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Wednesday, November 14, 1973
TIMEDIATE ACTION TO CHECK RISING FOOD PRICES URGED
The Hon. Li Fook-wo today called for the setting up of some form
of government machinery to supervise prices of essential foodstuffs which
directly affect the livelihood of the people.
Speaking at the Legislative Council, Mr. Li heartily endorsed
the views of his fellow Councillors on the question of high cost of
living and inflation.
Mie seem to agree unanimously that immediate and remedial action
should be taken," he said: "Admitting that Hong Kong cannot insulate
itself from mounting inflationary pressures from the rest of the world,
perhaps some method of self-help may be found.
"It would assure the members of the community a great deal if
Government could make a statement that it will do something to stop spiralling prices before this problem undermines our aim of prosperity with social
progress," Mr. Li said.
Touching on the banking system in Hong Kong, Mr. Li quoted statistics
of bank deposits in the past year and noted that the situation could be
considered as satisfactory.
The percentage of bank loans and advances against deposits was
72.01 per cent at the end of 1972. This percentage had risen to 88.26 per cent
at the end of September.
"It appears ............