue

yields but with expenditure close to budget. The surge in government revenue which began in 1986-87 has continued through 1987-88. Two years of double-digit economic growth have lifted our revenue base significantly.

10

/20. The