14
Thursday, March 14, 1974
FAIR RENTS TRIBUNALS MOOTED
To Help Reduce Inflation
Fair Rents Tribunals should be set up by the Rating and Valuation
Department to resolve disputes on high rent increases on shops and offico
premises.
This was one of the suggestions made by the Hon. Hilton Cheong-Leen
today to help curb the current inflationary spiral in Hong Kong.
He noted that with a lower rate of inflation derived from a more
stable shop and office rents Hong Kong's image as a good long and modium-
term investment centre would be even more enhanced.
In face of prevailing inflation, Mr. Cheong-Leen called on the
government to enlist more public support to curb profiteering in rice at
the wholesale and retail levels which is "a key psychological factor in the
inflationary spiral."
He emphasized that the government must be openly seen to be doing
everything in its power to dampen down internal inflation, eliminate profiteering
in essential commodities, and dispelling the fear of not being able to cope
with runaway prices.
In this context, Mr. Cheong-Leen hailed the meetings held recently
between the Commerce and Industry Department and rice importers, wholesalers
and retailers groups over the control of the price of rice. However, he
felt that these constructive meetings should have taken place a long time
ago.
"Why it