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Wednesday, November 1, 1972
Turning to the economic front, he said there must be stabilisation of
the cost of living and in costs of production. He called for determined efforts
to solve housing costs where "the core of the problem lies",
He said land prices in Hong Kong are too high. For example, the cost of
land is 50 times that of Malaysia. This should lead to a review of land
policy and point to a special policy in opening up the New Territories for
industrial land.
Again, he said the cost of water and electricity in Hong Kong are higher
than in Malaysia and warned that in the long run, inspite of Hong Kong's high
productivity, these factors will affect the Colony's eventual position in
world markets.
On share investment, Mr. Wong pointed to the wild and unrestrained
behaviour on the local stock market and said that, apart from investment, "this
gambling atmosphere is detrimental to the economy if not the culture of Hong
Kong."
He called for imminent legislation to protect the investing
public and added that there is evidence that certain shares are "being
manipulated". Control of the stock exchanges now becomes a necessity,
he said.
On future planning, Mr. Wong said we should plan our social, community
and economic services on a population of six million by the end of the century.
On civil servants' retirement age, Mr. Wong said it should be raised
from 55 years to 60 years to stop what he called a "terrible waste of manpower
and experience."
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