Hon Sui Sen
Singapore
“Sir, I must inform the Member for Rochore that the companies are run on the basis of private sector companies, i.e. their budgets are drawn up by their boards of directors. I do not know to what extent their budgets follow Government budgets but they are certainly not regulated in the sense that Government budgets are rigidly enforced.”
“Perhaps the Member is referring to PIE's operations with respect to the Armed Forces. PIE provides some of the supplies for feeding our army and other armed forces. If the private sector is equally viable, equally able to supply foodstuffs, I see no reason why they should not also compete with the PIE.”
“Jeyaretnam asked the Minister for the Environment and Minister for Communications if he will request the Port of Singapore Authority to consider providing transport alternatively paying a transport allowance to all employees of the PSA who have been moved out of the PSA Staff quarters in Blair Plain and as a result of which have been put…”
“INTRACO is a company in which the Government has some equity. I believe the proportion is somewhere around 20%. So in a sense it is not exactly a Government controlled company, although 20%, of course, is a fairly considerable share. In the case of PIE, the answer is yes, it is a Government company.”
“The dividend yields for the three holding companies were nil, The yields for the operating companies were nil for 34 companies (including eight which have yet to commence operations), 1% to 10% for five companies, more than 10% but less than 20% for 10 companies, and at least 20% for nine companies.”
“Sir, the simple answer to that is no, for the purpose of this Bill. This Bill merely enacts legislation to implement the 1982 Budget concessions.”
The complete record
Every one of 1,492 lines we hold for Hon Sui Sen, in date order, each linked to its source. Free to read, in full, without an account. Page 7 of 30.
“As for Division II and other services, I think that with the yearly increments that we are giving under the NWC there is no necessity in the same way to consider revisions of salaries. But from time to time we do consider changes which have resulted because of anomalies or unusual conditions, or if certain career development prospects are necessary in order to attract recruitment into particular services, then reviews will be made. He also raised the question of female civil servants being given medical benefits in the same way as the male civil servants so that husbands, for example, can benefit. I think I have answered this question quite in detail and I do not think I have any new argument to offer. I merely put it to him that as males, husbands ought to be enjoying better salaries and better benefits in positions of higher authority and emoluments, and there is no need for this concession to be given to female civil servants. The Member for Khe Bong made an excellent speech. He seemed to think that the constitution, the civil service and so on, will all be affected if his particular problem was not dealt with in the way that he considered satisfactory, I am not responsible for the Director of Legal Aid or his views. I believe he did say that a drug abuser need not disclose his previous conviction when applying for jobs. That depends on what the purpose of the job is. The argument was that the fact that a person was sent to a drug rehabilitation centre was not really a conviction and need not be disclosed. That is different from saying that he need not disclose his previous conviction. This is, of course, a legal point.”
“If he did not raise the matter, then I do not have to answer him on that point. He raised the question of employees in the essential services of Government not being paid an extra day's salary for working on public holidays but that they were given a day off instead. This is really a matter for the administrators. There ought not to be people having entitlement, as he mentioned, of 680 hours. If the administration of that department was correctly done, then there ought to have been recruitment of additional staff or some other arrangement should have been made for these hours to be worked off. If, in fact, there are such cases, then the administration of that department should be looked into further. If he would give me information on the departments, ministries or statutory boards involved, then I will get my Management Services Department to look into the matter. The solution which he suggested could be one of the ways in which we can deal with this matter. But I would be reluctant to follow that particular course of action because in certain services of Government it is quite clear that overtime must be worked. It is part of the job, and people who enter into the public service on the conditions which are made known to them, should not expect to be given the same benefits as the employees in the private sector. In regard to the Member for Kim Seng, he asked about salary review in the civil service. For Division I civil servants, I think the responsibility for review lies with the Prime Minister or with the Minister in charge of the Establishment Unit in the Prime Minister's Office. In the Budget debate some information has already been given about the salary review being undertaken.”
“I think the Member for Alexandra also raised the matter about the 13th month payment.”
“Sir, there have been quite a lot of comments on quite a variety of matters. I would like to deal with them in accordance with the order in which they were made. First of all, the Member for Moulmein has raised his usual yearly question of the 13th month non-pensionable annual allowance. The arguments for and against paying civil servants who retire before the end of the year have been made so many times that, I think, the Member will not be very interested in hearing the arguments all over again. I can only repeat what I have said before, that this 13th month salary payment is only paid to officers in service at the end of the year. That is the main condition for the payment of this 13th month salary supplement, and if that condition is not fulfilled, then the payment is not made. I know that perhaps in drawing the line at "the 31st of December" we may have caused hardship or dissatisfaction to some civil servants, but in the nature of things if you have to draw a line the result must be that some fall on one side of the line and some on the other side. On this, I fear I will not be prepared to make any changes. Maybe if he raises this long enough, there will be another Minister for Finance to make the changes. I sympathise with the Member for his concern for pensioners, since I am one of the pensioners myself. I would very much like to have annual increments according to the NWC, as a pensioner, but as the Minister for Finance I am afraid I must draw a distinction between the National Wages Council recommendations which are for wages; that means, with serving employees and not with pensioners. So if he likes to take up the cause of pensioners, he should take it up in another connection and not in regard to NWC payments.”
“BILL INTRODUCED MEDICAL REGISTRATION (AMENDMENT) BILL "to amend the Medical Registration Act (Chapter 218 of the Revised Edition)", presented by the Minister for Health (Dr Toh Chin Chye); read the First time; to be read a Second time on the next available sitting of Parliament, and to be printed. MAIN AND DEVELOPMENT ESTIMATES OF SINGAPORE FOR THE FINANCIAL YEAR 1ST APRIL, 1979 TO 31ST MARCH, 1980 Order read for resumed consideration in Committee of Supply [5th Allotted Day]. [Mr Speaker in the Chair] Head R -”
“Mr Speaker, Sir, as at 31st December 1978, 91 local companies were granted 110 loans amounting to $15.2 million under the Small Industries Finance Scheme (SIFS). Most of the loans were for expansion, upgrading of product and process and diversification of product lines. 14 loans were for the establishment of new enterprises or for the setting up of new product lines by existing companies. It is not possible to provide a list of "viable industries" to enable local engineers, technicians and industrial managers to identify projects for establishment under the scheme as every industry has its successful and unsuccessful projects. Apart from factors such as cost and market conditions, the success of a project depends on the ability of the entrepreneur. The Economic Development Board can provide some guidance to local industrialists regarding the general condition in an industry. It can also suggest ideas of potential projects or provide introductions to joint venture partners. But, ultimately, it is up to the individual investor to find his own business opportunities. That, after all, is the hallmark of a successful entrepreneur. There are plenty of opportunities for local entrepreneurs. Many of the investment teams that EDB receives from abroad each month have shown interest in ordering components or even entire products from Singapore manufacturers. Those planning to establish plants in Singapore have frequently indicated their intention to enter into subcontracting relationship with local supporting industries. EDB will continue to introduce these foreign industrialists to local manufacturers.”
