16
Wednesday, February 28, 1973
The Financial Secretary said revenue from licences for drivers and
vehicles had also been under-estimated by $10 million, interest earnings by
$12 million and airport revenue by $13 million.
As regards capital revenue, the revised estimate was put at $712
million, $428 million higher than the original estimate.
Of this increase, $278 million was accounted for by the very high
prices realised at this year's land sales and another $122 million was unexpectedly
received as a result of two lease-holders settling outstanding instalments on
lots bought in earlier years in order to avoid interest payments.
duty.
Another $18 million was due to a higher than expected yield from estate
Government Spending
On Government spending, the Financial Secretary said that the rate
of growth of expenditure was such that, for the third consecutive year, actual
expenditure was likely to exceed the original estimate.
The revised expenditure was estimated to be $209 million more than
the original estimate.
This was partly accounted for by the cost of implementing the
recommendations of the 1971 Salaries Commission and of introducing revised rates
for public assistance;
and partly by a certain amount of unforeseen expenditure
arising, for example, from the June rainstorms.
The Financial Secretary stressed that additional expenditure during
the year had not been restricted on purely financial grounds.
/Supplementary