XN000022-1981-10-07 — Page 29

WEDNESDAY, OCTOBER 7, 1981

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+BUT ANOTHER FACTOR WHICH IS ADDING PRESSURE TO INFLATION, OR AT LEAST IS ACCOMMODATING IT, AND IS WEAKENING THE HONG KONG DOLLAR IS THE RAPID GROWTH RATE OF THE MONEY SUPPLY WHICH IN TURN IS LARGELY THE RESULT OF EXCESSIVE CREDIT GROWTH.

+SO OBVIOUSLY WE HAVE BEEN GIVING SERIOUS THOUGHT TO WHETHER OR NOT THE GROWTH OF THE MONEY SUPPLY SHOULD BE CONTAINED AND IF SO, HOW IT MIGHT BE DONE, PARTICULARLY WITHOUT PUTTING FURTHER PRESSURE ON OUR INDUSTRY WHICH REMAINS THE BACKBONE OF OUR ECONOMY.

+OBVIOUSLY RECENT EVENTS CAST SOME DOUBT ON THIS, AND THE FINANCIAL SECRETARY IS WATCHING THE SITUATION CLOSELY,+ SIR MURRAY ADDED.

+THE FINANCIAL SECRETARY RECENTLY SPOKE IN DETAIL ABOUT THE VARIOUS POSSIBILITIES OF GOVERNMENT INTERVENTION IN THE SPECIAL CIRCUMSTANCES OF HONG KONG, AND OF HIS STRONG PREFERENCE FOR RESTRAINT OF CREDIT BY THE SELF-DISCIPLINE AND RESPONSIBILITY OF BANKS AND DEPOSIT-TAKING COMPANIES.

+ HEARTILY AGREE. WE ARE COMMITTED IN PRINCIPLE TO AS FREE AS ECONOMY AS POSSIBLE. NEVERTHELESS THIS ASSUMES THAT WE AS A COMMUNITY HAVE THE GOOD SENSE TO ACT FREELY WITHOUT UNDERMINING OUR ECONOMY.+

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CLEAN UP DRIVE STARTS SOON

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A TERRITORY-WIDE CLEAN HONG KONG CAMPAIGN WILL BEGIN LATER THIS MONTH, THE GOVERNOR, SIR MURRAY MACLEHOSE, TOLD THE LEGISLATIVE COUNCIL TODAY.

SIR MURRAY SAID THE CAMPAIGN, TO BE DIVIDED INTO PHASES DEALING WITH SIX DIFFERENT AREAS, WILL START ON OCTOBER 25 AND WILL CONTINUE UP TO DECEMBER, 1982.

IN PREPARATION, HE SAID, THE DEPARTMENTS CONCERNED HAVE ALREADY BEEN STRENGTHENED WITH STAFF AND VEHICLES, MANY BLACK SPOTS HAVE BEEN CLEARED AND REFUSE COLLECTION POINTS IMPROVED.

+ AM SURE THAT THOSE ON THE OPERATIONAL SIDE ARE ON THE IR TOES, SIR MURRAY SAID. IT IS NOW UP TO THE CLEAN HONG KONG EXECUTIVE COMMITTEE AND THE CLEAN HONG KONG CAMPAIGN NEW TERRITORIES ADVISORY COMMITTEE AND THE MANY DISTRICT COMMITTEES THEY HAVE SET UP TO ENCOURAGE THE PUBLIC TO RETURN TO THE PUBLIC SPIRITED RECTITUDE OF 1972 AND 1973.+

+ BUT THERE ARE BOUND TO BE SOME WHO WILL BE CARELESS AND THOUGHTLESS, AND I APPEAL TO THE COURTS TO BRING HOME TO THOSE WHO COMMIT LITTER OFFENCES THAT THEY MUST MEND THEIR WAYS, HE ADDED.

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