“Mr Speaker, Sir, I am not aware that any fees have been paid. I believe, like all applications to the Economic Development Board, they are treated as being of economic benefit to Singapore and are, therefore, welcomed. MAIN AND DEVELOPMENT ESTIMATES OF SINGAPORE FOR THE FINANCIAL YEAR 1ST APRIL, 1979 TO 31ST MARCH, 1980 Order read for resumed consideration in Committee of Supply [4th Allotted Day]. [Mr Speaker in the Chair] 2.48 p.m. Head Q - The following amendment stood in the name of Dr Ong Leong Boon - (1) That the sum to be allocated for Head Q be reduced by $10 in respect of Object Group 1100 of Subhead Code QA-01 of the Main Estimates.”
“Mr Speaker, Sir, since the scheme was announced in March 1978, 15 serious applications and numerous general enquiries have been received. However, several applications clearly did not meet the objective of the scheme which is to promote local product/process development work. These included applications for grants to purchase production equipment, to finance feasibility studies or were applications by foreign companies. For approval under the scheme, an application should meet the following criteria: (i) It should promote local product/process development work. (ii) The applicant should be a wholly or majority owned local enterprise. (iii) The development work should be carried out in Singapore, either in-house or through agencies such as SISIR or ARC. (iv) The development work should have some technical and commercial value and not merely involve cosmetic changes in product design. (v) The applicant should be a viable enterprise which can commercialise the results of the development effort. So far, three companies are being supported under the scheme, involving a total grant of about $200,000 whilst three others are under consideration. As this is a grant scheme involving public funds, careful evaluation is necessary to sieve out less serious applicants.”
“We have streamlined the procedures in CMPB so that reservists now can get their exit permits within 1 1/2-2 hours. When our manpower computer comes on-line in about six months' time, we will be installing on-line facilities at the Toa Payoh SAFRA House so that reservists need not come to CMPB, but they can go to Toa Payoh SAFRA House to get their exit permits. In future, when we establish two more SAFRA Houses at Queenstown and Bedok, similar facilities will also be introduced. We are also exploring the possibility of issuing exit permits at post offices which will also make it much easier for reservists. But the introduction of this facility will depend on the extent to which we can computerise the various data required for the issue of exit permits. This is in hand and when these computerised facilities are ready we will introduce them at the post offices. ILLEGAL TRAWLING IN SINGAPORE (Action against) 7. Mr Ng Kah Ting asked the Minister for National Development how many raids have been carried out to apprehend illegal trawlers in the Singapore Straits and what measure of success has been achieved.”
“Mr Speaker, Sir, the number of daily-rated employees in Government Ministries and statutory boards as at December, 1978, was 26,201 persons, comprising 12,048 employees in Government and 14,153 employees in statutory boards. The hon. Member appears to believe that nations which have progressed economically no longer employ public servants on daily rates. I am afraid this is a misconception and economic progress has no bearing on the employment status of daily-rated employees. The determining factor is service requirements and the employment of daily-rated employees provides Government departments and statutory boards some degree of flexibility in the appointment and deployment of such employees in response to changing manpower requirements. The existing arrangement has functioned satisfactorily and there seems no compelling reason to change it. EXIT PERMITS FOR RESERVISTS 6. Mr Ang Nam Piau asked the Minister of Defence if he will consider scrapping exit permits for reservists as in the case of part-time National Servicemen in the Special Constabulary and Vigilante Corps. The Minister of State of Defence (Mr Bernard Chen) (for the Minister of Defence): Mr Speaker, Sir, I would like to inform the hon. Member for Thomson that we cannot equate our SAF reservists to those in the Special Constabulary and the Vigilante Corps. As a national service army the SAF depends critically on our reservists. For operational reasons, we would like to know where they are at any one time should they have to be recalled at short notice, unlike those in the Special Constabulary and the Vigilante Corps. My Ministry has been trying its best to reduce or minimise the inconvenience faced by the reservists in getting exit permits.”
“The Board will continue to be alert at all times to possible malpractices by travel agents. MAIN AND DEVELOPMENT ESTIMATES OF SINGAPORE FOR THE FINANCIAL YEAR 1ST APRIL, 1979 TO 31ST MARCH, 1980 Order read for resumed consideration in Committee of Supply [3rd Allotted Day]. [Mr Speaker in the Chair] 3.10 p.m. Head N -”
“Mr Speaker, Sir, the Minister for Trade and Industry who has had to leave for Jakarta today has asked me to reply to this Question. The Singapore Tourist Promotion Board has licensed 307 travel agencies under the Travel Agents Act and its supplementary Regulations of 1976. Eight companies and one individual have violated the law. Eight of the offenders were prosecuted for operating as unlicensed travel agents. The remaining one offender, a licensed travel agent, was prosecuted for sharing commission with an unlicensed travel agent. The Singapore Tourist Promotion Board has received 87 complaints of cheating by travel agents. Most of the complaints have been settled amicably between the parties concerned. There are only four outstanding complaints. Inquiries on these are being pursued by the Board of the cases settled, where the complaints of cheating were found to be justified, the travel agents concerned, on the advice of the Board, have paid compensation to the complainants. Where complaints of poor services have been proved, the travel agents concerned have been warned to improve their services. The Board has, therefore, been able to influence and control the travel agencies effectively. The present law is adequate to protect the welfare of the travelling public. The Travel Agents Act requires travel agencies to have a minimum paid-up capital of $50,000, to provide to the STPB a bank guarantee of $10,000 and to make a non-refundable cash contribution of $1,000 to the Compensation Fund to be used to compensate persons suffering hardship or loss as a result of actions of travel agents. In addition, heavy penalties are provided in the Act to deter malpractices. The remedies under the Act have been publicised and are now well-known to the public.”
“In this role, the VITB will progressively establish an overall national system of vocational certification for skills and vocations in commerce and industry, as the ITB has done for industrial skills under the National Trade Certification (NTC) system. The Bill enacts substantially the same detailed provisions as are contained in the Education Act for the registration of private vocational institutions. There is a consequential amendment made to the latter Act to avoid duplication of registration by the Ministry of Education and the VITB. The Bill provides that the registration provisions may be brought into force separately and applied to specific categories of vocational training institutions. The Bill will repeal the Lembaga Gerakan Pelajaran Dewasa Act and the Industrial Training Board Act and these worthy boards will cease to exist. Sir, I beg to move. Question proposed. 5.42 p.m.”
