Mr Speaker, Sir, I beg to move, "That the Bill be now read a Second time." The Timber Export Industry Board was established in 1968 under the provisions of the Timber Export Industry Board (Incorporation) Act, 1966, as a joint Singapore-West Malaysian Board. It had ten members, three from Singapore and seven from West Malaysia. These members were drawn from representatives of the Government and the timber industry from both sides of the Causeway. During its existence, the Board did good work in promoting, regulating and improving the timber export industry in both countries. It was always self-financing through cess collection on exports of sawn timber and logs and the Singapore Office of the Board has till today a substantial amount of liquid assets. This position has now changed to the extent that the Malaysian Government on its own initiative has decided to have a separate Timber Board for the timber industry of Malaysia only. Consequent upon this decision, the Malaysian Government repealed the Malaysian Timber Export Industry Board (Incorporation) Act, 1966, thus dissolving the joint Board. A new Malaysian Timber Industry Board (Incorporation) Act, 1973, was passed and came into force with effect from 1st June, 1973. So far as the Singapore industry is concerned, it is encouraging to note the large and increasing exports of sawn timber. The f.o.b, value of this timber, both graded and ungraded, rose from $67.9 million in 1968 to $132.8 million in 1972, an increase of 95 per cent during the last four years. Owing to an unprecedented demand and consequent high prices for this commodity, our exports for the first six months of this year for sawn timber topped $140.5 million - more than the value of our 1972 exports. In view of the importance of the timber industry and its major contribution to our external trade, it is considered that it should continue to be controlled and regulated by a statutory body as in the case of the rubber industry. It will therefore be necessary for Singapore to establish its own Timber Industry Board. Under the existing Timber Export Industry Board (Incorporation) Act, 1966, the now defunct joint Board was responsible only for problems and operations affecting the export of sawn timber and logs only. It is proposed, however, under the present Timber Industry Board (Incorporation) Bill, that the functions of the new Board will be extended to cover all matters pertaining to the timber industry, which include not only logs and sawn timber but also veneer, plywood, wood mouldings and other wood products. The Bill provides for the establishment of a Timber Industry Board which shall consist of a Chairman, a Deputy Chairman and eight members to be appointed by the Minister. Of the eight members, four will represent the Government and four the timber industry. There will be one representative each from the Singapore Sawmillers' Association, The Singapore Plywood and Veneer Manufacturers' Association, the Singapore Timber Exporters' Association and the Singapore Manufacturers' Association. The Bill will also provide for the establishment of "The Timber Industry Board Fund of Singapore". Income for this Fund will come mainly from cess collections levied on the export of sawn timber and logs. It is not proposed to vary the existing rate of 55 cents per cubic metre for sawn timber and 45 cents per cubic metre for logs. The new Board will have, as its share from the joint Board, liquid assets of $1.45 million. There will be no change as far as staff matters are concerned except that the present Assistant Secretary of the joint Board will be renamed the Executive Secretary of the new Board. This Bill also provides for the new Board to make rules and regulations to govern its day-to-day functions and to submit its Annual Report and Accounts to Parliament. Sir, I beg to move. Question proposed. 3.39 p.m.