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Wednesday, March 1, 1972
Capital expenditure increased by nearly 50 per cent in
1970/71 to 3552 million and by another 43 per cent in 1971/72 to
$787 million, he said.
On capital expenditure in the seventies the Financial
Secretary said: "We face the prospect of having to finance an
enormous programme of public works, and at contract prices which will
probably be 50 per cent higher than those prevailing in 1970/71,
whilst our recurrent services will continue to expand and become
more costly",
Salaries Commission
He pointed out to Honourable Members that the revised estimates
of expenditure did not reflect the full impact of the cost of implementing
the recommendations of the Salaries Commission in respect of 1971/72.
About $76 million, excluding teachers salaries, would fall in
the 1972/73 year of acount for which he proposed to seek supplementary
provision.
He also pointed out that the revised estimates for the three
main Public Works Non-Recurrent heads was up by $29 million on the
original estimate of $509 million which, in turn, exceeded actual
expenditure in 1970/71 by $126 million.
The year 1971/72 had been an unusually busy year for Finance
Committee and this had naturally had the effect of boosting the rate
expenditure.
The total
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