Lau Ping Sum
Singapore
“Sir, does the Minister agree with the present method of computation under which any amount withdrawn on the last day of the month would not earn any interest between the first day of the month and the date of withdrawal?”
“In the case of the new housing projects in Ang Mo Kio, in deciding on the judicious mix between public and private housing, would the Ministry take into account the fact that a large number of Ang Mo Kio residents have indicated a preference for more HDB flats within the town?”
“Mr Speaker, Sir, I beg to move, That the sum to be allocated for Head O of the Main Estimates be reduced by $10 in respect of Code OA 1500. Sir, foreign service in Singapore, as in other countries, is a premier service. The demands on and challenges faced by the foreign service officers are many and varied.”
“Sir, in the last 35 years, a large number of Singaporeans have benefitted from technical assistance given by other countries, eg, under the Colombo Plan. Many of our senior engineers and other professionals were, in fact, trained in countries like Australia and New Zealand.”
“I am certain that the Singapore Turf Club is more than capable of devising schemes of various descriptions to finance the relocation of its facilities to Kranji. For example, with the use of modern technology, wireless communications and smart phones, off-course betting can raise its revenue significantly.”
“The activities that they organise are many and varied and it is common knowledge that many of our foreign guests are impressed by the safety and the quality of life that we get in HDB estates.”
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“Sir, I beg to move, That the sum to be allocated for Head J be reduced by $10 in respect of Subhead JF-01-2610 of the Main Estimates. Sir, the objective of making arts accessible to the people and promoting the development of a national cultural identity is a noble one. As we strive for excellence, seeking new ways of increasing productivity and keeping up with the rapid changes in technology and in the international economy, we may sometimes forget how to enjoy the simple delights of music, dance and drama. Worse, we may lose sight of our cultural identity and come to believe that the fads and fancies of the West are the norm to be immediately adopted as our own. The risk of becoming a deculturalized population will increase as English becomes the dominant language in Singapore. The Prime Minister in 1979 pointed out that with English go the cultural values, the philosophy of individualism and personal liberty of America and the West. It is true that the Government by itself cannot create and develop a national cultural identity. But the Government can certainly provide the resources, facilities and the organization to promote cultural activities. I note that the amount spent on the promotion of cultural matters and exhibition has declined from $1.16 million two years ago to $775,000 in financial year 1986. This year the provision is $770,000. I hope this is not indicative of declining support for the promotion of cultural matters. Sir, the Festival of Arts has expanded in scope and added greater variety to the items presented over the last few years. It is a commendable development. More and more Singaporeans attend the performances each year.”
“Certainly. Sir, I beg to move, That the sum to be allocated for Head R be reduced by $10 in respect of Subhead RK-01-1210 of the Main Estimates. Sir, I would like the Minister to explain the basis for the issue of work permits. Whilst we accept the rationale for the control and restriction of the employment of foreign workers, there are certain occupations which for various reasons Singapore workers are not willing to take up. For example, grass cutting, emergency repairs on utility pipes. Another example would be hairdressing saloon and coffee shop assistants. These jobs are important, if not crucial. Automation and mechanization may be the long term answer and it is conceivable in the long term that robots will be used. But for the present some flexibility is necessary to ensure continuity of service at reasonable cost and to remove a source of worry and frustration for the owners of these establishments.”
“Work Permits Regulation (9) That the sum to be allocated for Head R be reduced by $10 in respect of Subhead RK-01-1210 of the Main Estimates.”
“Mr Chairman, Sir, I would like to comment on the Work Permits Regulation. The rationale for restricting employment of foreign workers has been well accepted. Few would question the need to control the number of unskilled or semi-skilled workers and regulate the flow of these workers into the country. Apart from straining the social amenities, a large number of these workers would tend to create ---”
“Media Relations (9) That the sum to be allocated for Head I be reduced by $10 in respect of Subhead IE-02-2610 of the Main Estimates.”
“Sir, I beg leave to withdraw the amendment. Amendment, by leave, withdrawn. The sum of $12,124,950 for Head H ordered to stand part of the Main Estimates. Head U - The following amendment stood in the name of Mr Chiam See Tong:- That the sum to be allocated for Head U be reduced by $10 in respect of Subhead UA-01 of the Main Estimates.”
“What are the selection criteria besides academic performance used by the PSC in awarding scholarships and bursaries? In the case of the estimates of $2 million and $2.3 million for scholarships and bursaries to the local institutions of higher learning, do they represent a greater number of scholarships to be awarded and are they based on the higher tuition fees for 1987?”
