TNAG-1764-FCO40-2518-Hong-Kong-stock-market-and-exchange-rate-1988 — Page 145

Mr. Footman of wh

голы

OR PRU USE ONLY

N

PARLIAMENTARY QUESTION

12/1

For WRITTEN ANSWER on

OP Date:

PA

Serial no:11B6TEXT OF QUESTION :-

11/01/88

RESTRICTED COVERING CONFIDENTI

SECRET

Head of

HKD

Please submit :- a draft Answer

& Background

to Parliamentary Unit

before

8

08 101

won

1988

Party

C

ROBERT ADLEY (CHRISTCHRCH)

To ask the Secretary of State/8:

IF HE WILL MAKE A STATEMENT ON THE MAINTENANCE OF PROSPERITY AND STABILTY IN HONG KONG IN THE LIGHT OF RECENT DEVELOPMENTS CONNECTED WITH THE H K STOCK EXCHANGE.

to P/S LORD GLENARTHUR

(Minister)

for approval by

NOON 11. JAN.87

...PQS ...REPLY(S)

for answer by

MR. EGGAR

(Minister)

ANSWER We

I believe that the prompt action taken by the Hong Kong Government in November to initiate a thorough review of the management and operation of the Hong Kong Stock Exchange and, more recently, the resolutions passed by the Stock Exchange enabling certain members of its committee to distance themselves from the management of the Exchange while investigations into allegations of corruption in the operation of the Exchange are in progress, will have reinforced international confidence in Hong Kong as a leading financial centre.

This will contribute

to the maintenance of the prosperity and stability of the

territory.

copy to

Private, Secretary

WR, EGGAR

PS/

•

(Minister)

Parliamentary

Clerk

authorised

Cote

(Head of Dept)