23
Thursday, November 2, 1972
Referring to the stock market, Mr. Wu said much wheeling-dealing
was done mainly in the finance and real-estates shares to the aggravation
of inflation and contributing little to the production of material wealth
of the community.
In today's circumstances, it calls for dedicated industrialists
to toil for usually meagre profits with big investment on a long term
basis and high risks in comparison to what appears to be easy and quick
money in playing the stock market to the detriment of particularly the
wage earners.
"This," Mr. Wu said, "in my own opinion could culminate in
economic disaster and grave social injustice, and I believe government
and those who weild financial powers can and should redress and discourage this
with means at their disposal, in addition to legislative measures."
Commenting on housing, Mr. Wu said the present price of $200 or
higher a square foot for nearly all types of newly completed buildings
was becoming "prohibitive" for the overseas executive and certainly for the
local low-income group.
This was why, he said, there was such a "wide acclaim" for the long
range plan in public housing.
The implementation of the plan should rightly command "the highest
priority," he added.
Mr. Wu said the prsent contracting and sub-contracting way of
doing work provided "little incentive for improving methods."
He said ..***