XN000022-1984-05-29 — Page 3

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TUESDAY, MAY 29, 1984

THE GOVERNMENT ALSO INTENDS TO MAINTAIN ITS LOW TAXATION APPROACH, ITS +VERY CONSIDERABLE AND GROWING+ HARD CURRENCY RESERVES AGAINST THE BACKGROUND OF A STABLE CURRENCY, ITS FLEXIBILITY TO HANDLE UNFORESEEABLE SITUATIONS AS THEY ARISE, AND ITS SOCIAL PROGRAMMES AND CARE FOR THE DISADVANTAGED, SIR JOHN SAID.

BEARING IN MIND THAT TRADE REPRESENTS 163 PER CENT OF HONG KONG'S GDP, SIR JOHN STRESSED IT IS ESSENTIAL THAT THE GOVERNMENT'S FINANCIAL POLICIES SHOULD REMAIN CONSERVATIVE, NOT LEAST WITH REGARD TO BORROWING AND BUDGETARY DEFICITS.

+HAVING ABSORBED THE DROP IN LAND SALES REVENUE, IT IS MY AIM TO RETURN TO BALANCED BUDGETS AS SOON AS POSSIBLE BUT BY A PROCESS OF PLANNED ADJUSTMENT RATHER THAN SAVAGE SPENDING CUTS. WE ARE WELL ON THE WAY, HE SAID.

NOTING THAT CABLE AND WIRELESS HAD MADE MAJOR INVESTMENTS IN THIS REGION, SIR JOHN SAID, +NO ONE CAN FAIL TO SHUDDER AT THE PACE AT WHICH THE COMMUNICATIONS AND INFORMATION INDUSTRY IS MOVING AT PRESENT.

+WHAT YOU AND YOUR REVITALISED COMPANY HAVE SO FAR ACHIEVED IS REMARKABLE AND THANK GOODNESS WITHOUT ASKING ME FOR MONEY.+

'FUTURE OF HONG KONG' TO BE RAISED IN LEGCO

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AN UNOFFICIAL MEMBER, THE HON T.S. LO, WILL RAISE THE MATTER OF +THE FUTURE OF HONG KONG+, IN AN ADJOURNMENT DEBATE IN THE LEGISLATIVE COUNCIL TOMORROW.

HE WILL BE ONE OF THE THREE UNOFFICIAL MEMBERS EXPECTED TO SPEAK ON THE SUBJECT. THE OTHERS ARE THE HON LYDIA DUNN AND THE HON PAUL INE NG.

A REPLY WILL BE MADE BY THE ATTORNEY GENERAL, THE HON MICHAEL THOMAS.

TOMORROW'S LEGISLATIVE COUNCIL MEETING WILL ALSO DEAL WITH 11 BILLS. FIVE OF THEM ARE DUE FOR COMMITTEE STAGE AND FINAL READINGS AFTER RESUMPTION OF DEBATE, AND THE REST ARE TO BE INTRODUCED AND READ A SECOND TIME.

THERE WILL ALSO BE 11 QUESTIONS BY UNOFFICIAL MEMBERS ON A WIDE VARIETY OF MATTERS, INCLUDING THE PROMOTION AND STRENGTHENING OF POLITICAL AWARENESS AMONG SCHOOL CHILDREN, THE DEVELOPMENT OF THE FISHERIES INDUSTRY AND MARICULTURE, FILMING ON LOCATION IN THE STREETS OF HONG KONG, THE SUICIDE RATE AMONG ELDERLY PEOPLE, THE LOCAL STOCK OF OIL AND COAL +IN VIEW OF THE GULF CRISIS+, AND THE SIZE OF ON-STREET METERED PARKING SPACES.

/DUE FOR