FRIDAY, JULY 19, 1974
FURTHERMORE, THE GROSS DOMESTIC PRODUCT WAS LARGELY GENERATED BY EXPORT EARNINGS AND THUS ANY APPRECIABLE DIVERSION OF RESOURCES AWAY FROM THE PRIVATE SECTOR WOULD ULTIMATELY MEAN A SLOWING DOWN IN THE RATE OF GROUTH OF THE ECONOMY AS A WHOLE.
+THIS LONGER TERM CONSEQUENCE MUST BE RECOGNISED BECAUSE IT UNDERLINES THE NEED TO TRIM THE RATE OF GROWTH OF PUBLIC EXPENDITURE TO ACCORD WITH THE RATE OF GROWTH OF THE ECONOMY, HAVING REGARD TO SUCH SHORTER TERM CONSIDERATIONS UHICH MUST BE CONCEDED ON SOCIAL AND POLITICAL GROUNDS,+ HE SAID.
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HOWEVER, THE MONEY HAD TO BE FOUND SOMEWHERE AND WHILE HONG KONG HAD BEEN LUCKY IN THE PAST +A BLIND FAITH IN THE GROWTH RATE OF THE ECONOMY AND IN THE PRODUCTIVITY OF THE EXISTING TAX SYSTEM OR IN THE AVAILABILITY OF TOLERABLY PRICED LOAN FINANCE WILL NOT BE SUFFICIENT,+ SAID MR. HADDON-CAVE.
NOTE TO EDITORS:
COPIES OF MR. HADDON-CAVE'S SPEECH (ENGLISH
AND CHINESE) ARE BOXED FOR COLLECTION.
PRISON OFFICERS ON PARADE
*****E
SOME 70 OFFICERS OF THE PRISONS DEPARTMENT WILL TAKE PART IN A PASSING-OUT PARADE AT 11 A.M. TOMORROW (SATURDAY) AT THE DEPARTMENT'S STAFF TRAINING INSTITUTE AT TUNG TAU WAN ROAD, STANLEY.
MR. J.A. HIGGINS, COMMISSIONER OF THE ESSENTIAL SERVICE CORPS AND DIRECTOR OF MANPOWER, WILL INSPECT THE PARADE AND ADDRESS THE OFFICERS. MUSIC WILL BE PROVIDED BY THE BAND OF THE CPE COLLINSON TRAINING CENTRE.
NOTE TO EDITORS:
YOU ARE WELCOME TO HAVE THE OCCASION COVERED. COPIES OF MR. HIGGIN'S SPEECH WILL BE AVAILABLE FOR COLLECTION FROM THE G.I.S. PRESS ROOM, 6TH FLOOR, BEACONSFIELD' HOUSE, TOMORROW (SATURDAY> MORNING.
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