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Wednesday, March 1, 1972
He said that adding the $76 million yet to be paid out to the
civil service (in respect of 1971-72) and this 100 million to the
expenditure estimate of $3,657 million, there was an excess of expenditure
over revenue of $106 million.
"Although in the 11 years 1960-61 to 1971-72 we have under-
estimated revenue 10 times, I am fairly confident that this year we
have not under-estimated it by more than a small margin, if at all."
As regards expenditure, the Financial Secretary said it had
been over-estimated eight times in the last 11 years.
"However, the expenditure estimates are as realistic as we
can make them, without cutting back arbitrarily, and this we have
refrained from doing."
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