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Wednesday, February 24, 1971
Total revenue in 1971/72, recurrent and capital, was thus estimated
at $3,098 million, which was $117 million, or just under four per cent, more
that the rovised figure for the current year.
Sir John thought it was "interesting," and inadequately taken into
account by those who criticised the Government's fiscal policies, that only
some 60 per cent of its revenues came from taxes. The remainder came principally
from sale of goods and services, rents and interest.
"Our financial strength and our continuing ability to finance the
rapid growth of social services at low tax rates derives, at least in part,
from these policies," he commented.
"There is inadequate recognition of
this in Hong Kong at least."
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