“It is extended to a reverence and respect for their teacher who imparted knowledge and transmitted moral values, a sense of responsibility to the family, the community and the country besides such values as honesty and thrift. In our quest for excellence the need to foster a strong sense of social responsibility among our young is crucial. This is particularly so in the case of the scholarship holders. Among them will emerge the captains of industry and the leaders of our country. Professionally trained and familiar with high technology, they will have no problem at all in adapting to the way of life in the West. Indeed their services will be sought after. The tax- payers in Singapore have paid for their education. Will the scholars be willing to serve the country when it is going through a rough patch? Will they pay up the PSC bond and emigrate to the comforts of suburbia in Vancouver and Toronto, Sydney or Melbourne? A lot will depend on the sense of social responsibility, the sense of obligation to reciprocate the help the society gave them. Whilst scholarships are desirable, it is necessary to caution against an obsession with examination results. Besides a strong sense of social responsibility, our students should seek to be well-informed, and their knowledge should extend beyond the prescribed textbooks. Not every student can make it to the scholarship level. It is important for them not to develop a sense of alienation and demotivation. Talents can be found in many forms. A competent technician or craftsman does not need a degree but his contribution is no less meaningful. In moving this amendment I wish to seek some clarification on the following points.”
“Mr Deputy Speaker, Sir, I beg to move, That the sum to be allocated for Head H be reduced by $10 in respect of Subhead HA-03-3310 of the Main Estimates. Sir, in a meritocracy such as ours, a basic belief in hard work and academic excellence is deep rooted. Self-mad men showed, by their example since the early days of Singapore, what immigrants in all countries continue to confirm, that hard work would eventually be rewarded. Good results at school brought the dignity and security of good jobs in later life. Some immigrant groups do better than others. For example, the Asians in America. They work hard, believing that success or failure is not entirely dependent on destiny. Their own efforts and influence could determine their future. Of course, luck plays a part, but the longer the odds the greater the motivation in overcoming them. It is therefore not surprising that many Asian students outshine the others in America, especially in subjects like Mathematics and Science, where linguistic standards are less important than logic and consistent application. Singapore parents are generally very concerned about the performance of their children. Some people may say that it is an excessive concern but all recognize the connection between education and occupation. The success of Singapore in the last 25 years is due in no small measure to this recognition and the social mobility of our population. Regardless of the family background the best students will be given the opportunities to receive higher education. The respect for learning in Asian societies went beyond the basic desire for improvement.”
“Thirdly, there are certain transitional aspects which have to be looked after, for example, retired people spending their accumulated savings which had already been taxed previously would, in effect, be paying tax twice. All these factors ought to be considered in the overall review and we look forward to seeing a comprehensive review done as soon as possible.”
“To meet the complaint, 21 states out of the 45 in the USA with sales tax exempted food. In Canada, all provinces exempted food as well as a long list of items, such as medicine and drugs, books, clothing, farm machinery, fuel and others. Exemption of food and other items tends to lessen the degree of regressivity and some studies even suggest that the tax is more or less proportional with these exemptions. However, enormous administrative problems are created by exemption and apart from interpretative matters, there are the difficulties in ensuring that the tax is applied correctly and reported correctly. In the context of Singapore, with a large number of retail outlets, without any system or cash registers, the collection of retail tax will be very difficult. Therefore, a complete review of our tax system is desirable. The Member for Jalan Kayu has mentioned the possibility of expenditure tax which was first discussed 40 years ago by the US Treasury, as he pointed out in a letter to the Straits Times a few days ago. Nicholas Kaldor, in the 1950s, strongly advocated this tax and implemented it in India and Ceylon for short periods. The idea has since been revived in both UK and USA. The tax would apply to consumption expenditure calculated by deducting the net increase in savings from income during the period. However, expenditure tax is not without its problems. For example, housing. Is it a consumption expenditure or a form of savings? Secondly, gifts. Is it equitable to tax both the donee and donor? And relatives may give gifts to lessen tax liability. Therefore, there is a loophole.”
