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THURSDAY, MARCH 30, 1978
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+ IN COMPARISON, THE CONTRIBUTION OF THE WHOLESALE AND RETAIL TRADE, RESTAURANTS AND HOTELS INCREASED FROM 20 TO 23 PER CENT OVER THE SAME PERIOD WHEREAS FINANCING, INSURANCE, REAL ESTATE AND BUSINESS SERVICES INCREASED THE IR CONTRIBUTION FROM 18 TO 20 PER CENT,+ DR. HU ADDED,
FROM THE EMPLOYMENT ANGLE, HE ALSO NOTED THAT THE MANUFACTURING SECTOR EMPLOYED 47 PER CENT OF THE LABOUR FORCE IN 1971 AS AGAINST 44 PER CENT IN 1977, WHILE EMPLOYMENT IN THE WHOLESALE AND RETAIL TRADE, FINANCIAL SERVICES AND RESTAURANTS AND HOTELS INCREASED FROM 16 TO 20 PER CENT DURING THE SAME PERIOD.
THE DECREASE IN EMPLOYMENT IN THE MANUFACTURING INDUSTRIES DR. HU SAID, HAD BEEN ABSORBED BY THE GROWING TERTIARY OR SERVICE INDUSTRIES. THIS IS AN IMPORTANT DEVELOPMENT AND I HOPE GOVERNMENT WILL KEEP A CLOSE EYE ON IT.+
HE HIGHLIGHTED THE UNCERTAINTY IN HONG KONG'S INDUSTRY IN VIEW OF THE POSSIBLE DECREASE IN TEXTILE AND CLOTHING EXPORT AND THE RECENT SHIFT TOWARDS PROTECTIONISM BY MANY OF HONG KONG'S TRADING PARTNERS.
+ IN THIS RESPECT I HOPE BOTH GOVERNMENT AND INDUSTRY WILL MAKE GREATER EFFORTS TO PROMOTE INDUSTRIAL DEVELOPMENT SO AS TO PLACE HONG KONG IN A BETTER POSITION TO BENEFIT FROM DIVERSIFICATION.+
ON THE ISSUE OF WATER CHARGES, DR. HU SUGGESTED THAT THE NUMBER OF UNITS OF WATER NOW CHARGED AT THE LOWER RATE AFTER THE FREE ALLOWANCE BE RAISED. AND HE SAID THAT ANY INCREASE IN WATER CHARGES WOULD HAVE GREATER ADVERSE EFFECT ON THE POOR THAN ON THE RICH.
+WATER IS A BASIC NECESSITY AND SHOULD BE SUPPLIED BY GOVERNMENT TO THE PUBLIC AT A REASONABLY LOW PRICE, EVEN IF THIS ENTAILS SUBSTANTIAL SUBSIDY BY GOVERNMENT, HE SAID.
DR. HU, HOWEVER, ADVOCATED IMPOSING HEAVIER TAX ON PETROL AS A MEANS OF GENERATING REVENUE THAN INCREASING WATER CHARGES.
HE SAID THAT THE MASSIVE CONSTRUCTION AND MAINTENANCE COSTS OF ROADS AND FLYOVERS WHICH AMOUNT TO $1,288 MILLION OR 12.5 PER CENT OF THE TOTAL BUDGETTED EXPENDITURE FOR THE 1978-79 FINANCIAL YEAR WERE FOR THE BENEFIT OF MOTORISTS.
IN VIEW OF THIS, HE SAID, IT WOULD NOT BE UNFAIR FOR THEM TO BEAR PART OF THE CONSTRUCTION AND MAINTENANCE COSTS.
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