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WEDNESDAY, JUNA 2,
THE EFFECT WAS A 4.6 PER CENT REDUCTION IN THE NUMBER OF CARS IN 1976 AND A 0.4 PER CENT REDUCTION IN 1977. ONCE THE INITIAL SHOCK WAS OVER THE NUMBER BEGAN TO INCREASE AGAIN BY 1.7 PER CELT IN 1979, 4.5 PER CENT IN 1979, 6.3 PER CENT IN 1980 AND 5.97 PER CENT IN 1981.+
AND MR WU NOTED THAT A REPORT COMMISSIONED BY THE SINGAPORE GOVERNMENT AND PUBLISHED ONLY FOUR WEEKS AGO INDICATED THAT REGISTRATION FEES AND ROAD TAXES WOULD HAVE TO BE RAISED ANOTHER 50 PER CENT BY 1990 AND FROM THAT ASTRONOMICAL FIGURE BY ANOTHER 80 PER CENT IN THE FOLLOWING TEN YEARS.
ON TOP OF THESE MEASURES, HE ADDED, SINGAPORE OPERATES A SCHEME WHICH OFFERS A RELIEF FROM SOME OF THE REGISTRATION FEES FOR A NEW CAR TO THOSE WHO TURN IN AN OLD CAR FOR SCRAP. OTHER MEASURES EMPLOYED INCLUDE A DISINCENTIVE TAX WHEN ONE SELLS HIS CAR, AND DOUBLE ANNUAL LICENCE FEES FOR COMPANY CARS.
+FROM WHAT THE SECRETARY FOR TRANSPORT SAID IN THIS COUNCIL ON MAY 5, IT IS CLEAR THAT HE IS PREPARED TO GO DOWN THAT SLIPPERY SLOPE, SAID MR WU.
+THIS, HE TELLS US, IS NOT THE ULTIMATE SOLUTION. THE MEASURES PROPOSED TODAY CAN BE ACCENTUATED, MORE CAN BE ADDED.
+THEY CAN BE INDEED AS WE CAN SEE FROM THE EXAMPLE OF SINGAPORE. BUT WHAT IS THE POINT OF FOLLOWING AN EXAMPLE WHICH, DESPITE EVER INCREASING SEVERITY, HAS STILL PRODUCED A GROWTH RATE HIGHER THAN THE 'MANAGEABLE FIVE PER CENT TO WHICH THE SECRETARY FOR TRANSPORT ASPIRES?+ HE ASKED.
EARLIER, MR WU SAID THAT AS FAR AS HE KNEW, IT WAS THE FIRST TIME THAT THE COUNCIL WAS BEING ASKED TO ENDORSE THE USE OF TAXATION OTHER THAN FOR THE PURPOSE OF RAISING REVENUE.
+DID NOT THE FINANCIAL SECRETARY, SITTING THEN AS ONE OF US, SAY THAT HE REJECTED THIS FORM OF TAXATION ON GROUNDS OF 'EQUITY AND LOGIC AND TELL US THAT HE HAD NEVER FORGOTTEN THE SENSE OF FREEDOM HE ACQUIRED WITH HIS FIRST MOTOR CAR?
+AND HAS NOT THE CHIEF SECRETARY WHEN HE WAS FINANCIAL SECRETARY IMPLIED ON MORE THAN ONE OCCASION HIS RELUCTANCE TO DO WHAT IS NOW PROPOSED?+ MR WU QUERIED.
HE NOTED THAT THE FINANCIAL SECRETARY IN HIS SPEECH ON THE FIRST READING, SIMPLY SAID HE HAD BEEN PERSUADED TO ABANDON HIS PRINCIPLE.
+DESPITE HIS REFERENCES TO ANNUALITY MACRO-ECONOMICS, PRUDENCE, EMPIRICISM (WHICH HE COMMENDED) AND HYPOTHECATION (WHICH HE REJECTED), HE DID NOT REALLY EXPLAIN WHY.
+ MUST TELL HIM THAT FIRM ADHERENCE TO PRINCIPLE HAS BEEN THE MAJOR STRENGTH OF THIS GOVERNMENT'S SUCCESSFUL MANAGEMENT OF THE ECONOMY AND THERE WILL BE A DISTINCT SENSE OF UNEASE
IF WE SEEM TO BE DEPARTING FROM THAT GENERAL PRINCIPLE OR IF WE LIKELF IS SEEN TOO T
BE MODIFYING THE PHILOSOPHIES BETLY
AND PICIES HE LAID OUT SO CE TLY IN HIS FIRST BUDGET, SAID
MR
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