XN000022-1974-03-14 — Page 5

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Thursday, March 14, 1974

In general, however, Mr. Ann described the Budget for 1974-75

as "realistic."

He said the tone of the Financial Secretary in his speech was optimistic. But many of the grounds of his proposals were founded on past performances plus statistical extrapolation.

Mr. Ann wound up his speech with an optimistic note. "Hong Kong is an island of free economy in the ocean of controlled economies," he

said,

"A grand strategy of our economic policies should be, without forgetting fundamentals and within permissible scope, to allow or tolerate what other countries in the region do not, and allow people to enjoy what is not possible elsewhere, such as a low taxation structure, less bureaucracy

for instance, a trip to Macau to gamble to their satisfaction."

15.