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17
WEDNESDAY, MAY 9, 1990
"THE GENERAL TREND IN MORE ADVANCED ECONOMIES,
INCLUDING SOME
OF OUR KEY COMPETITORS IN THE REGION, IS IN THE OTHER DIRECTION TOWARDS LOWERING DIRECT TAXES.
"I DO ACCEPT THAT IF CIRCUMSTANCES SO DICTATE IN FUTURE IT MAY BECOME NECESSARY TO RECONSIDER THE OPTION OF INCREASING DIRECT TAXES. BUT AN INCREASE WOULD NOT HAVE BEEN WISE THIS YEAR, NOR WAS IT NECESSARY.
It
"I BELIEVE IN LOW DIRECT TAXES THE FINANCIAL SECRETARY SAID.
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SIR PIERS SAID HE BELIEVED THAT THE TAX MEASURES CHOSEN WERE CONSISTENT WITH THE GENERAL STRATEGY, AND THAT SOME OF THE CRITICISM HAD BEEN ILL-CONSIDERED.
HE NOTED THAT IN THE CONTEXT OF HIS STRATEGY, AN AREA OF EXPENDITURE WHICH WAS THE FOCUS OF A CONSIDERABLE NUMBER OF COMMENTS WAS SPENDING ON THE INFRASTRUCTURE AND THAT THERE WAS NO COMMON THEME.
"I WAS AMAZED THAT ONE MEMBER THOUGHT WE HAD BEEN TOO HASTY IN REACHING THE PORT AND AIRPORT DECISION; AFTER EIGHT CONSULTANCIES STRETCHING BACK TO 1973, I HAD THOUGHT THIS WAS THE ONE CHARGE FROM WHICH WE WERE SAFE.
HOWEVER, SIR PIERS SAID HE WAS DISTURBED THAT SOME MEMBERS QUESTIONED THE VALUE OF THESE INFRASTRUCTURAL WORKS.
HE POINTED OUT THAT THERE WAS JUST THE SAME SORT OF FAINT- HEARTEDNESS WHEN THE CROSS HARBOUR TUNNEL AND THE MASS TRANSIT RAILWAY PROJECTS WERE UNDER CONSIDERATION.
"I WOULD ASK MEMBERS TO TRY TO IMAGINE HOW HONG KONG WOULD BE TODAY IF THESE TWO PROJECTS HAD NOT GONE AHEAD.
"LET THERE BE NO DOUBT THAT THE ECONOMIC AND SOCIAL COST OF NOT HAVING ADEQUATE EXTERNAL COMMUNICATIONS WOULD BE HIGH-IN MY VIEW, MUCH TOO HIGH," HE SAID.
"THE ENGINE OF GROWTH AND PROSPERITY IS OUR VISIBLE AND INVISIBLE TRADE. WITHOUT A FIRST CLASS PORT AND AIRPORT, HONG KONG WOULD SOON CEASE TO BE A FIRST CLASS AND DYNAMIC ECONOMY, AN ECONOMY THAT HAS BROUGHT BENEFITS TO THE POPULATION AS A WHOLE-NOT JUST TO BUSINESSMEN AND INDUSTRIALISTS.
"REMEMBER THAT AS A COMMUNITY WE HAVE ENJOYED AN UNRIVALLED OF ASSURED EMPLOYMENT AND RISING REAL WAGES, SIR PIERS
COMBINATION
SAID.
AS REGARDS THE COST OF THE PORT AND SECRETARY SAID THIS WAS UNDERSTANDABLY A MEMBERS, AND IT WOULD NERD CAREFUL WATCHING.
TERMS; INITIAL
TF
AIRPORT, THE FINANCIAL MATTER FOR CONCERN TO
HE SAID IT WAS NO DOUBT TRUE THAT COSTS COULD INCREASE IN REAL AND THE GOVERNMENT HAD EMPHASIZED FROM THE BEGINNING THAT THE ESTIMATES WERE NECESSARILY ONLY BROAD ORDERS OF COSTS.
/"THAT IS