“The VITB will progressively develop comprehensive programmes of commercial education to meet the requirements of our increasingly sophisticated commercial and financial sector in the same way that the ITB has done for the industrial sector. The VITB will seek to establish a higher commercial institute to satisfy the demand for commercial education in Singapore, fulfilling the vacuum between the programmes now offered at the tertiary institutions and elementary skills learned on-the-job or at private institutes. Adult education, or continuing education as it is more contemporarily called, will be a vital function of the VITB. This will be an integral part of the further personal development and skill advancement of the work force. Thus courses leading to the General Certificate of Education 'O' and 'A' levels will continue to be offered in the evenings. The new Board will also continue to offer programmes in the further study of the official languages of the Republic. An increasingly important aspect of the Board's work will be the mounting of courses in foreign languages. Courses of purely general interest or of a hobby-oriented nature will be discontinued. These will be adequately catered for by the Ministry of Culture's mass media and the community education courses of the People's Association and other bodies. Sir, besides developing the necessary wide-ranging curricula and offering the programmes of training, the VITB will become the authority in Singapore for the setting and conduct of examinations and tests in areas of vocational and industrial skills and for the certification of standards.”
“Responsibility for vocational and industrial training and for continuing education will be centralised in the new body. The training to be provided will extend across areas of skilled employment in commerce and industry, including the service trades and applied arts. These developments cut across the functions presently discharged by the AEB and the ITB. The amalgamation of the existing two boards into a single body will rationalise the provision of vocational and industrial training. Sir, gone are the days when anyone can get meaningful employment without training. As the years go by, employment in Singapore will depend increasingly upon possession of needed skills. Therefore, for a significant proportion of our youth, the VITB will represent a transitory stage between school and their world of work. VITB will place equal emphasis within its training institutes and centres on attitudinal development, work discipline and safety consciousness. One of the concomitant functions of the VITB will be the continued provision of advanced skill training and conversion training or retraining of workers. The VITB in conjunction with the Economic Development Board (EDB) will continue the policy of promoting apprenticeship training within industry. In the past, training for commercial skills and vocations has been left largely to the private sector. As a result, the latter have developed their own courses and certificates or have followed programmes of other countries. In 1967, the AEB launched its first full-time commercial courses which proved very popular because they met a great need.”
“Mr Speaker, Sir, I beg to move, "That the Bill be now read a Second time." Provision for the payment of salaries of the Chief Justice and Judges in Singapore is made in the Judges' Remuneration Act (Chapter 7 of the Revised Edition). As a consequence of Government's decision to consolidate the 1973-1977 NWC allowances into salary scales with effect from 1st November 1977, the pensionable salaries of the Chief Justice and Judges have been correspondingly increased. The pensionable salary of the Chief Justice has been increased from $7.500 per mensem to $10,815 per mensem, that of the most senior of the Puisne Judges from $6,000 per mensem to $8,650 per mensem and the pensionable salaries of the other Puisne Judges from $5,500 per mensem to $7,930 per mensem. These increases in salaries have been effected administratively. The purpose of this Bill is to give legal effect to the above increases. Sir, I beg to move. Question put, and agreed to. Bill accordingly read a Second time and committed to a Committee of the whole House. The House immediately resolved itself into a Committee on the Bill. - [Mr Hon Sui Sen]. Bill considered in Committee; reported without amendment; read a Third time and passed. VOCATIONAL AND INDUSTRIAL TRAINING BOARD BILL Order for Second Reading read. The Acting Minister for Social Affairs (Dr Ahmad Mattar): Mr Speaker, Sir, I beg to move, "That the Bill be now read a Second time." The Bill seeks to establish the Vocational and Industrial Training Board (VITB) by the amalgamation of the Adult Education Board (AEB) and the Industrial Training Board (ITB). The Bill also provides that the registration of private vocational training institutions, at present carried out under the Education Act, may be progressively transferred to the new Board.”
“The HDB will allocate 3 contiguous shop units at the Bedok New Town to the POSB for the establishment of a Branch. The shop units are expected to be handed over to the Bank around April next year. Renovation of the premises would take approximately 2 to 3 months, and the Branch is expected to be opened around July 1979. ANSAR MOSQUE (Completion date) 3. Haji Sha'ari bin Tadin asked the Minister for Social Affairs when work will commence on the construction of the proposed Ansar Mosque and when it will be completed.”
“Mr Speaker, Sir, I do not think this is the appropriate time to go into the whole question of the Special Drawing Rights. The Ministry of Finance has a very thick file on this. We have had the benefit of consultations with a number of people. We have not been convinced of the benefits of joining the SDR scheme. It is not to be regarded in the same way as other currencies. In fact, it is quite clear that the interest rate, which the Member has mentioned, which is paid on the SDR's which are borrowed, is rather too low. There is a proposal to increase such interest rate but until the SDR is very much improved I think our position should remain the same. There is no reason why we should join that scheme until we are in danger of being faced with balance of payments problems. I hope we will never come to that situation. The conclusion which we have come to and which we still maintain is that there is no benefit to Singapore in joining the Special Drawing Rights scheme. But if he would like to have more information on this, perhaps he could ask a Question and I would be prepared to make a fairly lengthy statement on this matter which I do not think would be of the same interest to non-economist Members of the House. Question put, and agreed to. Resolved, That this Parliament, pursuant to paragraph (c) of subsection (1) of section 3 of the Bretton Woods Agreements Act (Chapter 61), resolves that the Minister for Finance be authorised to increase, on behalf of the Government, the total subscription of Singapore in the International Monetary Fund to a sum equivalent to 49 million Special Drawing Rights. ACKNOWLEDGMENT TO THE CHAIR”
“Sir, in answer to the Member's first question on Singapore's share of the gold profits which IMF has made in disposing of part of the gold which they hold, the matter has not yet been resolved. We have had a visit from the IMF team to study the conditions of Singapore's economy, the expatriate element in our economy and therefore the national element in our gross national product, as to whether we fall below the criteria which have been suggested by the IMF. I think the visit has been fruitful. I think we have been able to convince the team that we fall below the dividing line between what they consider would be developing countries and developed countries. We are hopeful that when the matter is reported to the Board of the International Monetary Fund we shall succeed in establishing that we should be entitled to our share of the gold profits. In regard to the question on Special Drawing Rights, the position is still the same, that is, Singapore has not subscribed to that scheme and there is still no intention of subscribing to the scheme.”
