WEDNESDAY, APRIL 25, 1984
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+WE MUCH PREFER FREE TRADE IN TEXTILES. THE QUOTAS HAVE ARISEN BECAUSE WE HAVE TO RESTRAIN OUR EXPORTS OF CERTAIN TEXTILE AND CLOTHING PRODUCTS WITHIN LIMITS AGREED WITH OUR VARIOUS TRADING PARTNERS UNDER THE PROVISIONS OF THE MULTI- FIBRE ARRANGEMENT. THIS MEANS THAT THE DEMAND FOR THESE PRODUCTS IS OFTEN HIGHER THAN THE AGREED AND RESTRICTED SUPPLY FROM HONG KONG.
+THE HIGH QUOTA PREMIA MR WONG HAS HEARD OF CLEARLY RELATE TO THE RECENT CONDITIONS IN THE UNITED STATES MARKET WHERE THERE APPEARS TO BE AN EXTREMELY STRONG DEMAND FOR OUR PRODUCTS WHICH FAR EXCEEDS OUR AVAILABLE QUOTA.
+OUR 1983 SHIPMENT PERFORMANCE OF 99.9 PER CENT AGAINST OUR UNITED STATES RESTRAINT LIMIT GIVES AN INDICATION OF THIS. FROM PRESENT TRENDS, QUOTAS FOR THE UNITED STATES MARKET THIS YEAR WILL LIKEWISE BE FULLY USED, MR YAXLEY SAID.
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$20 MILLION SPENT DAILY ON PUBLIC WORKS *****
THE GOVERNMENT WAS SPENDING $20 MILLION A DAY ON PUBLIC WORKS, THE SECRETARY FOR LANDS AND WORKS, MR NICKY CHAN, TOLD THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
SPEAKING AT THE RESUMED BUDGET DEBATE, MR CHAN SAID IN THE PAST 10 YEARS $36.4 BILLION HAD BEEN SPENT ON PUBLIC WORKS, EXCLUDING THE COST OF PUBLIC HOUSING, BUT INCLUDING THE COST OF LAND ACQUISITION.
THIS COMPARED WITH A TOTAL OF $5.35 BILLION SPENT IN THE PREVIOUS 10 YEARS, WHEN ANNUAL EXPENDITURE ON CAPITAL WORKS VARIED BETWEEN LESS THAN $300 MILLION AND $800 MILLION PER YEAR.
+OVER THE PAST THREE FINANCIAL YEARS EXPENDITURE HAS AVERAGED ABOUT $7.4 BILLION PER YEAR OR $20 MILLION A DAY, 365 DAYS A YEAR,+ MR CHAN TOLD THE COUNCIL.
EVEN ALLOWING FOR INCREASES IN CONSTRUCTION COSTS, HE SAID, THERE HAD BEEN VERY SIGNIFICANT EXPANSION IN GOVERNMENT'S PROGRAMME OF CAPITAL WORKS PROJECTS DURING THE PAST FEW YEARS, BUT A GREAT DEAL STILL REMAINED TO BE DONE TO COMPLETE THE PUBLIC WORKS PROGRAMME ALREADY IN HAND, AND TO FULFIL THE REQUIREMENTS OF THE VARIOUS PROGRAMMES ADOPTED BY GOVERNMENT.
IT WAS ESTIMATED AT MARCH 31 THAT THE OUTSTANDING VALUE OF WORKS FINANCED FROM THE CAPITAL WORKS RESERVE FUND (EXCLUDING LAND COSTS) CURRENTLY IN HAND OR ALREADY AUTHORISED TO BEGIN AMOUNTED TO ABOUT $22.5 BILLION. WITH EXPENDITURE RUNNING AT BETWEEN $6.5 BILLION AND $7 BILLION A YEAR THIS REPRESENTED OVER THREE YEARS' WORKS, IGNORING ANY POSSIBLE ESCALATION IN CONSTRUCTION COSTS OR THE INJECTION OF URGENT ITEMS WHICH WOULD INEVITABLY OCCUR.
/MR CHAN