I was particularly struck in this context by my honourable Friend, Mr K. S. Lo's concern at the decline in the enamelware industry as an example of t… - John James Cowperthwaite

I cannot myself believe that anyone in this Chamber, and very few in the community as a whole, would wish to reverse all our previous policies and choose stabilization rather than growth; and it would certainly go contrary to the other views expressed by honourable Members about the need to promote the further growth of trade and industry. Not only would we be fore-going the creation of additional wealth and what this can bring, and has brought, in social advance, but we would also, I believe, permanently damage that climate of economic activity which has taken us so far and so fast. This would be particularly unwise, I suggest, in the face of those relatively darker clouds referred to by Your Excellency.

Revenue has increased in this way is in no small measure, I am convinced, due to our low tax policy which has helped to generate an economic expansion in the face of unfavourable circumstances

I would suggest to my honourable Friend that the foreign investor is at least as discouraged by high national debt for that, as all example shows, is the surest precursor of high taxation.