“Mr Speaker, Sir, I beg to move, That this Parliament, pursuant to paragraph (c) of subsection (1) of section 3 of the Bretton Woods Agreements Act (Chapter 61), resolves that the Minister for Finance be authorised to increase, on behalf of the Government, the total subscription of Singapore in the International Monetary Fund to a sum equivalent to 49 million Special Drawing Rights. Sir, the Board of Governors of the International Monetary Fund has adopted a Resolution on Increases in Quota of Fund members - Sixth General Review, under which there will be an overall increase in the Fund's quotas not exceeding 32.5% of the total quotas as of 19th February 1976. Quota reviews are conducted by the International Monetary Fund at intervals of approximately five years so that adjustments can be made in members' quotas to reflect changes in their relative economic strength. An important feature of a member's quota is that it determines the scope of a member's access to the resources of the Fund when in balance of payments difficulties and a member's obligations to lend to the Fund on concessionary terms when its balance of payments position is strong. At present Singapore's quota in the International Monetary Fund is 37 million Special Drawing Rights. This is equivalent to US$45.4 million, based on exchange rates at the end of February 1978. Parliament is requested to authorise the Government to increase Singapore's quota in the International Monetary Fund by a sum of twelve million Special Drawing Rights, equivalent to US$14.7 million, based on exchange rates at the end of February 1978, to a sum not exceeding forty-nine million Special Drawing Rights (SDR 49 million). Sir, I beg to move. Question proposed.”
“Mr Speaker, Sir, I beg to move, "That the Bill be now read a Second time." Sir, in the Estate Duty (Amendment) Bill which has now been passed by the House, certain amendments were made to the Estate Duty Act to exempt from duty bequests made to certain institutions. These exemptions were previously conferred on the institutions in the relevant Acts relating to these institutions. It is now considered more appropriate that any exemptions from duty should be covered by the Act relating to such duty. Accordingly this Bill seeks to delete the provisions in the separate Acts, since the exemptions are now given in the Estate Duty Act. Sir, I beg to move. Question put, and agreed to. Bill accordingly read a Second time and committed to a Committee of the whole House. The House immediately resolved itself into a Committee on the Bill. - [Mr Hon Sui Sen] Bill considered in Committee; reported without amendment; read a Third time and passed. RECLAMATION AT TUAS, JURONG 4.12 p.m.”
“Sir, I will take note of the observations of the Member. All I am doing here is just to change the law relating to these institutions and incorporate the present exemption given to them under those laws in an Act which is more appropriate, that is, relating to the estate duty, so that I am neither adding nor subtracting from the exemptions given. I have no doubt that in a further examination of bodies which are worthy of exemption and bodies which are not worthy of exemption, there could be changes and I will no doubt in the course of the next year or so give further attention to them. Question put, and agreed to. Bill accordingly read a Second time and committed to a Committee of the whole House. The House immediately resolved itself into a Committee on the Bill. - [Mr Hon Sui Sen]. Bill considered in Committee; reported without amendment; read a Third time and passed. STATUTES OF THE REPUBLIC OF SINGAPORE (MISCELLANEOUS AMENDMENTS) BILL Order for Second Reading read. 4.09 p.m.”
“In a corresponding Bill, which I am taking through the House today, the Statutes of the Republic of Singapore (Miscellaneous Amendments) Bill, I shall be seeking to delete the estate duty exemption provisions in the various Statutes. These are now more appropriately incorporated in the amendments made by the Bill to the Estate Duty Act. Sir, I beg to move. Question proposed.”
“Mr Speaker, Sir, I beg to move, "That the Bill be now read a Second time." For the domiciled deceased person, estate duty is imposed on his total assets in Singapore as well as on his movable assets elsewhere. In the case of a non-domiciled person, estate duty is levied on his movable and immovable properties situate in Singapore only. The rates of estate duty existing before 1st April 1977 ranged between 5% and 60% for estates exceeding $50,000 in value. Estates below $50,000 in value were exempted from duty. Duty was also remitted at a declining rate of 10% of the duty payable for every $20,000 in excess of $50,000. The remission limit was $23,000. In my 1977 annual Budget Statement, I announced that, to encourage home ownership and a more stable society comprising home owners, the rates of estate duty would be revised from 1st April 1977. The exemption limit would be raised from $50,000 to $100,000. The rate of remission would remain the same, i.e. at a declining rate of 10% of the duty payable for every $20,000 in excess of $100,000 in value of the estate. The remission limit would be increased to $280,000. The Estate Duty (Amendment) Bill seeks to amend the Estate Duty Act accordingly. Clause 2 of the Amendment Bill levies the new rates of estate duty on the property of any person dying on or after 1st April 1977. Clause 3 sets out the remissions including those provided under the Estate Duty (Remission) Order, 1974. Clause 4 of the Bill exempts bequests to statutory institutions as specified in the Twelfth Schedule to the Act from estate duty.”
“This will bring his position in line with that of an officer who retires under section 7(2) (j) of the Act. Mr Speaker, Sir, I beg to move. Question put, and agreed to. Bill accordingly read a Second time and committed to a Committee of the whole House. The House immediately resolved itself into a Committee on the Bill. - [Mr Hon Sui Sen] Bill considered in Committee; reported without amendment; read a Third time and passed. ESTATE DUTY (AMENDMENT) BILL Order for Second Reading read. 4.03 p.m.”
“Mr Speaker, Sir, I beg to move, "That the Bill be now read a Second time." Under the existing provisions of the Pensions Act, a Government officer who has been allowed to retire before the minimum age of retirement to contest Parliamentary elections will qualify for pension benefits in respect of his past service in the Civil Service only when he attains the minimum age of retirement. His dependants will not be eligible for a gratuity if he dies before reaching the minimum retirement age. However, dependants of a Government officer who has been allowed to retire under section 7(2) (j) of the Act, that is, after completing fifteen years of service in special circumstances, and who dies before reaching the minimum age of retirement, will receive a death gratuity. Besides, the Act also provides that where such an officer becomes physically or mentally incapacitated to such an extent that he is incapable of continuing in any employment before he has attained the minimum age of retirement, he may be paid his pension benefits with effect from the date he is deemed to be so physically or mentally incapacitated. Therefore, the officer who retires to contest Parliamentary elections is at a disadvantage compared with an officer who is allowed to retire under the special circumstances of section 7(2) (j). The purpose of the Bill is to amend the Pensions Act so that in the case of a Government officer who is permitted to retire to contest Parliamentary elections - (a) he shall be eligible for pension benefits if he becomes physically or mentally incapacitated; and (b) his dependants shall be paid a gratuity in respect of his past service in the Government service in the event of his death before reaching the minimum retirement age.”
