1
2
Cap
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Car 4
5
can 6
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кара capo
10
NP11
12
could not have a bigger and fairer share. In view of the large number of capital projects applying to the fund annually, it would not be avaricious to ask for a 10 per cent allocation of the lotteries' proceeds. Under the recently amended Betting Duty Ordinance, the Ameagre meek 3.5 per cent allocation to the fund can only benefit the government Treasury and the Jockey Club
at the expense of social welfare projects.
With the
stringent grants from the fund,voluntary agencies have
三
to seek other funding sources to cover costs of
projects which are seldom fully subsidised. Here, Sir, I reiterate my previous proposal of reinstating the 13 Betting Duty from the existing 30 per cent of the
cap 14
7
15
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25
26
27
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29
•
loterries' proceeds to the 25 per cent level in 1975. At the same time, I would suggest that the 7.5 per cent allocation for administrative costs be reduced to 6 per
cent. It is estimated that the 6.5 per cent thus saved for the Lotteries Fund will amount to about $116 million
#-# per annum a sum which both the Government and the Jockey Club can well afford to spare.
I wish also to point out that the pivotal question of involving the Government in the permanent commitment of
recurrent. additional recurring expenditures could be resolved by splitting the proposed 10 per cent Lotteries Fund
# # allocation into two parts, with 5 per cent being used to finance capital projects, and the other 5 per cent being put aside to set up a revolving fund, generating interest to cover improvement costs for existing
30 services which have usually been given low priority in
normal funding.
31
32
33
34
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36
Time
concession
sir, while this year's Budget has been hailed as a bonanza for the middle class, I must draw Members' attention to the so-called sandwich class, that is,
*to* people whose monthly income falls in the $8,000 $12,000