Wednesday, March 13, 1974
18
Turning to trade, Mr. Lee said: "Our internal and external
circumstances dictate that we must intensify all our efforts to expand
trade and industry.
"We are aware of the great work and the effectiveness of the
Trade Development Council. And now is the time for the Council to seek
to redouble its efforts, not only in our major markets, but also in opening
up new markets."
Commenting on the Budget for 1974-75, Mr. Lee said he was opposed
to the increase of the rate of direct tax. However, he agreed that fees and
charges should be updated.
Referring to licences, he said: "No doubt some of their foes are
antiquated. For example, there would seem to be a case for increasing
banking licence fees to meet a larger portion of the cost of running the
office of the Commissioner of Banking.
"But for some categories, the principle that they should be set
in terms of what the market can bear should not be applied too arbitrarily,
otherwise it would lead to internally-generated inflation and cause social
uneasiness."
On loan financing, he agreed that it was most important that it
should only be used for direct self-liquidating projects.
"Perhaps government may also consider raising funds from the World
Bank as well as in the international money market, besides from the Asian
Development Bank, to establish Hong Kong's eligibility and credit worthliness."
he added.
/Mr. Lee