WEDNESDAY, OCTOBER 22, 1980
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THE DRASTIC RISE IN RENTS OF COMMERCIAL PREMISES IN GENERAL HAVE MADE MANY SHOPS CEASE OPERATIONS, OBSERVED MR SO.
+ IT HAS BEEN SAID THAT THE LARGE SUPPLY OF COMMERCIAL PREMISES EXPECTED IN THE NEXT TWO YEARS WILL CAUSE A FALL IN COMMERCIAL RENTS IN THE FUTURE.
+YET UNFORTUNATELY, RENT AND PRICES RARELY FOLLOW THE PHYSICAL LAW OF GRAVITY - WHAT GOES UP DOES NOT NECESSARILY COME DOWN.
*THE BUSINESS BOOM IN REAL ESTATE AND PROPERTY BENEFITS ONLY A HANDFUL OF FINANCIAL SYNDICATES AND PROPERTY OWNERS.<
GIVEN THAT THE HONG KONG ECONOMY IS RELATIVELY FREE AND LAISSEZ-FAIRE, SAID MR SO, WE MUST NONETHELESS TRY TO PUT THE SYSTEM ON THE RIGHT COURSE IF IT IS FOUND TO BE ENDANGER ING THE PEOPLE'S LIVELIHOOD AND THE ECONOMY ITSELF.
HE BELIEVED THAT PROPER MEASURES COULD BE FOUND TO CONTROL THE EXCESSIVE SPECULATIVE ACTIVITIES IF THERE WAS A WILL.
+
COMMENTING ON THE AUCTIONING OF CAR REGISTRATION NUMBERS, MR SO SAID THE NUMBERS WHICH MEAN NOTHING SPECIAL TO OUTSIDERS, SUCH AS +28+, +168+, +338+, ALWAYS SCORE RECORD HIGH PRICES AT PUBLIC AUCTIONS.
+ALTHOUGH AUCTIONING THESE REGISTRATION NUMBERS HAS ALREADY BROUGHT NEARLY $15 MILLION TO THE WELFARE FUNDS OF HONG KONG, WE HAVE TO CONSIDER WHETHER IT IS WORTH CONTINUING IF IT IS FOUND TO BE INDIRECTLY ENCOURAGING AN UNHEALTHY WAY OF THINKING.
ON GAMBLING, MR SO NOTED THAT THE TOTAL BETTINGS OF THE ROYAL HONG KONG JOCKEY CLUB LAST YEAR AMOUNTED TO $6 400 MILLION WHILE THE BETTINGS ON SEPTEMBER 21 THIS YEAR ALONE WERE OVER $101 MILLION.
+THE OFF-COURSE BETTING CENTRES IN HONG KONG, KOWLOON AND THE NEW TERRITORIES ARE ALWAYS CROWDED WITH PEOPLE AND THERE ARE CASES OF SCALPING IN RACING BADGES ON HORSE-RACING DAYS, HE SAID.
+THE RESPONSIBILITY OF THE GOVERNMENT IS TO PAY CLOSE ATTENTION TO THIS TENDENCY, TO GET AT THE ROOT OF THIS STATE OF MIND AND BEHAVIOUR, TO REVIEW WHETHER IT HAS IND FRECTLY ENCOURAGED SUCH ACTIVITIES AND THEN TRY ITS UTMOST TO REMEDY THE SITUATION.+
MONEY ITSELF IS INSIGNIFICANT, MR SO MAINTAINED, BUT THE HARM IT MAY CAUSE TO THE MIND AND SOUL IS DANGEROUS BECAUSE THE NEW HONG KONG, WHICH THE GOVERNOR HAS PUT IN SO MUCH EFFORT TO BUILD, RELIES ON THE HONG KONG PEOPLE TO PERFECT IT.
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