Debate on the Governor's Annual Address
Speech by the Honourable the Financial Secretary
in Legislative Council on Thursday, 16th November 1978
Introduction
Summary H.013/4
Sae (10
RECEIVED IN MAGISTRY NO. 51
130541978 PARAGRAPHS
DAX OFFICE
INDEX
REGISTRY
Action Taxen
I
Inflation”
(1) Unofficial Members' worries
(2)
Measurement of "inflation":
2
3
(a)
General price level
(b)
Consumer prices
LO
(c)
Prices of investment goods
4
5
- 6
7
(a)
Prices of imported raw materials and semi-manufactures
8
(e)
Wage rates, profit margins and export prices
9
11
(3)
(4)
Absence so far of imported inflation Incipient threat of inflation:
12
13
(a)
(5)
(a)
(b)
Statistics
(c)
(a)
(6)
Depreciation of the Hong Kong dollar
(b) Pressure of domestic demand
(c) Adverse trade balance and tourism
Growth of the money supply:
Determinants
14
15
-
18
19
20
21
22
-
24
(M2)
25
26
Changes in interest rates Control of the money supply
Management of the public finances
27
-
29
30
-
32
31
- 35
i