NTUC CO-OPERATIVE SUPERMARKETS (Expansion of)

Mr Teong Eng Siong asked the Minister for Finance if he intends to encourage and assist the NTUC Welcome Consumers' Co-operative to establish more supermarkets in other parts of the Republic in order to curb unreasonable price increases, especially that of rice.

The Minister for Finance (Mr Hon Sui Sen): Mr Speaker, Sir, the NTUC is to be congratulated for its initiative in setting up the first co-operative supermarket, Welcome, in Toa Payoh, a choice area for such an enterprise. I am glad that since opening its doors for business on 19th June, 1973, Welcome has been well patronized, and I have no doubt that this is due to its consumer co-operative policy of charging reasonable prices and supplying goods of quality, without wishing to make excessive profit. This must have helped in curbing unreasonable increases in prices of essential commodities, like rice in Toa Payoh.

The expansion of Welcome to other areas is, of course, a matter for the Welcome Board of Directors to decide, for Welcome must compete for its business like any other retail enterprise, and will require good competent management to succeed. If it should decide that its management and other resources will enable it to establish more supermarkets in selected locations, the Government will give its support to Welcome in its efforts to bring quality goods and services to consumers at fair prices.