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Wednesday, March 29, 1972
Mr. Robson explained that his 1971/72 estimates had been prepared
on that basis and he was happy to say that his hope that they would not
prove to be too far off the mark had not been misplaced.
The approved 1971/72 Non-Recurrent P.V.D. estimates were
$530 million and he expected to spend $550 million. The total of the
Non-Recurrent P.W.D. estimates for the past three years $1,189 million
as compared with an actual expenditure of $1,219.5 million.
"My forecasts must make provision for rising costs, the chances
of filling vacancies on establishment, and the many factors which can
effect the 600 odd projects for which funds have been provided in this
year's estimates and the 400 odd contracts which are running at any moment
in time over the year," he said.
F.N.D. Estimates
In the circumstance the P..D. estimating had not been too bad
and that was only possible because of the extreme flexibility of the
financial system and the despatch with which first the Public Works Sub-
Committee of the Finance Committee of the Legislative Council approved
projects for construction and then the approval of the necessary funds by
the Finance Committee.
Mr. Robson said that he was to blame for what the Hon. Szeto Wai
had described as "the gloomy forecast of returns" from land sales of
$149 million which he had made last year.
For the coming year he had estimated a return of $223 million
but those estimates had to be made anticipating market prices 15 months
ahead, he added.
/He refuted