“Sir, I beg to move, "That the Bill be now read a Third time." Question put, and agreed to. Bill accordingly read a Third time and passed. ENLISTMENT (AMENDMENT) BILL Order for Second Reading read. 2.50 p.m.”
“Mr Speaker, Sir, I beg to move, "That the Bill be now read a Second time." The purpose of this Bill is to make provision in accordance with Clause 2 of Article 85 and Clause 2 of Article 87 of the Constitution of Singapore for additional expenditure in excess of the provision authorised by the Supply Act, 1977. The additional sum has been scheduled as a Supplementary Estimate which has been considered and approved by the House as Command Paper No. 1 of 1978. Sir, I beg to move. Question put, and agreed to. Bill accordingly read a Second time. Third Reading”
“Sir, I beg to move, "That the Bill be now read a Third time." Question put, and agreed to. Bill accordingly read a Third time and passed. SUPPLEMENTARY SUPPLY BILL Order for Second and Third Readings read.”
“Mr Speaker, Sir, I beg to move, "That the Bill be now read a Second time." In accordance with Article 85 of the Constitution of Singapore, heads of expenditure to be met from the Consolidated Fund other than statutory expenditure have to be included in a Bill to be known as the Supply Bill. The purpose of the Supply Bill before Members is therefore to give legislative approval for the appropriations from the Consolidated Fund to meet expenditure in the financial year 1st April, 1978 to 31st March, 1979. The heads of expenditure and the sums that may be incurred in respect of each head are shown in the Schedule to the Bill. These have been approved by the House in the Main Estimates of Expenditure for the financial year 1st April, 1978 to 31st March, 1979, and appear on page 25 of Command Paper No. 2 of 1978. The Supply Bill, when approved, will empower me to issue warrants authorising expenditure up to the amount for each head as shown in the Bill to be paid out from the Consolidated Fund. Sir, I beg to move. Question put, and agreed to. Bill accordingly read a Second time. Third Reading”
“There have been representations made to the Ministry of Finance from the Chambers of Commerce, and I am a bit surprised to see the Member echoing the sentiments of the Chambers of Commerce in this Chamber. We will look into the question of whether, in fact, the tax exemption is a bit too generous. I think we may have erred on the generous side when we started to make the POSB a more acceptable institution. At one time, they used to say that our Post Office Savings Bank was a dowdy institution. The people there were not courteous and there were no nice ladies to receive the customers like in the private sector. So we went out of our way to reorganise and change the Post Office Savings Bank. I am delighted that now it is in such a position as to cause the private sector some qualms as to whether it is taking away its business. It shows that we have attained a level of efficiency which we would not otherwise have. 7.00 p.m. I do not think its success is entirely due to tax exemption. I must forestall the Member's objections to this. It is also a question of active, innovative, and new, management and direction. The fact is that we have introduced a lot of new measures. We have introduced computer systems and so on which the private sector has not yet started. I think it is all to the good that we have a Post Office Savings Bank which now gives some competition to the private sector. As to whether we should change the nature of the tax exemption, that is being given some consideration.”
“There are comparisons with utility companies in other countries. If we can generate electricity and sell it as cheaply as the people who run on private enterprise, like in Hong Kong where there are two utility companies, I would assume that the efficiency has been maintained although we have a monopoly in Singapore. As to the question of manufacture of sensitive products, I am entirely in agreement with most of the remarks which the Member made. There is absolutely no difference in intention and objective. Whether we will ever get over-production in electronics in Singapore is theoretical. I would be very happy if, in fact, we have developed the electronics industry so that it becomes like the Hong Kong textile industry which produces something like 50% of the industry sector which is 30% of the GNP. If we can develop the electronics industry to such an extent we would be well into a new frontier. I think the Deputy Prime Minister suggested that there are no new frontiers left. But I believe that in the electronics industry there is a new frontier. If we can develop and go into new horizons of electronics, if we go into colour TV tube at present, which is a necessary component in the electronics industry, and if we can go on from there to micro-processors, mini-computers, video tape recorders and the whole series of electronic consumer items as well as the electronic components which go into the consumer items, then I think we will have done very well. I cannot see an over-production in Singapore of electronic components and products at least in the foreseeable future. I think I can also take up the matter of the Post Office Savings Bank.”
“Sir, I do not intend to be very long in my reply. I think the Member for Whampoa has a mind which is more complex, if not more complicated, than mine. I do not see any difficulties before they come along. For example, as regards SBS, about the problem of bus concession fares and so on, let us wait and see how many bus shareholders there are from the lower income groups. When this becomes a problem, then I think we will find a solution, I do not have to anticipate. The Member for Kim Seng thought that there would be 4,000 shareholders holding $5,000 worth of shares each. If that is the case, there would not be any problem on bus concessions. As to using the half percent in the CPF, so far as I am concerned, that should still remain untouched. I share the hesitancy of the Member for Kim Seng about the use of CPF funds unnecessarily. It is only for a very good purpose - to spread the shareholding as widely as possible - that we have reluctantly agreed to the use of CPF funds, because I cannot see any other way in which we can make the bus commuter capable of purchasing the shares. This is the only way. If the Member, by using his ability to think out variations and combinations, can suggest to me some other method of raising the funds for the bus commuters to buy the shares, I would be very pleased. If it turns out that they do not have to use CPF funds, so much the better. As to the question of it being a monopoly and therefore a sign of operational inefficiency, I do not think that necessarily follows. There are certain classic characteristics of the monopoly, but I would say that the Telecommunication Authority of Singapore and the Public Utilities Board are pretty efficient. There are methods of measuring the efficiency of companies like the PUB.”
“In this particular industry of electronics, the manufacturer's operations can extend over a very wide range. Of course, he can start with the quartz crystal and then grow it for making wafers. He then cuts the wafers and makes the chips and so on, and eventually when he has all these components he makes them into some consumer electronics. 6.00 p.m. Whether it is a colour TV set he should make or whether it is a video tape recorder and so on which also requires a TV set, it is no doubt a matter which the manufacturer will take into consideration. It will be unlike textiles which may be more sensitive. If he finds that colour TV sets cannot sell, they may be used for playing video games or for video tape recorder and as information media. I think the Telecommunications programme for the next five years will include developing video information services or the transmission of video data. In this particular case, therefore while I am not saying that there might not be some sensitivity if we try to export the item to the United States, it may not be altogether undesirable that we have colour TV tubes produced in Singapore. The other answers, Sir, will be given by my Senior Minister of State.”
