XN000022-1974-03-13 — Page 11

Wednesday, March 13, 1974

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Hong Kong will therefore have to face these problems Long before

the ten year programmes are completed, he stressed. The public works programme

for the next 10 years alone will absorb $28,000 million at the present

price of materials and labour.

Turning to the mass transit railway system, he endorsed the

government's intention to adopt, as a means of financing the balance apart

from equity, a funded debt which is a sort of government bond.

On inflation, Mr. Wong observed that while he agreed that it is

a world-wide phenomenon, he did not agree that Hong Kong could not plan

ahead so as to alleviate, to a certain extent, its own rise in food prices.

"This will, however, require special techniques for dealing with

rice imports, the encouragement of vegetable planting and fishing," he added.

Countering an assertion that an economic advisory committee would

erode the position of the Executive Council, Mr. Wong defined the Executive

Council as a sort of cabinet with policy-making powers", whereas the economic

advisory committee would be a committee and its functions advisory in

nature.

"We like to think of the Hong Kong government as the most efficient

government, but even the most efficient government may benefit from the

advice of the advisory committees," he stressed.

Generally, Mr. Wong expressed admiration for the "brilliant and

thorough presentation" of the budget.

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