ANDREW Wong has a razor-sharp smile. He beamed with deadly accuracy at David Li and proceeded to give him the barracuda treatment. Now we all know Mr Li has been banging on about the dollar peg for years. To the despair of the Government, Andrew Wong and even Allen Lee who had gamely argued for it the previous day, he has stubbornly blamed the peg for all Hong Kong's economic ills. But this was personal. Such venom has not been heard in the polite and rather dreary debates of Legco since the days when Martin Lee and his sister-in-law Nellie Fong used to cross swords over democracy and human rights in China. Did Mr Li really have the courage to cut the dollar peg, asked Mr Wong through that radiant rictus, or was he just making suggestions without justification? Ouch! Pass the suture needle, doctor, please. The bankers' elected representative turned a violent shade of tomato. What is it about the mild-mannered Mr Li that makes people so unpleasant to him? Why, even From the Gallery baits him without mercy. We resolve to be kinder to him for the rest of the week. Marvin Cheung, by contrast, took it out on the Financial Secretary, whose job description includes having occasional fun poked at him by legislators. As an accountant, loopholes are Mr Cheung's speciality. Loopholes in Budget-speech logic in particular. Last year, he smirked, Sir Hamish had justified not lowering profits tax by claiming that such high levels did not hurt Hong Kong's competitiveness in the region. This year, he continued, to general laughter, the Financial Secretary said he was lowering it to enhance Hong Kong's competitiveness in the region. And as for placing ad valorem duties on wines, if the Government could not adjust first vehicle registration taxes according to value because prices were too complicated, how could it possibly hope to work out value-based taxes on hundreds of different wines? Wasn't Hong Kong supposed to have a simple tax system, he asked? Tax specialists like himself, he concluded to uproarious laughter from fellow accountant Eric Li, would be better off as a result of this Budget as they earned their livings sorting out the confusion. But would it benefit Hong Kong? Mr Cheung's rapier wit and cool precision were brilliant in their way. But it was refreshing to move on to the populist, pugilistic approach of his namesake Cheung Man-kwong. First he hit out at the much-abused Secretary for Environment, Planning and Lands, Tony Eason, for employing ''the logic of pirates'' in ''irresponsible and immoral'' defence of a minority of fat-cat property owners and bloated developers. Then he accused the Government of taking candy from babies. It had reduced the subsidies for tents by $10 million, depriving boy scouts of camping holidays, and rebuilt the government stadium without a running track, so schoolkids could no longer train. ''What have the poor students done to you to deserve this treatment?'' he demanded theatrically, piling on the pathos. Oddly enough, everybody laughed.