“In other words, approximately 80% of the income tax revenue is collected from 20% of the taxpayers, ie, the high income earners, and since we wish to encourage innovation and reward enterprise and talent, income tax rates should not be too high. In this context, the possibility of a consumption tax has been raised. There are various forms of consumption tax - the single stage taxes, such as manufacturer's sales tax, wholesale sales tax, retail sales tax, or multi-stage taxes, such as turnover tax or value-added tax (VAT). The Minister has acknowledged that consumption taxes are unpopular and therefore its introduction will only be carried out after due consideration. In fact, people in general dislike paying taxes because taxes cut the link between payment and the service bought by the payment. Sir, a tax can be evaluated in terms of equity, simplicity and economic efficiency. All governments accept the necessity of the equity principle, and that, is those with higher income should pay a higher proportion. A simple tax is one that is cheap for the Inland Revenue Department to collect, easy for the taxpayer to understand and difficult to dodge. And economic efficiency means that essentially taxes should not make people do things they would not do if those taxes did not exist, that is, taxes should be neutral so that incentives, as between work and leisure, are not affected. Objections to a consumption tax are based on its regressivity and the burden it imposes on the lower income group. As such a tax is collected from vendors and not from individuals, adjustment of the tax according to the personal circumstances of the individual is not possible. It is therefore regressive, relative to income.”
“In the first place it is not only desirable but essential for computer auditors to get involved during the systems design stage. Without theircomment there is no adequate assurance that the systems design is secure. By commenting on and thereby strengthening the security aspects of the system, it does not preclude their right to comment later on. After all, the improvement is a continuous process. Auditors should from time to time give their comments and suggestions on how to further improve the security of the system. The second reason given by them that there is insufficient manpower is again not quite right. After all, the involvement of the computer auditors or security specialists need not be from the beginning to the end of the systems design. They need to comment and give their views on critical areas of control, on recovery procedures and on back-up copies and so on. So the involvement in terms of time is really not as great as it appears. The second topic I would like to comment on is the question of our taxation policy. Sir, the Minister for Finance has reassured the House that the Government will not burden the private sector with unnecessary statutory costs. In particular, the impact of such costs on our competitiveness will be monitored closely. Sir, income tax collection accounted for one-third of our total revenue in 1985 compared with 25% in 1972, and this reflects the higher income and standard of living of Singaporeans. However, it is relevant to note that in most countries with progressive income tax rates the Pareto principle of 80:20 applies.”
“Mr Speaker, I have two amendments under this Head. The first is related to Computerization in the Civil Service. I would like to make a few comments on this topic, mainly on the third point raised by the Member for Chong Boon, ie, on computer security. Sir, the Member for Chong Boon mentioned that the Civil Service Computerization scheme was launched in 1981. This is not strictly correct. As I recall it, the Ministry of Finance was computerized in 1963. Several other Ministries, such as the Ministry of Education, the Ministry of National Development, the Ministry of Defence and a few others were already computerized in the 1970s. However, since 1981 there has been an acceleration in the pace of computerization. And as the Report of the Economic Committee commented, considerable progress has been made. Sir, in Singapore, in general there is a severe shortage of computer auditors. I would like to ask the Minister whether he is satisfied with the number and experience of computer auditors working in the public service. As the number of on-line data bases proliferates, the number of system breakers or system hackers would tend to increase. There have been reports in other countries where system hackers break into large scale security systems. I would like to find out whether additional safeguards have been built into the public service computerization programmes. Sir, auditors sometimes are reluctant to participate in systems development projects for two reasons. The first is that they say that by participating in systems design, the right to comment and to query later on is therefore taken away. The second reason given is that there is insufficient manpower. Both reasons are not quite valid.”
“The second reason given for not extending this benefit during peak hours is that for those who do work, then they can afford to pay. However, on the other hand, we are urging our senior citizens to continue working after 55 or 60 years but they should accept lower pay. So with the lower pay, I am certain that they will appreciate greatly the extension of this benefit of concession pass during peak hours. The second point is perhaps we could give special consideration to students who hold special passes at $15 per month. In view of the various cost factors, SBS could again review the amount that is payable by the students. If at all possible, I am sure the large number of students would like to enjoy this benefit.”
