CHIT FUND COMPANY ACTIVITIES (Publication of research division's findings)

Mr Hwang Soo Jin asked the Minister for Finance if he is now in a position to publish the findings of the Research Division of his Ministry into the activities of chit fund companies, and whether he now feels that the subject merits legislation and, if not, why not.

The Minister of State for Finance (Mr Tang See Chim) (for the Minister for Finance): Mr Speaker, Sir, it is not intended to publish the results of the study made by my Ministry. Chit fund legislation in countries such as Ceylon, India and Taiwan is being examined with a view to similar legislation being introduced here to control the activities and operations of chit fund companies. No new chit fund companies are being allowed to be incorporated for the time being.

Mr Hwang Soo Jin (Jalan Kayu): Sir, I would like to know why it is not intended to publish the findings of the Ministry into the activities of chit fund companies.

Mr Tang See Chim: Mr Speaker, Sir, I thought I said that it was not intended to publish the results of the study made by my Ministry.

Mr Hwang Soo Jin: Why?

Mr Speaker: The Member wants to know the reasons.

Mr Tang See Chim: Sir, this is a confidential study and it should not be made public.

Mr Ng Kah Ting (Punggol): Can the Minister of State for Finance indicate how much public funds were spent on the confidential study?

Mr Tang See Chim: Mr Speaker, Sir, the study was conducted by the Research Section of my Ministry and, apart from the normal salaries of the officers, no additional public funds were involved.

Mr Ng Kah Ting: In that case, can the Minister of State make available the confidential report to those Members who wish to have a look at it?

Mr Tang See Chim: It all depends on what the Member for Punggol meant by "those members". If he meant members of the public, the answer is no. But

Mr Speaker: I think he meant Members of Parliament.

Mr Ng Kah Ting: Yes, Sir, Members of Parliament.

Mr Tang See Chim: Mr Speaker, Sir, I will be glad to show the results of the study to Members of Parliament who would like to have a look at them.

Mr Hwang Soo Jin: Mr Speaker, Sir, the Minister for Finance, in replying to me in January 1970 [Vol. 29 No. 7 dated 27-1-70, col. 372], stated that he would make the findings available to the public. I am just wondering what has changed the mind of the Ministry.

Mr Tang See Chim: Sir, I am afraid the Member for Jalan Kayu has misunderstood the Minister for Finance. I have the text of the Minister's reply to the House. If the Member would like to have a look at the study, he is welcome to it.