WEDNESDAY, MARCH 1, 1978
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+THIS YEAR WE CAN LOOK FORMATI TO A FURTHER EXPANSION OF OUR ECONOMY BY ABOUT 9 PER CENT. THIS WILL BE ACHIEVED, DESPITE THE FACT THAT EXPORTS ARE LIKELY TO GROW ONLY A LITTLE
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F.STER THAN LAST YEAR, BECAUSE DONESTIC DEMAND FOR CONSUMER GOODS AND BUILDING AND CONSTRUCTION ACTIVITY WILL CONTINUE TO GROW RAPIDLY. CUR GROWTH RATE IN 1979 AND BEYOND ILL DEPEND UPON MANY FACTORS, IY FAR THE MOST IMPORTANT OF WHICH WILL BE OUR ABILITY TO IMPROVE SO OUR RECENT EXPORT PERFORMANCE.
+THE GOVERNMENT 3 ACCOUNTS ARE ALSO IN A HEALTHY STATE. IN THE CURRENT FINANCIAL YEAR, 1977-78, THAT IS TO SAY THE FINANCIAL YEAR ENDING ON THE 31ST OF MARCH, WE SHALL SPEND ALMOST EXACTLY AS MUCH AS WE PLANNED TO - ABOUT 8,200 ILL101: DOLLARS AND THIS MEANS THAT
E SHALL HAVE MET OUR TARGETS IN ALL THE MAIN FIELDS OF OUR ACTIVITIES. AND YET, BECAUSE REVENUE HAS BEEN MUCH MORE BUOYANT THAN I EXPECTED A YEAR AGO. WE SHALL ADD SUESTANTIALLY TO CUR FISCAL RESERVES. AS A COMMUNITY DEPENDENT ON THE STATE OF THE INTERNATIONAL TRADING ECONOMY WE HAVE TO LIVE WITH MANY UNCERTAINTIES. AND SC THESE RESERVES PROVIDE THE GOVERMENT WITH THE MEANS OF AT LEAST MAINTAINING THE LEVEL OF PUBLIC SERVICES SHOULD WE EVER RUN INTO SHORT TERM DIFFICULTIES. THEY ALSO GUARANTEE OUR CREDIT-WORTHINESS ABROAD.
+IN THE COMING FINANCIAL YEAR WE PROPOSE TO SPEND OVER 10,000 MILLION DOLLARS OR 25 PER CENT ORE THAN THIS YEAR- OR, TO PUT THIS FIGURE IN A BROADER HISTORICAL CONTEXT, WE PLAN TO SPEND TWICE AS MUCH AS WE SPENT A MERE FOUR YEARS AGO. MOREOVER, AS I TOLD LEGISLATIVE COUNCIL, WE SHALL BE DOING THIS WITHOUT HAVING TO RAISE TAXES, WITHOUT HAVING TO RESORT TO BORROWING AND WITHOUT HAVING TO CALL UPON OUR RESERVES.
+ INDEED I FELT ABLE TO PROPOSE THAT A WIDE RANGE CF STAMP DUTIES SHOULD BE ABOLISHED IN ORDER TO ENCOURAGE THE DEVELOPMENT OF HONG KONG AS A FINANCIAL CENTRE AND TO RELIEVE A LARGE NUMBER CF PEOPLE OF A PARTICULAR TAX BURDEN. I AM THINKING, FOR EXAMPLE, OF THOSE WISHING TO RAISE MORTGAGES WITH WHICH TO BUY THEIR OWN HOMES.
+1 ALSO PROPOSED A 25 PER CENT REDUCTION IN THE COST OF BUYING AND SELLING SHARES ON THE STOCK MARKET. THE PRESENT RATE OF STAMP DUTY ON SUCH TRANSACTIONS WAS FIXED IN A TRADING CLIMATE VERY DIFFERENT FROM THE PRESENT DAY AND I THINK A LOWER RATE OF DUTY IS NOW CALLED FOR.
+ IT IS TRUE I FELT OBLIGED TO PROPOSE SMALL INCREASES IN THE EXCISE DUTY PAYABLE ON IMPORTED CIGARETTES, IN THE TAX PAYABLE ON FIRST REGISTRATION OF THE MORE EXPENSIVE MAKES OF CARS AND IN CERTAIN RINOR POSTAL CHARGES.
+BUT IN REVENUE CONCESSIONS I GAVE AWAY, AS IT WERE, MILLION DOLLARS AND ONLY SOUGHT TO RAISE EXTRA REVENUE OF MILLION DOLLARS.
ATLANT
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