XN000022-1973-11-14 — Page 8

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Wednesday, November 14, 1973

TIMEDIATE ACTION TO CHECK RISING FOOD PRICES URGED

The Hon. Li Fook-wo today called for the setting up of some form

of government machinery to supervise prices of essential foodstuffs which

directly affect the livelihood of the people.

Speaking at the Legislative Council, Mr. Li heartily endorsed

the views of his fellow Councillors on the question of high cost of

living and inflation.

Mie seem to agree unanimously that immediate and remedial action

should be taken," he said: "Admitting that Hong Kong cannot insulate

itself from mounting inflationary pressures from the rest of the world,

perhaps some method of self-help may be found.

"It would assure the members of the community a great deal if

Government could make a statement that it will do something to stop spiralling prices before this problem undermines our aim of prosperity with social

progress," Mr. Li said.

Touching on the banking system in Hong Kong, Mr. Li quoted statistics

of bank deposits in the past year and noted that the situation could be

considered as satisfactory.

The percentage of bank loans and advances against deposits was

72.01 per cent at the end of 1972. This percentage had risen to 88.26 per cent

at the end of September.

"It appears ............