Wednesday, March 13, 1974
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Hong Kong will therefore have to face these problems Long before
the ten year programmes are completed, he stressed. The public works programme
for the next 10 years alone will absorb $28,000 million at the present
price of materials and labour.
Turning to the mass transit railway system, he endorsed the
government's intention to adopt, as a means of financing the balance apart
from equity, a funded debt which is a sort of government bond.
On inflation, Mr. Wong observed that while he agreed that it is
a world-wide phenomenon, he did not agree that Hong Kong could not plan
ahead so as to alleviate, to a certain extent, its own rise in food prices.
"This will, however, require special techniques for dealing with
rice imports, the encouragement of vegetable planting and fishing," he added.
Countering an assertion that an economic advisory committee would
erode the position of the Executive Council, Mr. Wong defined the Executive
Council as a sort of cabinet with policy-making powers", whereas the economic
advisory committee would be a committee and its functions advisory in
nature.
"We like to think of the Hong Kong government as the most efficient
government, but even the most efficient government may benefit from the
advice of the advisory committees," he stressed.
Generally, Mr. Wong expressed admiration for the "brilliant and
thorough presentation" of the budget.
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