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WEDNESDAY, MARCH 30, 1977
+UNLESS IT IS POSSIBLE FOR THE DEPARTMENTS CONCERNED TO REORGANISE THE PHASING OF THE WORKS PROGRAMMES, I WOULD ANTICIPATE THAT THE 1977/78 ESTIMATED FIGURES MAY STILL PROVE TO BE TOO HIGH.
+ IF THIS SHOULD BE THE CASE, ONCE AGAIN THE OUTCOME IN THE GENERAL REVENUE ACCOUNT WILL, WITH A FURTHER WAVE OF THE WIZARD' $ WAND, BECOME ANOTHER HUGE SURPLUS,+ HE OBSERVED,
THE UNOFFICIAL MEMBER NOTED THAT IN ITS FORECAST FOR FUTURE YEARS, THE GOVERNMENT HAD ESTIMATED CERTAIN OF ITS EXPENDITURE FIGURES ON THE ASSUMPTION THAT THERE WOULD BE DEFICITS IN PRECEDING YEARS.
+WHILST I HAVE NO DOUBT THAT THE FINANCIAL SECRETARY HAS ALREADY ADJUSTED THESE FIGURES TO TAKE INTO ACCOUNT THE FACT THAT HIS PREVIOUS DEFICITS HAVE TURNED INTO SURPLUSES, I SUGGEST THAT HE SHOULD ALSO REVIEW HIS BUDGETARY STRATEGY, AND PERHAPS REVISE SOME OF THE GUIDELINES HE HAS ADOPTED TO ACHIEVE THE OBJECTIVES OF BUDGETARY POLICY.+
MR. LE SAID WHERE THE ESTIMATES OF EXPENDITURE SHOWED AN INCREASE FOR A PARTICULAR HEAD OVER THE CURRENT YEAR'S ESTIMATES THE FINANCIAL SECRETARY GENERALLY MENTIONED THE INCREASE IN MONETARY TERMS.
IT WOULD BE MOST HELPFUL IF THIS COULD ALSO BE STATED IN REAL TERMS, HE SAID.
REFERRING TO THE FINANCIAL MANAGEMENT OF SUBVENTED VOLUNTARY SOCIAL WELFARE AGENCIES, MR. LI UNDERSCORED THE NEED FOR THESE AGENCIES TO ACCOUNT FOR ALL THEIR FUNDS, WHETHER FROM THE PUBLIC PURSE OR PRIVATE DONORS.
HE SAID THIS WAS ESSENTIAL AS HE BELIEVED THAT THE ABILITY OF GOVERNMENT DEPARTMENTS TO SPEND HAD REACHED A SATURATION POINT AND THAT IN THE NEAR FUTURE IT WOULD BE NECESSARY FOR THE GOVERNMENT TO RELY ON THE VOLUNTARY SECTOR TO CARRY OUT A GREATER PROPORTION OF THE NEW COMMITMENTS IN HONG KONG'S SOCIAL PROGRAMMES.
ON THE SUBJECT OF INDUSTRIAL ESTATES, MR. LI SAID HE FULLY AGREED WITH THE VIEW THAT THE CONCEPT OF INDUSTRIAL ESTATES WAS A RIGHT ONE FOR HONG KONG,
HE NOTED THAT THE RESPONSE TO THE FIRST ESTATE AT TAI PO WAS QUITE ENCOURAGING. PLANS WERE NOW UNDER WAY, HE CONTINUED, FOR THE SECOND ESTATE NEAR YUEN LONG AND, TO ENABLE CONSTRUCTION WORK TO BEGIN THIS YEAR, A FURTHER SUBSTANTIAL LOAN FROM THE DEVELOPMENT LOAN FUND WOULD BE SOUGHT.
MR. LI SAID THE DEMAND FOR OTHER FUTURE ESTATES MIGHT WELL BE SUCH THAT THE INDUSTRIAL ESTATES CORPORATION OF WHICH HE IS CHAIRMAN WOULD HAVE TO APPROACH GOVERNMENT FOR MORE FUNDS EARLIER THAN ANTICIPATED.
+ IF THAT SHOULD BE THE CASE, THE SITUATION COULD ONLY BE VIEWED AS EXCEPTIONALLY AUSPICIOUS FOR OUR ECONOMY, HE NOTED.
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