23
Wednesday, March 15, 1972
HIGHER TEMPO FOR SOCIAL, COMMUNITY AND ECONOMIC SERVICES
Primary Duty To Present Generation
Social, community and economic services should be fulfilled at a
higher tempo and without having to wait for the building up of the Colony's
reserves,
The Hon. Wilfred Wong said this in the Legislative Council today
when debate on the Budget was resumed.
"Our primary duty is to the present generation. Therefore, in seeking
to establish our aims in social progress, we must not be complacent because of
our economic solvency and political stability."
Mr. Wong advocated loan financing to pay for major public works such
as the Mass Transit System and the Desalinization Programme,
"If adopted the reserves we have should hold until 1982-83," he said.
The expenditure of those two community services could both be regarded
es self-liquidating as there would be revenue from public transport and rates
for water, he pointed out.
"In embarking on loan financing on a scale larger than our total annual
revenue, we will have the next generation share in the payment for the publie
debt incurred by the present generation. The justification is that the next
generation will also be benefactors if not the owners of the projects."
He said although loans might be obtained internationally, he believed
that a public bond would be in the best interest of Hong Kong.
/A public