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Hon Sui Sen

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Hon Sui Sen
DUBC
韩瑞生
Hon in 1976
Minister for Finance
In office
11 August 1970 – 14 October 1983
Prime MinisterLee Kuan Yew
Preceded byGoh Keng Swee
Succeeded byTony Tan
Chairman of the Monetary Authority of Singapore
In office
January 1971 – July 1980
Prime MinisterLee Kuan Yew
Preceded byPosition established
Succeeded byGoh Keng Swee
Member of the Singapore Parliament
for Havelock
In office
8 April 1970 – 14 October 1983
Preceded byLim Soo Peng
Succeeded byConstituency abolished
Personal details
Born
Benedict Hon Sui Sen

16 April 1916
Balik Pulau, Penang, Straits Settlements (now Malaysia)
Died14 October 1983(1983-10-14) (aged 67)
Singapore
NationalitySingaporean
Political partyPeople's Action Party
SpouseAnnie Voon See Chin[1]
Children4
Alma materRaffles College
In this Chinese name, the family name is Hon.

Benedict Hon Sui Sen DUBC (Chinese: 韩瑞生; pinyin: Hán Ruìshēng; 16 April 1916 – 14 October 1983) was a Singaporean politician who served as Minister for Finance between 1970 and 1983. A member of the governing People's Action Party (PAP), he was the Member of Parliament (MP) for Havelock between 1970 and 1983.

Early life

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Hon was born in a Hakka Chinese family on 16 April 1916 in Penang in the British Straits Settlements. Educated at Saint Xavier's Institution, he earned the top place in the 1932 Senior Cambridge Certificate Examination. In 1935, he commenced studies at Raffles College in Singapore and graduated in 1938 with a Class I Diploma in Science.

Career

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After graduation, Hon entered the Straits Settlements Civil Service as a Police Court Magistrate. Following this, he assumed responsibilities as a Deputy Collector of Land Revenue prior to the Japanese occupation of Malaya and Singapore. After the War, Hon remained with the Land Office and by 1957 had become Land Commissioner. In 1960, Hon was attached to the World Bank for an economic management course, where he met Albert Winsemius. Winsemius led the United Nations Survey Mission to Singapore in late 1960 and played a major role in the formulation of Singapore's national economic development strategy.

Economic Development Board

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From 1961 to 1968, Hon returned to serve as the first Chairman of the Economic Development Board (EDB) and then from 1968 to 1970 as Chairman of the Development Bank of Singapore (DBS).

As Chairman of the EDB, Hon played a key role in the implementation of Singapore's industrialisation strategy, with the Jurong Industrial Estate (JIE) as the first major project. Sited on swamplands in the west of Singapore, the JIE soon became the centrepiece of an industrialisation programme that stretched from garments and toys to petrochemicals and electronics. The first factory in Jurong, the National Iron and Steel Mill, was opened on 2 August 1963. By 1968, there were about 300 factories employing 21,000 people in Jurong. In conjunction with the development of the industrial estate, satellite towns were built in the west of Singapore, transforming the Jurong area into a centre of both industrial and residential development.

Singapore Institute of Management

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From 1965 to 1968, Hon was a council member of the Singapore Institute of Management.

Development Bank of Singapore & Intraco

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In 1968, Hon helped to spearhead the formation of the Development Bank of Singapore (DBS) and Intraco.[2] During his time with DBS, Hon was a supporter of the establishment of the Asian dollar market and thus played a key role in the development of Singapore's financial services industry.

Political career

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In 1970, Hon succeeded Goh Keng Swee as Minister of Finance and served in that capacity for 13 years until 1983.[3] In a letter by his daughter Joan many years after Hon's passing, Joan wrote that Hon was drawing a salary of $10,000 per month at DBS before he became a Minister, a job that paid him $3,000 instead; by 1983 when he died, Hon received $14,000 in total per month.[4]

In 1982, Hon was named the Economic Minister of the Year by Euromoney.[5]

As Singapore's Finance Minister, Hon established the Bases Economic Conversion Department to oversee the conversion and commercialisation of lands and facilities that had been left behind by the British military following their withdrawal in 1968. Hon also played a major role in the development of Singapore's tourism industry, beginning with the transformation of Pulau Blakang Mati, a previously fortified island off the southern coast of Singapore, into a resort destination under the new appellation of Sentosa Island.[6]

Hon was appointed as the chairman of the Monetary Authority of Singapore (MAS) between 1971 and 1980.[7]

Awards

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Hon was awarded the Distinguished Service Medal in 1967.[8]

Legacy

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The National University of Singapore's Hon Sui Sen Memorial Library and Hon Sui Sen Drive in the campus are named after him.[9] His office is also preserved within the library, while some of his legacy artefacts have been donated by family and put on showcase at the National Museum of Singapore as of December 2015.[10]

Personal life

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Hon was married to Annie and had four daughters.[11]

Hon died of a heart attack on 14 October 1983 while still in office as Finance Minister.[5]

See also

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References

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Library resources about
Hon Sui Sen
  1. ^ Wong, Tessa (November 11, 2012). "Ex-minister Hon Sui Sen's wife dies". The Straits Times. Archived from the original on 9 January 2015. Retrieved 8 January 2015.
  2. ^ George, Cherian; Chua, Morgan (2008). My Singapore. Singapore: Marshall Cavendish Editions. p. 73. ISBN 978-981-261-614-2.
  3. ^ "50 years of the Budget: Singapore's Finance Ministers since independence". Straits Times. 10 February 2015. Retrieved 5 December 2015.
  4. ^ "Disagreeing without being disagreeable". Archived from the original on 10 December 2015. Retrieved 5 December 2015.
  5. ^ a b "Hon dies of heart attack". eresources.nlb.gov.sg. Retrieved 2021-10-20.
  6. ^ "Hon Sui Sen". National Library Board. Retrieved 8 January 2015.
  7. ^ "Our History". www.mas.gov.sg.
  8. ^ Chern, Alphonsus. "Singapore badges of honour". Straits Times. Retrieved 5 December 2015.
  9. ^ "About Hon Sui Sen Memorial Library". National University of Singapore. Retrieved 8 January 2015.
  10. ^ Chung, Gladys. "Singapore history on display". Straits Times. Retrieved 5 December 2015.
  11. ^ "Remembering Lee Kuan Yew: Special CNY visit to Uncle Harry's". Retrieved 5 December 2015.
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