XN000022-1972-11-02 — Page 23

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Thursday, November 2, 1972

Referring to the stock market, Mr. Wu said much wheeling-dealing

was done mainly in the finance and real-estates shares to the aggravation

of inflation and contributing little to the production of material wealth

of the community.

In today's circumstances, it calls for dedicated industrialists

to toil for usually meagre profits with big investment on a long term

basis and high risks in comparison to what appears to be easy and quick

money in playing the stock market to the detriment of particularly the

wage earners.

"This," Mr. Wu said, "in my own opinion could culminate in

economic disaster and grave social injustice, and I believe government

and those who weild financial powers can and should redress and discourage this

with means at their disposal, in addition to legislative measures."

Commenting on housing, Mr. Wu said the present price of $200 or

higher a square foot for nearly all types of newly completed buildings

was becoming "prohibitive" for the overseas executive and certainly for the

local low-income group.

This was why, he said, there was such a "wide acclaim" for the long

range plan in public housing.

The implementation of the plan should rightly command "the highest

priority," he added.

Mr. Wu said the prsent contracting and sub-contracting way of

doing work provided "little incentive for improving methods."

He said ..***