XN000022-1973-03-14 — Page 14

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Wednesday, March 14, 1973

She described this as a gesture to encourage a healthy saving

habit for small investors, and to draw them away from the dangerous game

of the "gold fish bowls" where they might one day get drowned.

Abolition of tax relief for dependent parents, she said, brought

disappointment to a large proportion of the Chinese community and provoked

a great deal of criticism.

Mrs. Li pointed out that in the first place it was Chinese

tradition for the sons to look after their parents. Secondly, the increased

personal allowances would benefit only those who did not support their parents

and who did not take out insurance.

Housing

"Until the time when the present generation of parents die off

and the next generation have made enough money in the share markets during

these few years to be entirely financially independent of support from

their children in 20 years' time, I urge Government to re-instate this

important allowance in our tax system, for the sake of principle if nothing

else."

Touching on housing, Mrs. Li said there still existed a lack of

a sense of identity and a sense of belonging among those living in public

housing estates.

"It is difficult to expect them to develop any sense of identity

or belonging because only possession can give one a sense of satisfaction and

pride."

/Most of