Book contents
- Frontmatter
- Contents
- Foreword
- Acknowledgement
- Introduction
- 1 Born a Businessman
- 2 Seeking to Serve
- 3 Seeing the Bigger Picture
- Appendices
- I “Letter to Myself”, by Baey Lian Peck, written on 27 May 1957
- II “A love that has lasted 54 years”, Sunday Times, 28 May 2006
- III An article from Halberstädter Volksstimme, 11 December 2000
- IIIA English translation of the Halberstädter Volksstimme article
- IV Letter to German Federal Minister for Justice seeking justice on behalf of a foreign investor, 11 December 2000
- V English translation of the reply from German Federal Minister for Justice, 10 January 2001
- VI “Kian Ann and MBH share swap on hold”, Straits Times, 15 December 2000
- VII “Singapore checks inflation's rise”, Straits Times, 11 September 1978
- VIII Queries by Baey Lian Peck at the board meeting of Intraco Ltd, 29 April 1986
- IX Offer by Morgan Grenfell (Asia) Ltd for the acquisition of Intraco Ltd shares, 26 June 1986
- X “Productivity — The Key to Singapore's Correctional Rehabilitation”, a report written by W. Clifford, Director of the Australian Institute of Criminology, following a study of Singapore's correctional rehabilitation, posted 18 January 1978
- XI Letter to Prime Minister Lee Hsien Loong calling for cross-subsidization as control measure on inflation, 9 February 2008
- XII SCORE dinner speech by Chairman Baey Lian Peck at Cockpit Hotel on 31 March 1979
- XIII Baey Lian Peck's advice to grandson Zhong Yi on the changing political scene in Singapore, through an e-mail exchange, 30 April 2011
- XIV Baey Lian Peck's advice to grandson Yi Wei on the changing political scene in Singapore via an e-mail exchange, 27 May 2011
- References
- About the Author
XI - Letter to Prime Minister Lee Hsien Loong calling for cross-subsidization as control measure on inflation, 9 February 2008
from Appendices
Published online by Cambridge University Press: 21 October 2015
- Frontmatter
- Contents
- Foreword
- Acknowledgement
- Introduction
- 1 Born a Businessman
- 2 Seeking to Serve
- 3 Seeing the Bigger Picture
- Appendices
- I “Letter to Myself”, by Baey Lian Peck, written on 27 May 1957
- II “A love that has lasted 54 years”, Sunday Times, 28 May 2006
- III An article from Halberstädter Volksstimme, 11 December 2000
- IIIA English translation of the Halberstädter Volksstimme article
- IV Letter to German Federal Minister for Justice seeking justice on behalf of a foreign investor, 11 December 2000
- V English translation of the reply from German Federal Minister for Justice, 10 January 2001
- VI “Kian Ann and MBH share swap on hold”, Straits Times, 15 December 2000
- VII “Singapore checks inflation's rise”, Straits Times, 11 September 1978
- VIII Queries by Baey Lian Peck at the board meeting of Intraco Ltd, 29 April 1986
- IX Offer by Morgan Grenfell (Asia) Ltd for the acquisition of Intraco Ltd shares, 26 June 1986
- X “Productivity — The Key to Singapore's Correctional Rehabilitation”, a report written by W. Clifford, Director of the Australian Institute of Criminology, following a study of Singapore's correctional rehabilitation, posted 18 January 1978
- XI Letter to Prime Minister Lee Hsien Loong calling for cross-subsidization as control measure on inflation, 9 February 2008
- XII SCORE dinner speech by Chairman Baey Lian Peck at Cockpit Hotel on 31 March 1979
- XIII Baey Lian Peck's advice to grandson Zhong Yi on the changing political scene in Singapore, through an e-mail exchange, 30 April 2011
- XIV Baey Lian Peck's advice to grandson Yi Wei on the changing political scene in Singapore via an e-mail exchange, 27 May 2011
- References
- About the Author
Summary
Prime Minister Lee Hsien Loong
Prime Minister's Office
Orchard Road
Istana
Singapore 238823
Dear Mr Lee,
May I begin this letter by wishing you and your family a Happy and Successful Lunar New Year.
In the midst of the so-called OPEC war in the mid-seventies when the price of oil escalated and inflation went wild, NTUC Welcome Consumer Co-operative, now known as NTUC FairPrice was set up to combat inflation in our country.
The late Mr Lim Kim San was Chairman Board of Trustees and I was Chairman Board of Directors as well as CEO.
Through a system of cross-subsidy by progressively reducing the prices of about a dozen essential items that had direct bearing on the cost of living of the workers and subsidized by profit margin from the rest of the other items, we were able not only to contain inflation but managed to get it reduced when inflation was rising elsewhere. Gradually, those essential items became loss leaders and because of competition, the other supermarkets and provision shops were compelled to adopt the same strategy. The attached article from the Straits Times of September 11, 1978 showing the inflation rate of Singapore and selected countries would give you an insight into the success of the system.
If you consider the system worth pursuing, I will be delighted to brief you further on the matter.
Yours respectively,
BAEY LIAN PECK
Encl. Straits Times article, 11 September 1978 [see APPENDIX VII]
c.c. Minister Mentor Lee Kuan Yew.
- Type
- Chapter
- Information
- Serving a New NationBaey Lian Peck's Singapore Story, pp. 137 - 138Publisher: ISEAS–Yusof Ishak InstitutePrint publication year: 2013