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WEDNESDAY, MAY 14, 1980
VISIBLE TRADE +GAP+ STANDS AT 18 PER CENT
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THE VISIBLE TRADE +GAP+ AT 18 PER CENT FOR THE FIRST QUARTER OF THIS YEAR WAS THE SAME AS THE CORRESPONDING PERIOD LAST YEAR DESPITE AN INCREASING TRADE DEFICIT, THE ACTING FINANCIAL SECRETARY, THE HON DAVID JEAFFRESON, TOLD THE LEGISLATIVE COUNCIL TODAY.
REPLYING TO A QUESTION BY THE HON WONG PO-YAN, MR JEAFFRESON SAID THAT AS A RESULT OF A RAPID OVERALL EXPANSION IN THE VOLUME AND VALUE OF EXTERNAL TRADE, THE VISIBLE TRADE DEFICIT IN THE FIRST QUARTER AT $4 468 MILLION WAS LARGER THAN THAT IN LAST YEAR'S FIRST QUARTER ($3 236 MILLION).
BUT HE STRESSED THAT THE EMPHASIS SHOULD BE ON THE VISIBLE TRADE +GAP+ RATHER THAN THE ABSOLUTE SIZE OF THE DEFICIT.
MR JEAFFRESON POINTED OUT THAT THE VISIBLE TRADE +GAP+ REFERRED TO THE PROPORTION OF THE VALUE OF IMPORTS NOT COVERED BY RECEIPTS FROM TOTAL EXPORTS.
15 MILLION SQ FEET OWED IN LAND EXCHANGE
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THE GOVERNMENT IS COMMITTED TO PROVIDING MORE THAN 15 MILLION SQUARE FEET OF BUILDING LAND TO HOLDERS OF LAND EXCHANGE ENTITLEMENTS, THE SECRETARY FOR THE NEW TERRITORIES, THE HON DAVID AKERS-JONES, TOLD THE LEGISLATIVE COUNCIL TODAY.
MR AKERS-JONES WAS ASKED BY THE HON CHARLES YEUNG TO MAKE A STATEMENT ABOUT THE GOVERNMENT'S LIABILITY AND WHAT PROGRESS IT WAS MAKING TO MEET THE COMMITMENT.
HE SAID THE POSITION AT DECEMBER 31, 1978, WAS THAT COMMITMENTS IN TERMS OF PROVIDING BUILDING LAND TO MEET EXCHANGE COMMITMENTS AMOUNTED TO 14 774 846 SQUARE FEET AND AT DECEMBER 31, 1979, IT WAS 15 065 411 SQUARE FEET.
IN THIS PERIOD A TOTAL OF 36 SITES AMOUNTING TO 795 880,61 SQUARE FEET WERE SOLD BY WAY OF THE LETTER B TENDER SYSTEM.
THIS INDICATED THAT IN THE SAME PERIOD LAND WAS RESUMED FOR CONTINUING DEVELOPMENT WHICH GAVE RISE TO AN INCREASED COMMITMENT EQUIVALENT TO 1 086 445.6 SQUARE FEET OF BUILDING LAND.
+THESE FIGURES DO NOT REVEAL THE COMPLETE PICTURE OUR FORECAST OF LAND PRODUCTION AND THUS OF LAND SALES INDICATE THAT THE WAITING PERIOD, THAT IS THE PERIOD BETWEEN THE ISSUE OF A LAND EXCHANGE ENTITLEMENT AND THE TIME WHEN GOVERNMENT MEETS THAT COMMITMENT SHOULD BE SUBSTANTIALLY REDUCED BY THE END OF 1982, ASSUMING THAT ALL THE LAND THAT WE PLACE ON OFFER BY TENDER IS TAKEN UP,+ MR AKERS-JONES SAID.
/+TV T.S
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