XN000022-1974-03-14 — Page 13

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Thursday, March 14, 1974

"The underlying truth," Mr. Wu said, "is that the real national

product of a country is an ever-growing thing, by way of population

growth and increased productivity through improved man-hour efficiency

and new manufacturing or management techniques,"

"Thus even a prudent businessman or industrialist today would

not hesitate to borrow (if he can) for a viable project at a reasonable

interest that he can confortably service," he added.

Mr. Wu supported the proposal of his unofficial colleague the

Hon. Lee Quo-wei to increase the license fees for banks. He said it

was unselfish of Mr. Lee, being a banker, to have proposed the increase.

"It would seem that a substantial contribution from the

banking sector towards public funds would be in order, if not in the

Robin Hood spirit on the part of the Financial Secretary," he added.

Mr. Wu also favoured another suggestion by Mr. Lee that increased

expenditure be financed by increased revenue, rendered possible by a

high rate of economic growth.

He said: "It makes good economic sense, as indeed has been

proven in the past by our community through industry, thrift and good

business sense of our labour, management or entrepreneurs alike."

Whilst there was no cause for a pessimistic view, he said "we

do need at this moment some pump-priming operations for our economy".

Mr. Wu

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