“Our policy making is like the Japanese practice. It is a sort of consensus. It comes from the bottom. It is agreed and comes up in a formal policy which is promulgated by myself in this Chamber. But there is no doubt that the officials are aware of the new policy. Then he asked that if they are aware how is it that they are promoting the production of TV sets? The answer is quite simple. In promotion, we try to suggest that there are certain industries which we would particularly like to see investment in. However, the investment is left to the entrepreneur. If he feels that in spite of all that the Government suggests he has got a certain expertise in a particular product and he feels confident that he can market it, then the manufacturer is allowed to go on with the manufacture of that product. In this particular case, the promotion has been carried out over a fairly long period of time. Two to three years would probably be correct. While we would not suggest that there should be other TV manufacturers, but if someone also feels that the field is still quite open and it is only in the United States that the product has become sensitive and there is no objection to production, say, in the ASEAN market which has not yet bought enough TV sets or that he can market the product in Japan or Europe as the case may be, he is entitled to proceed. In our policy, we have also got to be practical. Because the scope of protectionism was extended, first of all, to textiles and then to shoes. It was later extended to TV sets and then to other products, like calculators and so on. It may be that if we say that we will not produce anything which is at all sensitive in any one country, then we will end up producing nothing.”
“It can vary from par to perhaps $2 or more per share or might go down slightly, but I do not expect that it will be a bad proposition. 'Why touch the CPF when the CPF Board is able to maintain the same interest rate of 6 1/2% per annum which is credited to members' accounts?' Of course, there is no compulsion on anyone who believes it is safer to keep the money at 6 1/2% in the CPF and, as I said, I do not expect 1,200,000 contributors to make the application. So, a fair amount will probably remain in the CPF account. "Can SBS ensure an all-weather 7 1/2% dividend to shareholders?" The SBS will be enabled to pay a dividend of at least 7 1/2%. That is the answer to this particular question. The Government is reasonably confident, with the kind of management which has been provided and which we have had sufficient experience and knowledge of, that there is an assurance it will be maintained. I hope my statement will assuage some of the doubts which the Member has and perhaps the feelings of the other people whom he no doubt represents. I now turn to the Member for Whampoa's question on the policy of the Government to turn away from sensitive products to products which are less sensitive. He questioned the wisdom and expressed his concern about the announcement which has been made for Hitachi to manufacture colour TV tubes in Singapore. His concern was expressed because of the action which the United States has taken in regard to colour TV sets imported into the United States. He mentioned that in the case of textiles he had some misgivings and advised against it when he was on the board of the Economic Development Board. On this, he also asked the question whether officials are aware of the new policy. I think there is no doubt that they are aware of the new policy.”
“No doubt the shareholders will applaud any move to make the company a lucrative business proposition, but commuters will have to pay much more for transport.' The answer to this is that bus fares are, of course, determined by the Government and obviously it will not be the intention to make this a profit-oriented company. It will be unfair. A balance will be struck between the needs and benefits of the commuters and the benefits of the shareholders. The intention is that it will be a viable company and that the SBS should not be subsidised. It should be run like the PUB and the TAS so that it can be enabled to make an adequate return on capital. In the case of the PUB, I think the World Bank laid the condition that it should be able to pay 8% on its capital so that there will be enough to enable it to plough back its earnings to invest in new equipment. The Member also suggested: 'That public transport must be an efficient, reliable and cheap means of transportation, particularly in view of the Government's strong and merciless clamp-down on private car ownership.' I do not agree with the word "merciless" there. But otherwise I subscribe to the same sentiments. 'That $5,000 represents nearly 10 years of CPF savings for a wage earner with a monthly income of about $200 and in Singapore today about 90% of wage earners earn less than $500 a month. What guarantee is there that a wage earner's old-age savings are not lost in part or whole through such a venture?' The answer is that I do not expect any shareholder to lose his earnings. I expect that he will be able to get a dividend of at least 7 1/2% on his investment. As to the market value of the shares, that of course is not within the determination of the Government.”
“The answer is no. We are asking the bus-using public to make an investment in these shares and we say that, since it is going to be run with Government assistance, it will be viable, will be properly run and will be able to make sufficient money to pay a dividend of at least 7 1/2%. Can capital not be raised through the normal practice of a public issue of shares without touching the CPF? The answer is yes. Probably the balance sheet and the profit and loss statement which will appear eventually in the prospectus to be issued will show a very healthy state. But the intention is not just to raise money through a public issue. It is to have an issue which will be subscribed to by the people who will use the buses. He submitted the following views for the consideration of the House. Twenty million shares, if bought maximally per shareholder to the tune of $5,000 would mean 4,000 shareholders, and 4,000 new shareholders represent only 1/300% of 1,200,000 CPF contributors. The intention is not that there should be 4,000 shareholders owning $5,000 of shares each. I would be very happy if all the 1,200,000 CPF contributors apply, in which case it would give 16 shares each. I assume there will not be 1,200,000 shareholders but I hope there would be sufficient to spread it evenly. We may have to ballot on the basis of each getting 500 to 1,000 shares. Then there will be enough to make the issue as widely spread as possible. I hope there will be more than 4,000 shareholders. He then said: 'That any move to make SBS a profit-oriented public company will benefit only a small number of people. The need to adjust or revise fares is justified only in so far as it is necessary to make SBS solvent.' and 'That any unfair hike in fares is unjustified if profit is the prime motive.”
“The effect of this would be to throw it open to the investing public, the public that has a lot of capital to invest and it might end up in the hands of a few, maybe a hundred persons. What we want is to achieve the objective of spreading it among, if possible the people who use the bus, i.e. the commuters. Since I do not suppose many people have spare savings of up to $5,000, I think the only way this can be done is to use the CPF money. 5.45 p.m. The Member asked a number of questions. Perhaps I can go through them in the way he asked them. Is this move purely for capital raising? The answer is no. We want to raise capital but we want to raise it from the people who are bus commuters. Is this a move to encourage the public to have a stake in SBS? The answer is yes, and the reason is given in the first part of the statement which he made, which comes from the statement of the Ministries of Finance and Communications which is to enable large numbers of people to buy the shares, particularly SBS employees who will be given priority in the new issue. The Government will amend the Central Provident Fund Act to allow savings to be used to buy the shares. Can the Government guarantee that shareholders will not lose their hard-earned savings? The word "guarantee" means that the Government will issue a guarantee on behalf of a company, which is a private company, in which the Government may own some shares but in which the Government hopes that the majority of the shares will be held by the bus-using public. The guarantee will not be given in the form of a Government guarantee to the company, but we are reasonably assured that the company will be viable and shareholders will not lose their hard-earned savings. Are we encouraging the public to dabble in shares?”
