XN000022-1974-03-13 — Page 5

4

++

Wednesday, March 13, 1974

Commenting on government spending, Mr. Woo said that at a

time when increased taxation was being discussed the need arose for

much closer control of government expenditure.

While the Financial Secretary had made the point that heads

of departments must keep to their budgeted sums and cut out unnecessary

waste of expenditure, Mr. Woo suggested that savings could be made for

instance in quartering leasing of accommodation, travelling expenses, and

consumption of stationery and office equipment.

Mr. Woo said the Financial Secretary's speech showed that Hong

Kong was or had almost come to the crossroads. "Gone are the days when automatic

surpluses provided for all our needs both for current and also for ravenue

capital expenditure. The pace of public spending is very much greater now."

He said all members of the community would inevitably have to

tighten their belts and adjust their standard of living.

"But the period of austerity need not be too long if we all pull

together, work somewhat harder and a little longer, and exercise economy

+

and restraint."

15