XN000022-1973-11-14 — Page 12

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Wednesday, November 14, 1973

He pointed to a number of problems which called for attention.

Among these he first listed inflation and the rising living costs, since

"they are regarded by most people as even more serious immediate problems

in day-to-day living than crime, corruption, transport and housing."

"Government should consider setting up an Economic Development

Advisory Comittee with all possible speed to foster economic growth,

create employment and implement a balanced social policy," he said.

if set

One of the first items this Committee should press for

would be an overall land policy, particularly for industrial development

in the New Territories.

up

He warned that Hong Kong would lose out if the government was

not to straighten out its policies and make quick decisions on applications

for land for industrial development.

Referring to the need for stabilising prices of essential foodstuffs,

Mr. Cheong-Loen pointed out that a pragmatic approach in providing regular

supplies and efficient distribution of the commodity as had been done

successfully with rice was required.

He said it was true that in the case of vegetables, fish and fresh

meat, it was not possible to keep a three-month reserve supply as for rice,

and that world prices of imported essential foodstuffs could not be controlled

by the Hong Kong Government.

But it was within the power of the Government to regulate to some

extent rampant speculation and profiteering on the local prices of essential

commodities tho added.

/He urged