“Sir, there are many questions raised by Members and I propose to reply to some of them and leave the other questions to my Senior Minister of State to reply. The first Member I want to reply to is the Member for Kim Seng who raised a matter of, I think, topical interest, i.e. the question of the Singapore Bus Service and the statement which was issued yesterday by my Ministry and the Ministry of Communications. I think he set out in the first part of his statement certain pertinent matters which are relevant to the reply which I shall give and which he did not seem to take into consideration when he posed his subsequent question. First of all, I must congratulate him on the concern he felt for the use of CPF monies. I myself am very hesitant about the use of CPF monies. In fact originally I had some doubts whether it should be used for JTC or HUDC housing. I think in retrospect we were right in extending the use of CPF monies for only HDB housing to also HUDC and JTC housing. I have, however, resisted attempts by the private sector to suggest that the CPF monies should also be used for the purchase of private houses. I think it is still correct that such monies should not be used. With regard to its suggested use for the Singapore Bus Service (1978) Limited, there has, of course, been some hesitation about it. But I feel it is right if you want to achieve one of the main objectives of this particular exercise for making the Bus Company a public company. This is to spread the ownership of its shares as widely as possible. Of course, it would be possible to float the company without the use of CPF monies.”
“ADJOURNMENT Resolved, "That Parliament do now adjourn." - [Mr Hon Sui Sen]. Adjourned accordingly at Two minutes past Eight o'clock p.m. MAIN AND DEVELOPMENT ESTIMATES OF EXPENDITURE FOR THE FINANCIAL YEAR 1ST APRIL, 1978 TO 31ST MARCH, 1979 NUMBER OF PERSONS X-RAYED FROM 1974-1977, SOURCE OF TUBERCULOSIS CASE NOTIFICATION 1975-1977 GOVERNMENT FINANCE: ESTIMATED AND ACTUAL, GOVERNMENT FINANCE: USE OF GOVERNMENT REVENUE (ACTUAL)”
“In fact, I was a bit surprised that Members did not, as I expected, compliment me on my moderation in this respect although the Member for Paya Lebar was one of the exceptions. He thought that it was very reasonable. I was a bit surprised that among the tax concessions which were withdrawn, the Member for Serangoon Gardens, the Member for Changi and maybe one or two others spoke against the withdrawal of the concession for gardens. The amount which was given did not I think make very much difference to the people who own gardens and therefore I did not expect very much of a reaction. I must say that I am rather pleasantly surprised. There were a number of novel suggestions for future concessions; one of these was the question of works of art being eligible for tax concessions. I must say that this would be one of the last articles that I would have thought of. But I will certainly give this some consideration when the proper time comes. Mr Deputy Speaker, Sir, I think I have concluded my speech. I would merely want to end by making two quotations. One is that there are only two things certain in this world - death and taxes. I hope Members would accept that taxes must be paid. I have authority for this in St. Paul's epistle to the Romans. This is in a very modern translation of The New Testament. It is paraphrased, and it says: 'Obey the laws, then, for two reasons: first, to keep from being punished, and second, just because you know you should. Pay your taxes too, for these same two reasons..... Pay everyone whatever he ought to have: pay your taxes and import duties gladly.' Question put, and agreed to. Resolved, That Parliament approves the financial policy of the Government for the financial year 1st April, 1978 to 31st March, 1979.”
“In fact, most cultural shows are exempt from entertainment duty and I give Members an assurance that the exemption will continue for cultural shows. So far as consumption taxes are concerned, I must remind Members that there is no need for anyone to pay these taxes. The way to avoid tax is very simple. Just do not pay. You do not have to buy a new car. In any case, the increase in ARF is only for people who want to buy new cars. There has been no increase in the expenditure for people who are already motorists. The need for this particular tax is clear from the figures of car registration which have been coming in over the last few months. There has been a considerable net increase in the number of cars registered and apparently, just like in the case of tobacco, people have got accustomed to the tax and are now going back again to the previous frequency of expenditure. Therefore, with the amount of money which has been released by reductions in personal income tax, there are very few more likely consumption expenditures which people in those income tax bracket are likely to want to splurge on. I am sure that motorcars, like in many other countries are items which very few people give up until the very last. So it is very necessary that these particular increases in the ARF should be imposed. On colour TV, I was very careful, because of the increase in entertainment tax, not to impose too high a tax on colour TV licences. The increase is only $18. I thought the first reaction of many people was correct - that this is a very small increase. A lot of people expected that the increase would have been not 50% but 100% or even 200%. $18 works out to $1.50 a month. I am sure anyone who purchases a colour TV set should be able to afford this.”
“Some Members were dissatisfied with the distribution of the reductions in tax. Obviously, if one is paying very little tax, it is not possible to reduce it very much. So for the lower levels, the absolute amounts must be much smaller. If one is paying only $50 in tax, it can only be reduced by $50 at the most. On the other hand, if one has an income tax payment of $50,000, the amount that can bo reduced must be considerably greater. In percentage terms, I think we have tried to be equitable in the reduction of tax. Of course, it is not possible to satisfy everyone. If there are any suggestions for a better method, in spite of the fact that I am accused of not listening to Members' representations, I will be very happy to consider them at the next budget presentation. There was some reference to the 150,000 potential taxpayers. I hasten to assure Members that while it is administratively and economically not very practicable to bring all the 150,000 potential taxpayers to book, in the more flagrant cases I think we will be very happy to make an example. Many budget sessions ago, I asked Members for names so that our Income Tax Department could pursue the question of taxes which should be imposed upon certain occupations. I have not received a single suggestion so far. But I will be happy to receive them even at this date. The consumption tax aroused much greater heat. There were a number of comments on entertainment tax. I congratulate Members for being so culture-minded as to suggest that all the cultural shows should, in fact, not have the entertainment taxes increased. I do make a distinction between cultural shows and shows in nightclubs.”
