XN000022-1973-10-31 — Page 17

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Wednesday, October 31, 1973

SPECIAL COMMITTEES PROPOSED TO STABILISE COST OF LIVING

Govornnent Responsible For Controlling Inflation Mr. Wong

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The Hon. Wilfred Wong today called for the setting up of two

separate committees to study and work out ways of stabilising the general

cost of living, and to regulate increasing prices of such essential commodities

as rice, vegetables and fish,

Speaking in the Legislative Council debate, Mr. Wong said: Int

is to be noted that the rise in the prices of essential foodstuff accounts

for almost half of the rise in the index of the cost of living."

He cited figures showing that the average price of middle grade

rice and the cheapest vegetable and fish had conjunctively risen by 99 per

cent in two years and were still rising.

To counter this, he suggested that an Essential Foodstuff Committee

be set up with the following terms of reference:

To ensure the continuity of present sources of

supply of essential commodities

To explore new sources of supply of essential foodstuffs, and

To study and recommend the practicability of price

control as a means of eliminating speculation in

essential foodstuffs.

"In making a maximum attempt of stabilising the costs of essential

foodstuff, we would cover half of the battle against inflation," Mr. Wong said.

!

There were lessons to be learned, he went on, and one could envisage

the economic and social consequences of the creation of such a committee by

the government.

"After all,