Debate on the Governor's Annual Address
Speech by the Honourable the Financial Secretary
in Legislative Council on Thursday, 16th November 1978
Summary
Introduction
I
PARAGRAPHS
1
Inflation
2
(2)
(1) Unofficial Members' worries
Measurement of "inflation":
(a)
General price level
(b)
Consumer prices
5
34
6
(c) Prices of investment goods
(a)
Prices of imported raw materials and semi-manufactures
(e) Wage rates, profit margins and
export prices
Absence so far of imported inflation Incipient threat of inflation:
(3)
(4)
(a)
(b) Pressure of domestic demand
J
7
8
9
11
12
13
Depreciation of the Hong Kong dollar
14
15
G
18
(c) Adverse trade balance and tourism
19
20
(5)
Growth of the money supply:
21
(a)
Determinants
22
-
24
(b)
Statistics
(M2)
25
26
(a)
(6)
(c) Changes in interest rates
Control of the money supply Management of the public finances
27
29
30
J
31
32
35
i