“Mr Speaker, Sir, I would like to give a few comments on the issue of bus fares. As the Member for Leng Kee has pointed out, a number of factors ought to be taken into consideration when we discuss about this issue. I would like to request the Minister to convey our request to the SBS to provide detailed data on the projected revenue and expenditure for this year. As pointed out in the Annual Report of SBS, manpower, fuel, maintenance and other charges amount to something like 76% of the total costs of operation. And with the impending reductions in CPF, SDF levy and the probably very modest increase in NWC recommendations, if any, perhaps the SBS could give us more detailed data on this issue. Fuel cost is something like 13% of total expenditure and, in the light of the recent reductions in fuel prices, there may be some favourable impact on the cost structure of SBS. In particular, I would like to urge the SBS to review the question of concessionary passes for senior citizens. Since April 1983, senior citizens above the age of 60 have been given concession passes at a flat rate of 40 cents per trip but the condition is that they must travel outside peak hours. The argument for not extending this benefit during peak hours is that, firstly, many of them are not working and therefore they need not travel during peak hours. However, on the occasions that they do need to travel, I am sure they would like to have this benefit. Senior citizens, I am sure, realize that they are less mobile and perhaps less agile than younger people and on their own accord would normally refrain from travelling during peak hours. But on the few occasions that they do, the loss of revenue to SBS would be insignificant.”
“I would like to find out the number of students who have opted for either of the courses and whether those who have opted for the Chinese version have had any difficulty in the studying of this subject.”
“Mr Speaker, Sir, I have a few comments to make and would like to seek some information from the Ministry. The first is related to the computer communications project under Subhead LB-01, Project 8101. In the age of information technology, computer and communication technologies will become increasingly indispensable in all large organizations. Terminals installed at the schools in the form of micros or personal computers or work stations can be linked by telecommunication lines to the data base at the computer centre in the Ministry. The flow of information between the Ministry and the schools will therefore be facilitated. The more information the data base provides and the greater the versatility with which the information can be used, the greater will be the influence of the data base system. Sir, while hardware costs have fallen greatly, software cost and staff cost have increased. And the use of this system would necessitate much greater costs overall. I note that in the provision for this project, $17 million has been allotted. The estimated development estimates for 1985 was $663,000 but the actual revised figure for FY 85 is only $178,000. Perhaps the Minister could explain the reason for the rather large difference. The second topic I would like to raise is the teaching of Confucian ethics. As we know, in 1984, the teaching of Confucian ethics was commenced in some schools. I note that in the 1979 Report on Moral Education headed by the Second Deputy Prime Minister, amongst other things, the Committee recommended that the teaching of moral education in Secondary 3 and Secodary 4 should be in the first language. But as it turned out, in 1984, Confucian ethics was offered in both English and Chinese.”
“Does the Minister agree with the view expressed earlier that the reduction in the CPF contribution should be undertaken only as a last resort, ie, after all the other measures to lower operating costs have been implemented?”
“Sir, would the proposed measure give rise to the impression that the Government is going to prevent the expression of alternative viewpoints?”
“The last point I would like to bring up is the tax credit to be given to income from professional services rendered abroad. The proposed tax credit to be given to such cases, namely, the income to be remitted from non-DTA countries has been designed to encourage the remittance of such income back to Singapore and to help to contribute to our effort to promote the export of professional expertise and services. But it has been observed that as long as some additional tax is still payable, it is rather unlikely that the professionals will be encouraged to remit their income back to Singapore. There are ample opportunities for business, travels and investment with higher returns outside Singapore, and the income would probably continue to be kept outside Singapore if they have to pay additional tax in Singapore, which is the case where the overseas rate of income tax is less than the effective rate of income tax in Singapore.”
“Mr Speaker, Sir, both the Minister for Finance and the Minister for Trade and Industry have recently pointed to the need for Singapore to diversify its financial activities and to emphasize more on the fee-based financial services. In line with this development and to assist Singapore to further develop its fund management expertise, there is a need for more clear-cut tax laws. For example, there is a long standing issue on the lack of a clear definition or guidelines on investment holding companies whose profits from the sale of shares in the local market may or may not be taxed. The operation of fund managers is always subject to the uncertainty of whether gains from investment in the stock market will be taxed or not. This uncertainty has hindered the development of Singapore as a fund management centre. The second point I would like to raise is in regard to the 10% concessionary tax on ACU offshore income. The extension of this concession to cover additional categories of income would further encourage such activities. However, with regard to one of these items, namely, the custodian and other fees earned in respect of transactions on behalf of non-residents in foreign stocks and shares, the concession tax rate is unlikely to benefit Singapore fund managers or banks. Take, for example, the investors in Malaysia wanting to buy Hong Kong stocks. There is really no good reason for these investors to want to keep the stock certificates in Singapore. The logical place to keep the stock certificates will be Hong Kong. The concession will be of benefit to Singapore fund managers if it is for foreign investors buying Singapore stocks, for they would then need local fund managers to act as custodians for stock certificates in Singapore.”
