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WEDNESDAY, OCTOBER 27, 1982
ABOLITION OF HK DOLLAR INTEREST TAX URGED
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THE GOVERNMENT WAS TODAY URGED TO ABOLISH THE INTEREST TAX ON THE DEPOSIT OF HONG KONG DOLLARS TO BOOST THE VALUE OF LOCAL CURRENCY.
DR THE HON HENRY HU SAID THIS WOULD ALSO INDIRECTLY LEND SUBSTANTIAL HELP TO LOCAL INDUSTRIES.
HE NOTED THAT DUE IN PART TO THE WORLD-WIDE RECESSION, THE GROWTH OF THE LOCAL MANUFACTURING SECTOR COULD NOT MATCH THAT OF THE TERTIARY SERVICES SECTOR WHICH HAD NEARLY DOUBLED IN THE LAST THREE YEARS TO BECOME A SIGNIFICANT ELEMENT OF HONG KONG'S ECONOMY.
BUT HE WAS CONFIDENT THAT AS THE WORLD GRADUALLY EMERGED FROM RECESSION, HONG KONG'S MANUFACTURERS WOULD BE THE FIRST TO BENEF IT BECAUSE OF THEIR SKILL AND ADAPTABILITY.
+ HOWEVER, DR HU POINTED OUT, +BOTH THE TERTIARY SERVICES, INCLUDING THE RE-EXPORT TRADE, AND THE MANUFACTURING INDUSTRIES NEED A STABLE CURRENCY.
+A STABLE CURRENCY IS MORE IMPORTANT THAN A STABLE SHARE MARKET.+
ON THE SUBJECT OF HOUSING, DR HU SAID IT SHOULD BE VIEWED AS A KIND OF SOCIAL SERVICE IN HONG KONG,
HE SAID MANY OF THE POORER PEOPLE HAD TO WAIT FOR SEVEN YEARS OR MORE TO GET A PUBLIC HOUSING UNIT BECAUSE OF THE LONG WAITING LIST AND +COMPLEX AND TIME-CONSUMING+ ALLOCATION PROCEDURE.
BUT ON THE OTHER HAND, HE ADDED, THE GOVERNMENT ENCOURAGED THE BETTER-OFF PUBLIC HOUSING TENANTS WITH FAVOURABLE TERMS TO OWN A HOME OWNERSHIP SCHEME FLAT.
+ I KNOW MANY ARGUMENTS HAVE BEEN ADVANCED BOTH FOR AND AGAINST A MEANS TEST FOR PUBLIC HOUSING BUT I BELIEVE THAT WITH THE AID OF MODERN TECHNIQUES AND IN PARTICULAR THE RECENT INTRODUCTION OF COMPUTERS AND DATA PROCESSORS THE VIABILITY OF SUCH TESTING COULD BE READILY RE-EXAMINED, + HE SAID.
+THERE IS NO HARM IN RE-EXAMINING AN ISSUE AT ANY TIME.+
DR HU ALSO CALLED ON THE GOVERNMENT TO RE-EXAMINE ITS DECISION ON THE SALARY SCALE FOR SOCIAL WORKERS.
HE SAID THE LACK OF SOCIAL WORKERS GREATLY HAMPERED THE CARRYING OUT OF MANY SOCIAL SERVICES SCHEME AND PROJECTS.
+THE LOWERING OF THE STARTING SALARY FOR SOCIAL WORKERS IS A FURTHER BLOW TO THE TRAINING AND RETAINING OF MUCH-NEEDED SOCIAL WORKERS IN HONG KONG, DR HU SAID.
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