TNAG-0453-FCO40-518-Budget-of-Hong-Kong-1974-1975-1975 — Page 175

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would also be prepared to seek vote provision for an annual

subvention to the Council and, if the Council so desired, to

second Government officers to it to enable it to get to work

quickly. The Council could act on its conclusions by

publicity or by persuasion or by recommending action to the

Government. The Government would also be happy to hear

any views the Council may develop as to how relations between the public and those distributors of essential commodities who are in a semi-monopolistic position (for example, the oil companies) could be improved.

119.

I am convinced that with vigour and determination

something can be done. But I am sure honourable Members

will support me when I say that the Government would be

extremely reluctant, to put it mildly, to accept any

recommendations for general price controls or bulk

buying arrangements.

We have seen the effect of such

measures elsewhere: the end result is always confusion and distortion in the market and, furthermore, at a huge cost to

public funds.

120.

(6) Conclusion

I

Sir, this has been an interesting and, to some

extent, a rather surprising budget debate. I hope

honourable Members will feel able to support the motion now that I have endeavoured to remove any misunderstanding

that may have occurred over some of my revenue proposals.

have

tried to do this by being as responsive and as flexible as the Hong Kong economy itself. I hope also

honourable Members are now satisfied that the Government is

concerned with the problem of inflation, whatever may have

been said to the contrary in this Chamber and outside it.

I regret I did not deal with this subject at greater length

in the budget speech though I certainly did not ignore it.

But I have learned my lesson: and so I promise honourable

Members that, next year, I shall not be at such pains to keep

the budget speech short.