“Mr Speaker, Sir, I propose that Mr Tan Soo Khoon be elected Deputy Speaker of this Parliament.”
“A higher increase would have been more effective as a disincentive. On the whole, the Minister has presented a cogent and convincing case for the financial policy in the context of grave uncertainties in the world economy. It has demonstrated the foresight, steadfastness and clarity of vision that have become the hallmark of our Government. 5.50 p.m.”
“The local investment managers, under these circumstances, not knowing the tax liability beforehand, are placed at a disadvantage and, therefore, less efficient than their counterparts overseas. If the present situation continues, foreign fund managers would be discouraged from operating in Singapore and local fund managers may decide to set up offshore units. For Singapore to grow from strength to strength as a financial centre, there is a need to review all relevant tax regulations. Any uncertainties should be identified and, if possible, eliminated. Clearly defined criteria used in determining the tax liability of approved Investment Holding Companies would further encourage the development of Singapore as a funds man- agement centre vis-a-vis other centres such as Hong Kong. Sir, the Minister seems to be a firm believer in giving good things in small parcels. There are other possible incentives. For example, about 50% of the management fees for fund managers are allowed as deductible expenses in computing the 40% tax on investment incomes like dividends and interest. Full deductibility of the fees could perhaps be considered. Another example is the exemption of withholding tax on interest paid to non-residents' deposits for gold trading in Singapore. Sir, I agree entirely with what the Member for Pasir Panjang said earlier on the very small and modest increase on import duty on cigarettes. As it is our policy to discourage smoking, the increases in import and excise duties on cigarettes seem to be rather modest. For example, the $5 per kilogram increase in import duty on cigarettes, etc is hardly effective in reducing the pernicious habit which, statistical evidence has proved beyond any shadow of doubt, is linked with lung and other diseases.”
“Perhaps the Minister can enlighten the House on the ways in which greater assistance can be given to the small users so that they can instal their systems successfully. The use of the Skills Development Fund for upgrading skills is important for our economy as a whole. However, an undesirable side-effect has been the escalating fees of training courses run by some foreign consultants. Is it likely that the fee increases have been brought about in part by the easy availability of rebates from the Skills Development Fund, in spite of what the Members for Chong Boon and Leng Kee have said earlier? Perhaps the SDF could carry out a 'value for money' audit on some of these courses. Financial Centre The measures taken to develop Singapore further as a financial centre are praiseworthy. The tax exemption on income from syndicated loans and the abolition of stamp duty on cheques are welcome news for the financial sector. But more could be done to strengthen Singapore's position in this region. Take, for example, the question of tax liability of the net gains realized by Investment Holding Companies. If these gains are taxed at 40% because they are considered trading or dealing profits, the total tax payable would affect the performance of these companies in terms of their asset values. The Income Tax Act does not define what is trading profit or capital gain. The circumstances surrounding the sale of investments by these companies and their operations as a whole are considered by the Inland Revenue Department to determine tax liability. Apparently, the guidelines used are the original intention of the Investment Holding Company at the time of purchase of securities, the main object of the Company, the holding period, the frequency of transactions, and so on.”
“In the absence of a strong revival of external demand to encourage such investments, the productivity of our economy, notwithstanding the productivity movement, will fall. If this happens, the prospects for growth would be limited. The Minister has rightly stressed the importance of knowledge-intensive industries. We have to maximize our efforts in this direction. But it is unlikely that Singapore will be able to export software in any significant quantity for some years to come. Experienced professionals, such as project managers, system designers, data base specialists, computer auditors are in short supply. As we expand our own computerization plans, the demand for these professionals will increase. On-the-job experience and an in-depth knowledge of users' requirements take time to acquire, much longer than that required for learning how to write a computer programme. At the same time, there is a wide range of new software products and new versions of existing software emerging each year. With our limited manpower, there is no possibility of covering the whole range. The development path of our software industry must, therefore, be selected judiciously with due regard to our own strength and weaknesses. Perhaps, it is noteworthy that for every software product that is a commercial success in the world market today, hundreds of others have failed, representing many man-years of wasted effort. The 100% depreciation allowed for the purchase of computers and office automation equipment is a commendable move. But the common problem that many small businesses face is the selection of an appropriate system which will help them raise efficiency. In Singapore today, there are numerous companies selling micro-computers, word processors, and small business computers.”