“He spoke of this as being capitalistic. I ought to remind him that the allocation in our Budget for social expenditure is now very much the largest of all the allocations. It is in the region of 40% and if this is capitalistic, then I do not know what would be more socialistic. The fact is that many of these social expenditures require a viable economy to be able to sustain them, and I make no apologies for the nature of the Budget which has been presented here. Sir, of the incentives which have been offered, there was fairly general approval of the tax incentives for companies and of the need which I expressed for expansion of the economy by inducing more investments, particularly in new industries. There was some criticism, however, of the implementation, particularly the delay in getting schemes moving and in getting better results from these schemes. The Member for Jalan Kayu suggested that we have delayed the implementation of the credit scheme for exports and that the result for the small industries scheme was rather meagre. I myself would be very happy if we could get more action moving on some of these schemes. The problem is that we have to rely on the private sector for some of these schemes to be implemented. For example, in the small industries scheme, we would like a lot more small entrepreneurs, small industries, to make applications. The funding of these entrepreneurs and schemes would be no problem. It is a matter of getting enough projects and getting good projects. On the other hand, we do not want to just give money away. We want to make quite sure that the schemes are viable and that the people to whom we give the money will learn how to run a viable business. The concession on personal income tax was not so generally well received.”
“I am not sure whether the House ought to be in a position to monitor and take over the decision-making job or, in fact, the management of such companies. If, of course, there are irregularities or failures on the part of such companies, the House is always at liberty to put the Minister concerned on the carpet. I now come to the part of the Budget which seems to generate much greater interest, the sections on taxes. The reaction of Members has been rather varied. Many seem to approve certain taxes. Others seem to find some objection to them. Only the Member for Anson, I believe, appeared to approve all the measures, very generally. The Member for Khe Bong was perhaps the most critical.”
“The Member for Kallang submitted some interesting tables on public finance. I have not checked the figures but I think they are substantially correct, although a brief glance at the section on Public Finance in my Economic Survey indicates that perhaps we do not agree on the figure for 1975, where the Overall Surplus was given as $740 million in my Economic Survey against a somewhat lower figure in his Table 11, which is $142 million. His figure of $189 million more closely agrees with the figure of $188 million in Table IX of my Economic Survey. But in the analysis on Public Finance, it has been shown in my Economic Survey that overall for the public sector there is, in fact, a deficit. I would refer him to cols. 485-6 of the Economic Survey. The Member for Bukit Merah spoke of the need for improvement of schemes and conditions of service for the lower echelons in the Civil Service and the need for improvement of the machinery of Government. This is a matter on which I have the fullest agreement. This will be given attention in due time. The need for innovative measures is certainly very much accepted. The Member for Alexandra raised the problems of the accountability of statutOry boards and Government-owned companies. I had the impression that he was satisfied with the position as far as statutory boards are concerned but he was not quite so happy about the accountability of Government-owned companies. I am not exactly clear what the Member intends. The desirability of the formation of Government-owned companies is, of course, a matter for the Ministers of the various Ministries or, if there is any dispute as to whether there is a need for such companies, then the matters can be resolved by the different Ministries concerned.”
“I certainly agree with him that plans for the further development of skilled personnel should, be given more emphasis. I hasten to assure him that the brief treatment of this matter in my Budget Statement does not mean that the highest priority is not being given to it. The Member for Bukit Ho Swee expressed some dissatisfaction with the National Wages Council's guidelines and the increases which Labour has obtained. I hope his representations can be made more forcefully, and I am sure they will be given full consideration, in the NWC itself. I am in agreement with the need to increase more local investments. I cannot agree, however, with the Member for Tiong Bahru that I should give concessions to present businesses in the entrepot trade. The whole purpose of giving concessions is that they should be induced to go into additional lines of activity, and I hope that the present entrepot traders will move into those areas. As for the criteria for tax concessions for the brain industries, or the industries for off-shore trading, the intention was that there should be a greater concentration of expertise and effort, and a merger of many different kinds of expertise into a bigger company which would then be enabled to operate effectively overseas. I hope that Singapore will be able to develop some trading corporations of the kind that the Japanese or the Koreans at present have, which do not mean just one or two traders but a whole body of experts in marketing as well as in packaging, distribution and perhaps even going backwards into manufacturing. I would now like to turn to the Budget. Representations from Members on this have been very few. Perhaps I have missed a few remarks, but only two have been noted by me.”
“First of all, with regard to trade restrictions and protectionism. Many Members have referred to this and the need for getting away from textiles which have given us some problems and will continue to do so in the future. I think this is only prudent and that we should move as rapidly as possible to very less sensitive products. There was general support for my views on tax deferral and on ASEAN matters. On productivity, the Member for Aljunied, the Member for Paya Lebar and other Members too complained about certain sections of our employers who were not perhaps quite as enthusiastic as they would like on the need to increase productivity. I am most gratified to note the very strong support of the NTUC on this particular aspect of our economic policy. I have no doubt that the more enlightened employers also welcome this attitude of the NTUC and will be gratified with such a response which in many countries is not to be expected. There are, of course, already in many companies those who are convinced of the need for greater productivity, not excluding the Governmentowned companies, especially the shipyards which have done more than pay lip service to the idea and have shown their enthusiasm for it in the form of currency notes, as one of the Members wanted, I am sure this example will be followed by very many employers. The Member for Boon Teck complained that the ITB training was not available for industrial workers because they were not able to take advantage of training schemes as many workers were on shift duty and therefore could not even attend those training schemes after office hours. This is a matter which will surely be given attention. This particular subject was also given attention by the Member for Bukit Merah.”
“Mr Deputy Speaker, Sir, first of all, I would like to thank all Members again for their most interesting and valuable contributions to the Budget debate this year. In spite of many critical comments and some reservations, the general impression which I received from the remarks was one of general approval for the Government's economic and financial policy. Contrary to what one or two Members have stated, I have listened most carefully to all the remarks and I can assure Members that they have not fallen on deaf ears. With regard to the remarks I made in the Budget Statement, the opening section was On economic growth. While some attention has been given to this part of my Budget Statement, I think it has perhaps aroused less interest than others. Most Members were congratulatory of Singapore's attaining a 7.8% growth in spite of the very difficult conditions. One or two Members thought that the achievement of favourable growth rates was to be expected and that the remarks which were made in the Budget Statement, or perhaps in public statements by other Ministers, have been rather too scary to be true - that the warnings of economic difficulties to come should not always be accepted and that the performance can always be expected to be better than the expectation. I will only remind Members that two years ago we had a growth rate of only 4% so that if we are not to revert to growth rates of this order, we will have to continue to be vigilant, I do not wish to touch in the very short time at my disposal, on the many remarks which have been made on this part of my Budget Statement. In any case. some Members have already partly done my job for me, and perhaps better than I can do myself. I will therefore confine myself to matters which have not yet been touched upon.”