“I have three objections to my honourable Friend’s wider proposal that exchange control powers be used to require the fixing of exchange by merchants on entering into both export and import contracts. The first is that I think it excessively paternalistic to require a merchant to protect himself against a risk he is prepared to take. Secondly, I think it wrong to impose a condition which is likely to cause one group of merchants a loss, for the purpose of providing the other group with protection at no cost to them. Thirdly, I do not think it is in fact practicable to enforce such a system. I am sorry to be so negative, but I am sure that the solution to my honourable Friend’s problem should not depend on compulsion but on the provision of voluntary protection on insurance principles.”

March 27, 1968, page 208.
Official Report of Proceedings of the Hong Kong Legislative Council

Adopted from Wikiquote. Last update June 3, 2021. History

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John James Cowperthwaite38

British colonial administrator 1915–2006

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John James Cowperthwaite38

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