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WEDNESDAY, MARCH 12, 1980
MR HENDERSON SAID: +WITH THE FORMER HE HAS RIGHTLY POINTED OUT THAT BY A GENERAL TRANSFER OF POWERS FROM ONE ORDINANCE TO ANOTHER, SOME POWERS WOULD HAVE BEEN WIDER IN APPLICATION THAN WAS EITHER NECESSARY OR DESIRABLE FOR THE NON-INDUSTRIAL SECTOR, AND IN THE CASE OF CLAUSE 6 (G) A CLEAR ANACHRONISM WAS REVEALED,
+1 AM SURE THAT WITH REGARD TO DISCLOSURE BY PUBLIC OFFICERS THE INTENTION WAS ALWAYS THAT THIS SHOULD ONLY BE DURING THE COURSE OF OFFICIAL DUTY BUT IT IS AS WELL TO PUT THIS BEYOND DOUBT.
+I AM GLAD FOR HIS AND MEMBERS' SUPPORT FOR THE GENERAL INTENTION OF THESE LEGISLATIVE MOVES, AND SPECIFICALLY FOR THE LICENSING OF DOMESTIC EMPLOYMENT AGENCIES.+
ARRANGEMENTS FOR GOVERNMENT ACCOUNTS
*****
THE LEGISLATIVE COUNCIL HAS AGREED TO RAISE THE CEILING OF TOTAL BORROWINGS BY THE EXCHANGE FUND TO $10 000 MILLION AND APPROVED A SCHEDULE OF FUNDS ON ACCOUNT.
EXPLAINING THE NEED FOR THE HIGHER CEILING, THE FINANCIAL SECRETARY, THE HON SIR PHILIP HADDON-CAVE SAID THE BORROWINGS ROSE SHARPLY THROUGH 1979, AND ON MARCH 10 THIS YEAR THEY AMOUNTED TO $6 993 MILLION, ALMOST TO THE PREVIOUS LIMIT OF $7 000 MILLION SET IN 1972.
THE GOVERNMENT'S ACCUMULATED FISCAL RESERVES ARE INVESTED BY THE GENERAL REVENUE ACCOUNT WITH THE EXCHANGE FUND, AGAINST THE ISSUE BY THE FUND OF INTEREST-BEARING DEBT CERTIFICATES.
AT THE END OF THE PRESENT FINANCIAL YEAR, THE EXCHANGE FUND'S BORROWINGS FROM THE GENERAL REVENUE ACCOUNT ARE LIKELY TO BE AROUND $8 400 MILLION.
+ IF MY RECENT FORECAST OF A SURPLUS ON GENERAL REVENUE ACCOUNT OF $2 904 MILLION FOR 1980-81 IS CORRECT, THE FUND'S BORROWINGS WILL BE IN EXCESS OF $10 000 MILLION BEFORE THE END OF THE YEAR.
+THIS MEANS THAT WE SHALL NEED TO RAISE THE BORROWING LIMIT YET AGAIN, SIR PHILIP SAID.
REFERRING TO THE FUNDS ON ACCOUNT WHICH WERE APPROVED, SIR PHILIP EXPLAINED THAT THEY WERE NEEDED TO ENABLE THE GOVERNMENT TO CARRY OUT EXISTING SERVICES BETWEEN THE START OF THE NEW FINANCIAL YEAR ON APRIL 1 AND THE ISSUE OF THE GENERAL WARRANT FOLLOWING THE ENACTMENT OF THE APPROPRIATION ORDINANCE.
THE ORDINANCE IS TO BE ENACTED ONLY AFTER APRIL 1 BECAUSE DEBATE ON THE SECOND READING OF THE BILL IS EXTENDED INTO APRIL, AS HAS BECOME NORMAL PRACTICE, TO GIVE MEMBERS OF THE COUNCIL TIME TO EXAMINE THE DRAFT ESTIMATES FOR 1980-81.
SIR PHILIP WAS ALSO GIVEN AUTHORITY BY THE COUNCIL TO USE CERTAIN RECEIPTS TO OFFSET EXPENDITURE INSTEAD OF CREDITING THEM TO GENERAL REVENUE DURING THE PERIOD COVERED BY THE VOTE ON ACCOUNT.
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