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WEDNESDAY, FEBRUARY 23, 1983,
CLEAR COMMITMENT TO STABILITY AND PROSPERITY OF HK, FS SAYS
******
HONG KONG HAD A CLEAR COMMITMENT BY THE BRITISH AND CHINESE GOVERNMENTS, ENDORSED AT THE HIGHEST LEVEL, TO THE STABILITY OF THIS TERRITORY, THE FINANCIAL SECRETARY, THE HON JOHN BREMRIDGE SAID TODAY.
THIS DID NOT SEEM TO HIM TO BE DEPRESSING, BUT THE UNCERTAINTY AND SPATE OF COMMENTARIES AND RUMOURS EXPERIENCED IN THE LAST FEW MONTHS HAD, NEVERTHELESS, HAD AN UNSETTLING EFFECT, MR BREMRIDGE SAID, IN PRESENTING HIS BUDGET AT THE LEGISLATIVE COUNCIL.
+ INTERNAL AND EXTERNAL CONFIDENCE HAVE SUFFERED, AND THE CONSEQUENCES HAVE BEEN FELT IN ALL SECTORS OF THE ECONOMY, + HE
SAID.
MR BREMRIDGE SAID THAT SOME OF THE +GROUNDSWELL OF ECONOMIC COMPLAINT+ DIRECTED AT THE GOVERNMENT WAS FAIR, SOME WAS NOT.
HE SAID THAT THE REAL ESTATE PROBLEMS AND CONNECTED DIFFICULTIES THAT FACED SOME FINANCIAL INSTITUTIONS, SOME DEVELOPERS AND MANY SPECULATORS, MUST LARGELY BE LEFT TO THEIR OWN TIMELY MANAGEMENT.
SAID.
→SOME PROF IT FROM RISK TAKING,
OTHERS MANIFESTLY NOT,+ HE
+1 WILL NOT CONVENIENTLY FORGET THE OUTSTANDING CONTRIBUTIONS OF GOOD PRIVATE SECTOR DEVELOPMENT AND ESSENTIAL ROLE THAT IT WILL CONTINUE TO PLAY IN OUR ECONOMY. BUT MY OVERRIDING CONCERN IS WITH THE INTERESTS OF HONG KONG AS A WHOLE.+
MR BREMRIDGE THANKED MANY INSTITUTIONS, HEADED BY THE NOTE-ISSUING BANKS, FOR THEIR RESPONSIBLE APPROACH TO RECENT PROBLEMS.
REFERRING TO COMPLAINTS ABOUT GOVERNMENT POLICIES AND CRITICISMS OF APPARENT MEANNESS, MR BREMRIDGE SAID THEY WERE, HOWEVER, RARELY ACCOMPANIED BY ANY SUGGESTIONS OF HOW TO GET FROM THE COMMUNITY THE ADDITIONAL REVENUES USUALLY INVOLVED THERE ARE NO FREE LUNCHES+.
+FOR
HE STRESSED THAT WHILE HONG KONG WAS NO LONGER POOR, IT WAS NOT RICH.
+WE GET NO FINANCIAL SUPPORT OR SUBSIDY FROM OUTSIDE. WE CAN ONLY HAVE WHAT WE CAN PAY FOR: THIS APPLIES BOTH TO PRIVATE AND PUBLIC SPENDING, HE SAID.
REFERRING TO INDUSTRY, MR BREMRIDGE SAID THAT WHILE VARIOUS PARTISAN BODIES SOUGHT INCREASED AID TO INDUSTRY, THEY DID NOT ALSO CALL FOR INCREASED PROFITS TAX.
/+BUT WHENCE