“Real spending on new homes and consumer goods, such as cars, increased in the US. Although it is not at all certain that these are typical signs for a late recession/early recovery stage of a business cycle, a sustained revival in demand in that country will set the stage for recovery, hopefully, in Europe and Japan and other countries after a time lag. Developing countries, however, are expected to continue experiencing depressed export revenues this year. In order to restrain imports, they are likely to adopt restrictive economic policies. Their prospects, therefore, remain bleak. Singapore Economy In a year characterized by disappointments in the world economy, Singapore did well to achieve 6.3% growth in 1982 compared with 9.9% in 1981. Largely the result of a sustained boom in construction, it was still a remarkable performance. Financial and business services grew by 14%, transport and communications by 11%. But manufacturing suffered a hard knock and fell by 6%. The Singapore dollar appreciated in value against major currencies: 14% against Sterling Pound, 12% against the Yen, 16% against Deutschmark and held steady against the US dollar. A strong Singapore dollar keeps the cost of imported items down but makes it more difficult for exporters to compete in world markets. It is a measure of the confidence that international investors and fund managers have in Singapore that the Singapore currency should enjoy such favourable exchange rates. For the next few years, major construction projects, such as the MRT and others, will be able to counter declining activities in manufacturing. But it is worth noting that only investments in plant and machinery can enhance the productive capacity of the economy.”
“Mr Speaker, Sir, I rise to support the motion moved by the Hon. Minister for Trade and Industry on 4th March, 1983. World Economy 1982 saw a deepening world recession. GNP declined by 0.5% in OECD countries and by 1.8% in the United States. One of the major causes of the decline was the successful anti-inflationary policy of these countries which brought the inflation rate down from 10.6% in 1981 to 7.2% in 1982. The success in curbing inflation was not achieved without a high price. Tight credit brought down inflation but at the same time, the unemployment rate in the US reached 10.8% and in the OECD countries, 32 million people were jobless, the highest level in 50 years. Many industrial countries reached the troughs of their business cycles at about the same time. A strong US dollar and continued high interest rates in the US forced other industrial countries to adopt cautious monetary policies to protect the external value of their own currencies. Investment spending was at a low ebb. World demand shrank, followed by a sharp fall in the prices of basic commodities. Protectionism spread as governments tried to protect their own industries, a trend which GATT 82 failed to reverse. Developing countries were boxed in between low commodity prices and high interest rates. Debt servicing and bridge financing for debtor countries have become major problems. Ironically, only a few years ago, economists were debating on how to recycle petro dollars. Now they are concerned about the huge, debts of certain countries and the viability of the international financial system. Against this gloomy background, the last quarter of 1982 and the beginning of 1983 saw a few welcome signs of change. Interest rates have been declining.”
“In Singapore, not only have our translators been largely self-taught and deprived of formal training, they are also not rewarded for performing a task which is both demanding and uninviting. May I suggest that the Ministry look into the feasibility of setting up a training institute for translators for students who wish to pursue this career.”
“Mr Speaker, Sir, on many an occasion Ministers and other leaders have stressed the desirability of learning two languages, English and the mother tongue. Through the learning of these languages, we will appreciate better our basic values and understand human nature and the relationships between individuals or groups of individuals. Sir, the learning of languages requires time, determination and will-power if it is undertaken in adulthood. The majority of our people are still monolingual. Thus there is a continuing need for effective translation. In addition, the development of Singapore as a convention centre will necessitate the provision of efficient translation services. In emphasizing the importance of the bilingual policy, the Government appears to have over-looked an important area. We do not seem to have provided adequate training facilities for those who aspire to be translators. There is little formalized and systematic training for our students to master the art and science of translation. Sir, translation is not and can never be a mechanical process which can be undertaken by anyone with a working knowledge of two languages. It is an art because a certain degree of flair is a prerequisite. It is a science because systematic training and constant practice will make possible and facilitate the recall of an equivalent image or expression in the other language. Effective translation must be a paraphrase which expresses the point accurately. To do this, therefore, the translator must have a broad cultural background to enable him to perceive the full connotations of the passage being translated. When an Hope went to China, the Chinese translator did an excellent job until Bob Hope mentioned Caesar's Palace and Raquel Welch.”
