15
Wednesday, October 31, 1973
SPECIAL COMMITTEES PROPOSED TO STABILISE COST OF LIVING
Govornnent Responsible For Controlling Inflation Mr. Wong
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The Hon. Wilfred Wong today called for the setting up of two
separate committees to study and work out ways of stabilising the general
cost of living, and to regulate increasing prices of such essential commodities
as rice, vegetables and fish,
Speaking in the Legislative Council debate, Mr. Wong said: Int
is to be noted that the rise in the prices of essential foodstuff accounts
for almost half of the rise in the index of the cost of living."
He cited figures showing that the average price of middle grade
rice and the cheapest vegetable and fish had conjunctively risen by 99 per
cent in two years and were still rising.
To counter this, he suggested that an Essential Foodstuff Committee
be set up with the following terms of reference:
To ensure the continuity of present sources of
supply of essential commodities
To explore new sources of supply of essential foodstuffs, and
To study and recommend the practicability of price
control as a means of eliminating speculation in
essential foodstuffs.
"In making a maximum attempt of stabilising the costs of essential
foodstuff, we would cover half of the battle against inflation," Mr. Wong said.
!
There were lessons to be learned, he went on, and one could envisage
the economic and social consequences of the creation of such a committee by
the government.
"After all,