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THURSDAY, MARCH 25, 1982
BOSANSTAN
♦THE RATIOS ARE THERE TO SERVE AS AN EARLY WARNING SYSTEM AND WE SHOULD NOT IGNORE THEIR SIGNALS, PARTICULARLY WHEN ONE BEARS IN MIND THAT QUITE APART FROM THE ON-GOING PUBLIC HOUSING PROGRAMME WE ARE CONTEMPLATING A LARGE NUMBER OF MAJOR PROJECTS IN THE PERIOD AHEAD.
+HERE I AM THINKING OF THE POSSIBLE NEW AIRPORT AND RELATED CROSSINGS TO LANTAU, THE POSSIBLE DEVELOPMENT OF A CROSSING AT LEI YUE MUN, MAJOR ROAD DEVELOPMENTS FOR THE NEW TERRITORIES AND HONG KONG TO NAME BUT JUST A FEW, HE REMARKED.
LAND SALES WERE INHERENTLY THE LEAST STABLE COMPONENT OF OUR PUBLIC ACCOUNTS, HE SAID, AND TO SOME EXTENT, TOO MUCH RELIANCE ON LAND SALES REVENUE MAKES IT DIFFICULT FOR THE GOVERNMENT TO CONVINCE ITS CRITICS THAT IT HAS NO INTEREST IN THE OUTCOME OF LAND SALES OR THAT THE RESULTANT FINANCING DOES NOT HAVE SERIOUS INFLATIONARY CONSEQUENCES.
TURNING TO THE CONTINUED GROWTH OF THE CIVIL SERVICE,
MR BROWN CALLED FOR MORE EFFICIENT CONTROL ON THE COSTS OF GOVERNMENT ADMINISTRATION.
HE SAID +ALTHOUGH CONTROLLING STAFF NUMBERS IS IMPORTANT IT IS EQUALLY NECESSARY TO GET PAY RATES RIGHT AND THAT INCLUDES TAKING DUE COGNIZANCE OF THE PROPER VALUE OF FRINGE BENEFITS WHEN REVIEWING SALARY SCALES.
+PERHAPS MOST IMPORTANT OF ALL IS THE NEED TO MAXIMISE PRODUCTIVITY, AND I AM ENCOURAGED THAT THE FINANCIAL SECRETARY SHARES THE VIEW THAT MORE EFFECTIVE USE COULD BE MADE OF THE AVAILABLE STAFF RESOURCES.+
HOWEVER, MR BROWN WOULD HAVE BEEN HAPPIER HAD THE FINANCIAL SECRETARY BEEN A LITTLE MORE SPECIFIC AND UNDERTAKEN TO ENSURE THAT ADDITIONAL RESOURCES WOULD BE DIRECTED TO EXISTING PROGRAMMES DESIGNED TO IMPROVE PRODUCTIVITY.
MR BROWN ALSO PAID TRIBUTE TO THE FINANCIAL SECRETARY FOR INTRODUCING MEASURES DESIGNED TO ADVANCE HONG KONG AS A FINANCIAL CENTRE.
THE REVENUE MEASURES AND CHANGES TO THE INTEREST WITHHOLDING TAX MAKE HONG KONG EVEN MORE ATTRACTIVE TO PROSPECTIVE INVESTORS AND USERS OF OUR FINANCIAL SERVICES, HE SAID.
+1 HAVE COMPLETE CONFIDENCE THAT OUR FREE MARKETS WILL FULLY VINDICATE THESE MEASURES AND THAT OUR GROWTH WILL BE RAPID, HE SAID.
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