“Similarly, a slight oversupply of financial administrators and analysts may not be altogether undesirable. In fact, MAS has been a traditional source of supply of personnel for the banks. It has been an effective training ground for many bankers. The second factor that has been mentioned in the newspapers is that the investment policies have been less than satisfactory. Sir, it is strange to believe that these policies had been made solely at the discretion of the MAS administrators. I wonder if the Minister would like to enlighten the House on the background to these policies.”
“Sir, I believe the matter I am going to discuss will be of some general interest. I mentioned that the auto- mation of cheque clearing would be undertaken shortly. The encoding of MICR cheques, namely, Magnetic Ink Character Recognition cheques, requires special equipment and the cheques have to be printed by specialized printing firms, I believe the number of such firms in Singapore is small and, to-date, banks in Singapore have had some difficulty in obtaining quotations and promises of delivery from these firms. So I would like the Minister to consider the possible extension of the deadline in order to allow the banks to obtain the cheques in the required format from other firms available in this region. The second point I would like to raise is in relation to the recent mass exodus of staff from the MAS. Sir, the development of Singapore into a financial centre has been due in large measure to the foresight of the Government as well as the untiring efforts of the MAS administrators. Unfortunately, we read about a high rate of resignation recently. We were told from press reports that overstaffing had been found in MAS. However, the question of overstaffing is relative. Has there been gross or marginal overstaffing? If gross overstaffing had been found, then it is strange that we discover this situation only now. As the Minister for National Development pointed out, 10 members of a family do not arrive suddenly. In fact, some overstaffing in specific industries is desirable. The Minister for Trade and Industry told us that it is the policy from now on to train and recruit more computer scientists, systems analysts and programmers in order to meet the requirements of the economy in the 1980s.”
“Sir, I work for a bank. I beg to withdraw.”
“Sir, the further development of Singapore into a financial supermarket is being pursued. We were told by the Minister for Trade and Industry that one of the impending projects was the automation of the cheque clearing system. Recently, the Monetary Authority of Singapore issued a circular to the banks in Singapore giving a deadline of September this year for them to encode the cheques in MICR format. However, in view of the shortage -”
“Perhaps, one of Confucius' sayings is of particular relevance to all Singaporeans: san ren xing, bi you wo shi ( ) which, roughly translated, means "In a group of three, there is one who is my teacher". Let us by all means learn from the West and Japan. But, at the same time, there is a great deal we can learn from our own cultures and from the experienced and the wise of our own society. 3.55 p.m.”
“In fact, he is far more interested in Superman and other cartoon characters. Another unfavourable aspect of this policy is the aggravated anxiety produced in both the parent and the child. In a meritocracy such as ours, it is natural that many parents would like to see their children develop their potential to the highest level. Can we wonder why private tuition begins in Primary 1, if not earlier? And in all three subjects? Even though the number of children who do not make the grade at Primary 3 is small, it is likely that many failures come from families in the lower income groups. The parents, due to their own limitations, are not in a position to help them in school work and they cannot afford to engage private tutors. These are the silent minority who suffer the most from this premature streaming. They too, as much as other parents, would like to see their children get a better education and lead a better life. Once siphoned off to the monolingual stream, their children have little or no chance to compete with those who continue with bilingual education. The President emphasized the need of a renewal of the political leadership. He said: 'My young Ministers bring fresh minds, bursting with enthusiasm and energy, to bear upon the problems of government.' Singapore is one of the few countries where the political leadership is far-sighted enough to realize the potential dangers of a lack of continuity. The performance of the younger Ministers has been impressive and their rapid promotion unparalleled. In addition, the President has also touched upon the importance of preserving our own basic values in the context of rapid technological changes.”
“No one would support a system that produces a large number of virtually illiterate children. It is not at all clear, however, that the absence of streaming in the past had been the sole contributory factor for our record. Streaming of Primary 6 children is considered necessary in order to allow more of the weaker pupils to reach 'O' level. I think this is acceptable although some critics have pointed out the economic inefficiency and social inequity of such a system. But streaming of Primary 3 pupils is another matter altogether. I may be wrong but I do not know of any other education system under which streaming of pupils of 9 years of age is being carried out. Whilst it is desirable to be innovative and progressive in our educational schemes, there seems little justification for deciding on the future of these children who have done only three years of schooling. In particular, children who come from a home environment where dialects predominate and where parents are unable or unwilling to help them with the lessons, will definitely suffer a disadvantage. The poor performers will be channelled to a stream that will eventually deprive them of a secondary education. I understand that boys at this age tend to be more playful and restless than girls. They do not understand the implications of not passing the tests and are unlikely to make a special effort to do well. (Some of my colleagues sitting in this House, I suspect, might have been equally playful at that age, I wonder how many of us would have been streamed to the monolingual section, if the system had been introduced 30 years ago.) The mental and emotional state of a 9-year old is certainly not prepared for such a drastic and irrevocable test.”
