13
THURSDAY, MARCH 4, 1993
QUESTION: AND FINAL POINT, FUEL. I'M A LITTLE CONCERNED THAT YOU'VE PUT ADDITIONAL TAX ON FUEL BECAUSE SURELY WITH THE TREMENDOUS AMOUNT OF DELIVERY IN THE RETAIL INDUSTRY HERE AND WITHIN THE TOURIST INDUSTRY, BASICALLY THAT'S GOING TO BE PASSED ON DOWN THE LINE AND CERTAINLY IN THAT SENSE IS INFLATIONARY.
FS:
YES, I'M QUITE SENSITIVE TO FUEL. LAST YEAR OF COURSE WE DID REMOVE THE FUEL TAX FOR THE BUS COMPANIES TO HELP THE NORMAL PASSENGER AND I'VE RESTRICTED THOSE INCREASES, THE FUEL AND THE ALCOHOL, AND THE CIGARETTES, SIMPLY TO A COST OF LIVING INCREASE.
CUMMINGS: WELL, THANK YOU TO THAT CALLER ON 3388266.
QUESTION: GOOD MORNING. I'VE LISTENED TO THE BUDGET BEING DELIVERED BY THE FINANCIAL SECRETARY. THE SURPLUS WILL BE $20.5 BILLION. I'VE EVIDENCE TO SHOW THAT THIS AMOUNT IS NOT TRUE, THIS IS MISLEADING. I WILL SHOW MY EVIDENCE. FOR THIS $20.5 BILLION, I THINK IT IS ACHIEVED AT THE EXPENSE OF THE WORKING CLASS IN HONG KONG.
FOR EXAMPLE LAST YEAR I HEARD COMMENTS TO THE EFFECT THAT CIVIL SERVICE UNIONS OPPOSED THE ARRANGEMENTS WHERE THEIR PAY INCREASE WAS NOT GOOD ENOUGH, THERE WAS A REDUCTION OF 3 PER CENT, SO IN TOTAL THE CIVIL SERVANTS WERB UNDERPAID TO THE TUNE OF $500 MILLION.
CUMMINGS: WELL LET'S LISTEN TO THE RESPONSE FROM THE FINANCIAL SECRETARY. YOU HAVE SUGGESTED THAT THE $20.5 BILLION MIGHT NOT HAVE BEEN ACCURATELY ARRIVED AT, FINANCIAL SECRETARY.
FS: WELL, I CAN'T ACCEPT YOUR COMMENT. I THINK WE'VE MADE IT VERY CLEAR WHERE THE EXTRA MONEY CAME FROM. ABOUT HALF OF IT WAS FROM INCREASED REVENUE FROM THINGS LIKE STAMP DUTY ON THE STOCK MARKET, FIRST REGISTRATION TAX ON AUTOMOBILES AND PROFITS TAX. I DON'T THINK ANY OF THAT COULD BE REGARDED AS, IN ANY WAY, ADVERSELY AFFECTING THE WORKING POPULATION OF HONG KONG. THE OTHER HALF OF COURSE WAS UNFORTUNATELY UNDERSPENDING ON SOME CAPITAL PROJECTS WHICH CERTAINLY I AM NOT HAPPY ABOUT BUT AGAIN I DON'T THINK THAT IS IN ANY WAY DEALING WITH THE WORKING POPULATION, SO I DON'T ACCEPT THAT AT ALL. 20.5 IS OUR BEST POSSIBLE ESTIMATE OF THE FIGURE AND I THINK THE REASONS FOR IT I'VE SET OUT RATHER CLEARLY IN THE BUDGET.
CUMMINGS:
QUESTION:
AND WE HAVE AN ENGLISH QUESTION NOW, GOOD MORNING.
HELLO.
CUMMINGS:
YES HELLO, WOULD YOU LIKE TO PUT YOUR QUESTION TO FINANCIAL SECRETARY?
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QUESTION:
GOOD MORNING STR. I WOULD LIKE TO QUESTION ABOUT BANKS YOU KNOW, WHENEVER WE DEPOSIT THE CASH, SAY $20,000, ASKING SOME SERVICE CHARGES, QUARTER PER CENT, HALF PER CENT.
FS: THE BANK CHARGES, I'M NOT QUITE SURE ON THE QUESTION THERE. DIDN'T ACTUALLY DEAL WITH BANK CHARGES IN MY BUDGET.
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/QUESTION