16
Wednesday, October 31, 1973
"After all, it is the duty of the government to control inflation
and to enter into the marketing activities of essential foodstuff so
that at least the element of profiteering as against legitimate profit
Jashlee!
making can be eradicated."
As he saw it, the basic cause of the worldwide problem of inflation
was "disequilibrium between demand and supply of commodities.
While inflation caused by the world price of the commodities
could not be controlled, he said, inflation in the Hong Kong prices of
essential foodstuff could be controlled to a considerable extent by
"negotiations, planning, supply of facilities and bonuses or other
methods of encouragement."
Mr. Wong repeated a proposal he made in 1968 concerning the
creation of an Economic Advisory Committee.
The functions of this Committee would be to:
Study the structure of Hong Kong's gross domestic product with a view to exploring additional sources of revenue without dampening entrepreneural incentives
in commerce and industry.
Study ways and means of stabilising the cost of living particularly as it relates to labour costs, and with
special reference to essential foodstuffs.
Study and recommend measures toward making the Hong
Kong dollar an independent currency and managing it conscientiously in order to avoid a possible crisis in the
future
and
To study and recommend economic policy for maintaining
a high rate of growth of the Hong Kong economy.
This committee