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16
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Wednesday, March 15, 1972
He said his critical attitude last year of the four per cent unrealistic
growth rate had now been vindicated. In fact the growth rate turned out to be
13 per cent. His criticism on this year's low estimates in revenue from land
sales and stamp duty had also turned out to be correct.
Turning to the estimated 7 per cent increase in revenue for 1972/73,
Mr. Szeto Wai said it was an improvement on the four per cent for 1971/72 though
in his opinion it was a little pessimistic.
He felt that the Financial Secretary's had been more optimistic than
his predecessor on revenue from sale of land an expected drop of $39 million
as against Sir John's forecast decline of $109 million.
Land Sales
Recalling that the Director of Public Works had recently indicated
that almost two million square feet of land would be ready for disposal next
year, Mr. Szeto Wai said in all probability the Financial Secretary would be
taken by surprise again by a windfall revenue from that source.
"If my honourable Friend was gloomy over land sales next year the same
cannot be said to his outlook on taxi concession," he said.
He felt that the $30 million which the Financial Secretary had anticipated
from that source might prove to be a disappointment for apparently he had been
forestalled recently by the previous Commissioner for Transport who, acting on
his own, had promised to operators, without any form of competitive tendering,
200 hire-car licences on the context of improving airport transport services.
The premia that would be offered for the new taxi licences as recommended
by the Transport Advisory Committee early last year were bound to be affected
by the large fleet of additional hire-cars on the roads, he added.
/The most