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WEDNESDAY, NOVEMBER 7, 1984
SIR JOHN THEN REFERRED TO +A HOST OF PROPOSITIONS+ BY VARIOUS UNOFFICIAL MEMBERS, RANGING FROM THOSE FOR BETTER HOSPITALS, A THIRD UNIVERSITY, IMPROVED LANGUAGE IN EDUCATION AND MORE COMPUTER COURSES IN SCHOOLS TO THE SUGGESTIONS FOR MORE
PAY FOR NURSES AND HOUSING ALLOWANCES FOR STAFF IN THE SUBVENTED SECTOR AND SQUATTER IMPROVEMENTS.
+1 HAVE NO DOUBT THAT NEARLY EVERY ONE OF THESE PROPOSITIONS IS IDEALISTIC IF NOT SOUND. IN PARTICULAR, I ACCEPT IN GENERAL
TERMS THE CLAIMS FOR GREATER EXPENDITURE ON EDUCATION.
+BUT THE RECURRENT TOTAL COST OF FULL IMPLEMENTATION OF ALL THESE PROPOSALS WOULD BE OF THE ORDER OF $1 BILLION PER ANNUM, AND THE CAPITAL COST FAR MORE.
+OBVIOUSLY THERE MUST BE QUEUING BY PRIORITIES WITH GREAT REGARD FOR THE REVENUE LIKELY TO BE AVAILABLE. UNFORTUNATELY, HOWEVER, NO MEMBER PRICED HIS PROPOSAL, + SIR JOHN SAID.
HE SAID THAT WHAT WAS SURE WAS THAT +WE MUST CONCENTRATE MORE (THOUGH CERTAINLY NOT ENTIRELY) ON THOSE SPENDING MEASURES CALCULATED TO PROMOTE THE INCREASE OF WEALTH+.
THERE WOULD, HE SAID, BE CONSIDERABLE AND PROPER PUBLIC PRESSURE FOR BETTER HOUSING, BETTER EDUCATION, BETTER CARE FOR THE GROWING NUMBER OF ELDERLY PEOPLE, BETTER HEALTH MEASURES AND INDEED FOR +ALL THE FRUITS OF CIVILISATION+.
+LET US NEVER, HOWEVER, FORGET THAT OVER A SENSIBLE CYCLE WE CANNOT SPEND MORE THAN WE CAN RELY ON EARNING. IT IS FOR THIS REASON THAT HONG KONG MUST RETURN MEASUREDLY TO BALANCED BUDGETS, WE ARE WELL ON THIS COURSE, SIR JOHN SAID.
+MOREOVER IN GOOD TIMES WE SHOULD SEEK MODERATE SURPLUSES, BORROWING OFFERS NO LONG-TERM SOLUTION EXCEPT FOR SELF-FINANCING PROJECTS. NOR DOES BURDENSOME TAXATION, HE ADDED.
SIR JOHN REITERATED THAT THE GOVERNMENT HAD NOT THE SLIGHTEST INTENTION+ OF CHANGING THE SYSTEM UNDER WHICH BANK NOTE ISSUES AND REDEMPTIONS ARE LINKED TO THE US DOLLAR AT 7.80.
+ IT HAS BEEN SUCCESSFUL. WHAT IS?+ HE SAID.
BUT AGREE THAT IT IS NOT IDEAL.
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