“In parallel with the emphasis on skill development and the restructuring of our economy, energy conservation must be exercised by all sectors of the economy. There is still wide-spread wastage in the use of electricity by both the domestic and non-domestic consumers. For example, some residents in the private housing estates have air-conditioning 24 hours a day. Whilst the majority of households in Singapore pay less than $100 per month for their electricity consumption, these consumers are likely to use far more than this amount. Suitable measures should be implemented to discourage such excessive consumption. As regards the non-domestic consumers, the consumption level depends on the nature of the business they are in. What constitutes excessive consumption may not be determined without allowing for all kinds of exceptions. The PUB's plan to remove the promotional block rates of non-domestic electricity tariffs should be carried out as soon as possible, as it is overdue. Other measures to encourage energy conservation should be implemented in all sectors of the economy. Switching off all air-conditioning and most of the lighting during lunch break used to be practised faithfully by all Government departments and statutory boards. There seems to be a less fervent desire to continue with this praiseworthy habit. Parliament House can set a good example of reducing the consumption of power by setting the temperature control at a higher level. Mr Speaker, Sir, I would like to comment on some aspects of the Education policy as enunciated by the First Deputy Prime Minister in the Addendum to the Presidential Address. The object of streaming students according to ability is to enable them to be taught at the most suitable pace. This in itself is indeed praiseworthy.”
“For example, Lawrence Klein, who was awarded the Nobel Prize in Economics in 1980 for his work on computer-based econometric models, stated that "intellectually and logically, there is no reason why we cannot get out of the mess of low growth and high inflation". Of course, the economists, not surprisingly, disagree with one another on the cause and nature of the problems as well as their solutions. One thing they do agree on is that a combination of steady policies and considerable patience is required. Whether the American Government succeeds in implementing the appropriate measures and whether the people in America show sufficient tenacity in dealing with the problems remains to be seen. With skilful management and luck, and OPEC willing, there may be a slow and gradual recovery in the United States in the second half of 1981. Inflation, however, cannot be stamped out altogether. According to Samuelson, inflation is like being slightly overweight. You can take off a few pounds by going on a diet. But it is always there, ready to reappear. Given the size of the Singapore economy, we cannot be insulated from the impact of a weakening trend in the rest of the world. In this context, the need to raise the productivity of our work-force must be emphasized. It is the only way in which the adverse effects of a recession can be cushioned. Moving away from labour-intensive industries and moving into skill and knowledge-intensive industries cannot be achieved in a short time. Structural changes of an economy will introduce some hardship to those affected. But we have no other option. It is a test of the resilience and adaptability of the Singaporean as we enter the clouds of uncertainty ahead of us.”
“Mr Speaker, Sir, I support the Motion moved by the Member for Mountbatten thanking the President for the Speech which he delivered on behalf of the Government at the opening of the First Session of this Parliament. Mr Speaker, Sir, in his Address to this House on 3rd February, 1981, the President outlined the major tasks confronting Singapore against a backdrop of slower economic growth and some unemployment in the 1980s. He said: 'Economists no longer argue whether there will be a recession in 1981. Their attention is focused on guessing how deep the recession is going to be.' The expectation that the 1980s will be difficult years is based on the ever-increasing oil prices and the tight monetary policy pursued by many countries to curb inflation. The protectionist measures adopted by some advanced countries will aggravate the problem faced by the developing countries. Furthermore, if Iraq and Iran do not resume oil exports at significant levels in 1981, still larger price increases in oil will be effected to maintain the balance between demand and supply. As the USA is the most important economy in the world, the direction of world economic trends will depend on the duration of the recession and the rate of inflation in the American economy. Following the credit squeeze initiated by the Federal Reserve Board in March 1980, the Federal fund rate shot up to 20%, bringing about a very rapid deterioration in GNP in the subsequent quarters. The developing countries have since the last two quarters of 1980 felt the impact of the decline in the economic activities in the USA. Several well-known economists, however, seemed somewhat more optimistic.”