THURSDAY, MARCH 20, 1975
MR. LI AGREED WITH THE FINANCIAL SECRETARY THAT IT WAS ESSENTIAL TO KEEP THE FOREIGN EXCHANGE MARKET FREE OF CONTROL BECAUSE IT WAS A SELF-ADJUSTING MECHANISM IN WHICH NO ONE-WAY MOVEMENT COULD CONTINUE FOREVER.
HE WAS DISTURBED, HOWEVER, THAT THE FINANCIAL SECRETARY HAD NOT RULED OUT THE USE OF INTEREST WITHHOLDING TAX AS A POSITIVE REGULATOR IN KEEPING AN ORDERLY MARKET.
+TO USE IT AS A REGULATORY DEVICE, SUBJECT TO OCCASIONAL DISCRETIONARY CHANGES, WILL ADD A COMPLICATING DIMENSION TO THE WHOLE PICTURE AND IT CAN NO LONGER BE RELIED UPON AS A STABLE SOURCE OF REVENUE, MR. LI SAID.
ON THE CIVIL SERVICE, HE STRESSED THAT WASTAGE IN MANPOWER MUST BE AVOIDED. THE EFFICIENCY OF THE SERVICE MUST DE INCREASED, OR AT LEAST MAINTAINED, AND SHOULD NOT DE AFFECTED BY ECONOMIES.
+THE MERE FREEZING OR CUTTING DOWN ON THE TOTAL ESTABLISHMENT DOES NOT REALLY ACHIEVE THE DESIRED RESULT, HE SAID, ADDING *PERHAPS REDEPLOYMENT OF STAFF CAN MAKE FOR GREATER EFFICIENCY.+
TURNING TO THE $30.5 MILLION BUDGET FOR THE INDEPENDENT COMMISSION AGAINST CORRUPTION, MR. LI EXPRESSED CONCERN THAT THE ESTIMATES WERE PRESENTED AS A ONE-LINE VOTE WITHOUT DETAILS UNLIKE THE FORMAT USED BY OTHER GOVERNMENT DEPARTMENTS WHICH GAVE THE BREAKDOWN FIGURES.
IF PAYMENT OF RENT OF QUARTERS AND OFFICE ACCOMMODATION WAS TAKEN INTO CONSIDERATION, THE TOTAL BUDGET FOR THE ICAC IN 1975/76
NOT AN INSIGNIFICANT WOULD PROBABLY AMOUNT TO $35.2 MILLION,
SUM, HE SAID.
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*WE WOULD BE FAILING IN OUR DUTY AND SURRENDERING OUR CONSTITUTIONAL RIGHT OF BUDGETARY CONTROL IF WE WERE TO ACCEPT A BUDGET OF THIS SIZE ON A ONE-LINE VOTE BASIS.+
HE ASKED THAT THE COMMISSION'S ESTABLISHMENT AND SALARIES OF ITS STAFF TOGETHER WITH OTHER ITEMS OF EXPENDITURE BE PUBLISHED ON A BREAK-DOWN BASIS, IN THE SAME MANNER AS THOSE OF THE JUDICIARY AND THE PUBLIC SERVICES COMMISSION WHICH ARE ALSO INDEPENDENT BODIES WITH EXPENDITURE CHARGED TO GENERAL REVENUE.
+THIS WILL GO A LONG WAY TO ASSURE CRITICS AND CONCERNED MEMBERS OF THE PUBLIC THAT THE FUNDS USED FOR THIS IMPORTANT WORK ARE NOT BEING WASTED.+
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