Monday CHINA published figures on its money supply for the first time since 1949, and promised more regular reports. The figures were announced in the Financial News, a publication of the People's Bank of China, the central bank. The Hang Seng Index ended October at its peak for the month, breaching 9,600 to reach 9,646.25, up 266.78 points. Tuesday PROFITS at Hongkong Telecom were up 15 per cent in the first half to $4.19 billion, but analysts were unimpressed and the shares fell 35 cents to $16.20. Turnover was $13.29 billion, up 11 per cent from last year. Earnings per share 15 cents were higher at 37.6 cents. The Federation of Hong Kong Hotel Owners said the industry faced a critical labour shortage when overseas workers' contracts expired this month. Wednesday CITICORP chairman John Reed said China's development could not continue at the pace many predicted it would because the need for capital would slow growth. He told the American Chamber of Commerce China required US$55 trillion (HK$425.15 trillion) to become developed, but warned the pool of funds for infrastructure was finite. Credit Suisse set up a permanent marketing operation in the territory to seek regional institutional funds. Thursday STOCK exchange officials moved to stop more China listed businesses bypassing the territory for New York's main board by pushing a new liberal line on the book-building method of conducting initial public offerings. The Hong Kong Society of Accountants recommended a taskforce be set up to find ways of countering rising business costs. Friday PROFITS of Lai Sun Garment (International) fell short of market expectations because of exceptional losses and smaller contributions from associates. This pushed net profit down to $580.36 million, 31.44 per cent below the forecast of $846.5 million.
