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Wednesday, February 28, 1973
SUBSTANTIAL YEARLY INCREASES IN EXPENDITURE
Trend To Be Maintained
The Government intends to maintain the trend of substantial annual
increases in total estimated expenditure since 1969-70, the Financial
Secretary, the Hon. C.P. Haddon-Cave, said today.
In his budget speech in the Legislative Council today, he said:
"We can still afford to do so without modifying our fiscal policies with
all the risks that that would entail for the maintenance of a high growth rate
of the economy. 忡
Mr. Haddon-Cave said the total estimated expenditure of $4,409
million for the new financial year amounted to an increase of 21 per cent
over the original estimate for 1972-73 or 14 per cent over the revised estimate.
Referring to the recurrent account, the Financial Secretary said
that recurrent expenditure provided for in 1973-74 was 71 per cent of
estimated revenue.
He was "hopeful that we are hitting our aim of keeping 30 per cent
of recurrent revenue available for capital expenditure."
Two elements had been removed from the Draft Estimates for 1973-74,
Mr. Haddon-Cave said.
The first was the provision for expenditure on Annually Recurrent
Other Charges for the Urban Services Department other than for its New
Territories Division.
He estimated