XN000022-1981-10-29 — Page 13

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THURSDAY, OCTOBER 29, 1981

EXPRESSING RESPECT FOR THE INTELLECTUAL VIEWS OF ECONOMIC COMMENTATORS, MR BROWN REMARKED THAT HE HAD EQUAL RESPECT FOR THE VERY VISIBLE EVIDENCE IN HONG KONG THAT AS A COMMUNITY WE WERE FARING REMARKABLY WELL IN VERY DIFFICULT WORLD CONDITIONS.

+ IF THE ACHIEVEMENT OF IMPROVED MONETARY STATISTICS SHOULD NECESSITATE A HIGHER LEVEL OF UNEMPLOYMENT AND LOWER GROWTH RATES, OR IF A LOWER RATIO OF PUBLIC EXPENDITURE SHOULD REQUIRE ANY REDUCTION IN OUR HOUSING, TRANSPORT AND OTHER ESSENTIAL COMMUNITY SERVICES AND PROJECTS, THEN I KNOW WHERE MY CHOICE WOULD BE,+ SAID MR BROWN.

HE WENT ON TO POINT OUT THAT THE EXPERIENCE OF THOSE TERRITORIES WHICH HAVE CONCENTRATED ON GETTING THE IR ECONOMIC INDICATORS WITHIN SELF IMPOSED ACCEPTABLE LEVELS HAVE NOT GENERALLY PRODUCED RESULTS WORTHY OF EMULATION.

ACKNOWLEDGING THAT WE CANNOT BE COMPLACENT ABOUT THE LEVEL OF INFLATION, MR_BROWN ENDORSED THE ATTITUDE OF THE FINANCIAL SECRETARY IN THAT WE MUST AVOID ANY CURE OF OUR ECONOMIC CONDITIONS CAUSING RESULTS WORSE THAN THE DISEASE.

+WE MUST ALSO BE CAREFUL NOT TO ADMINISTER MEDICINE JUST AS THE PATIENT IS RECOVERING FOR THERE IS GROWING EVIDENCE THAT MARKET FORCES ARE PRODUCING THE IR OWN SOLUTIONS TODAY JUST AS THEY HAVE DONE IN THE PAST, HE ADDED.

TURNING TO THE AIMS AND ASPIRATIONS OF OUR SOCIETY, MR BROWN SAID HE WAS PLEASED AND ENCOURAGED TO SEE THAT EMPHASIS IS BEING PLACED ON THE NEED TO IMPROVE OUR CULTURAL AND PHYSICAL ENVIRONMENT.

*THAT WE LIVE IN A MATERIALISTIC AGE CANNOT BE DENIED, BUT THE REFERENCES IN YOUR (THE GOVERNOR'S) ADDRESS TO THOSE ASPIRATIONS WHICH PRODUCE REWARDS BEYOND ANOTHER DOLLAR IN THE BANK ACCOUNT ARE A TIMELY REMINDER OF WHAT LIFE IS, OR SHOULD BE, ALL ABOUT,+ HE REMARKED.

HE ALSO PLEDGED FULL SUPPORT TO THE GOVERNMENT'S WIDE RANGING PROGRAMME FOR COMMUNITY PROJECTS IN THE COMING YEARS.

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