WEDNESDAY, MARCH 1, 1978
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+SO, DESPITE A EUDGET OF OVER 10,000 MILLION DOLLARS THE TAX- PAYER CAN SURELY FEEL RELIEVED FOR, ONCE AGAIN, THE BENEFIT CF STABLE FISCAL POLICIES HAS BEEN DEMONSTRATED. I HOPE OUR CONTINUING ABILITY TO BALANCE OUR BUDGETS EVEN AT THESE EVER HIGHER LEVELS WILL HELP TO SUSTAIN CONFIDENCE IN HONG KONG, AT HOME AND ABROAD.
+BUT THE QUESTION ON EVERYONE'S MIND MUST BE: WHAT PRECISELY IS THE GOVERNMENT INTENDING TO DO WITH ALL THIS MONEY IT IS PROPOSING TO SPEND? AFTER ALL, HONEY SHOULD NOT BE SPENT IF IT IS NOT NECESSARY TO SPEND IT. AND WHEN IT IS NECESSARY TO SPEND IT PLANS FOR DOING SO SHOULD BE CAREFULLY THOUGHT OUT.
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+WELL, I CANNOT DESCRIBE THE EXPENDITURE ESTIMATES IN DETAIL, BUT I CAN SAY THAT NEARLY 43% OF TOTAL RECURRENT AND CAPITAL EXPENDITURE, OR 4,300 MILLION DOLLARS, WILL BE DEVOTED TO THE SOCIAL SERVICES HOUSING WILL BE COMPLETED FOR 128,000 PEOPLE THE FIRST. PHASE OF THE HOME OWNERSHIP SCHEME FOR OVER 40,000 PEOPLE WILL BE „ELL ON THE WAY TO COMPLETION BY MID-1979- THERE WILL BE SUFFICIENT AIDED PLACES AVAILABLE IN SEPTEMBER IN FORMS 1 TC ACCOMMODATE THE 100,000 CHILDREN LEAVING PRIMARY 6 CLASSES THIS SUMMER FREE JUNIOR SECONDARY EDUCATION WILL BE AVAILABLE FOR THE FIRST TIME- NEW WELFARE SERVICES FOR THE ELDERLY AND FOR YOUNG PEOPLE WILL BE INAUGURATED THE SOCIAL SECURITY SYSTEM WILL BE IMPROVED THE RANGE OF EDUCATIONAL, WELFARE AND MEDICAL FACILITIES AVAILABLE FOR THE HANDICAPPED WILL BE EXTENDED AND ANOTHER 800 HOSPITAL BEDS WILL BE READY FOR USE. INCIDENTALLY
INCIDENTALLY, NEARLY ONE HALF OF THE TOTAL FUNDS AVAILABLE FOR THE SOCIAL SERVICES WILL BE SPENT BY SUBVENTED ORGANISATIONS SUCH AS WELFARE AGENCIES, AIDED SCHOOLS AND HOSPITALS, THE UNIVERSITIES AND THE POLYTECHNIC.
+OUT OF THE TOTAL BUDGET OF 10,000 MILLION DOLLARS ABOUT 20 PER CENT WILL BE SPENT ON THE PUBLIC WORKS PROGRAMME WHICH COMPRISES A VAST RANGE OF CAPITAL WORKS PROJECTS IN THE URBAN AREAS AND THE NEW TOWNS. IN MANY WAYS, THE MOST DRAMATIC ASPECT OF THE PUBLIC WORKS PROGRAMME IS CONCERNED WITH HOUSING: TOGETHER WITH THE HOUSING AUTHORITY'S OWN FUNDS, OVER 900 MILLION DOLLARS WILL BE SPENT ON THE RENTED HOUSING PROGRAMME AND, AS I HAVE JUST SAID, FLATS FOR 128,000 PEOPLE WILL BE COMPLETED IN 1978-79. BUT EQUALLY DRAMATIC, BUT PERHAPS SOMEWHAT OVERLOOKED, IS THE SIZE OF OUR INVESTMENT IN LAND FORMATION, ROADS, FLYOVERS, TUNNELS, WATER SUPPLIES AND OTHER MAJOR CIVIL ENGINEERING WORKS. IN 1978-79 WE SHALL BE SPENDING OVER 1,200 MILLION DOLLARS CH SUCH WORKS AND THE BENEFITS OF THIS EXPENDITURE WILL BE WIDESPREAD IN BOTH SOCIAL AND ECONOMIC TERMS.
+SO, WITH OUR ECONOMY IN FAIR SHAPE DESPITE WORLD TRADING UNCERTAINTIES AND GIVEN OUR ABILITY TO COPE WITH THE EVER INCREASING CALLS MADE ON THE PUBLIC SERVICES, I THINK WE CAN LOOK FORWARD TO THE YEAR OF THE HORSE WITH CONFIDENCE.+
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