XN000022-1972-03-01 — Page 13

Wednesday, March 1, 1972

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He said this was satisfactory particularly as additional

revenue from rates and property tax had again to be excluded because

of the postponement of the revaluation of property values.

On recurrent revenue, Mr. Haddon-Cave estimated the yield

from earnings and profits taxes would increase by $110 million to

$1,019 million or by 12 per cent; and from taxes and charges on

activities during the year by $167 million to $2,421 million or by

seven per cent.

Water revenue was put at $167 million or 843 million up on this

year because of the new price of $4 per thousand gallons to be paid

by non-domestic consumers from April 1 next and assuming supply restrictions

would not be necessary.

The Financial Secretary said the estimate of $222 million

for interest earnings was 315 million up on this year's figure because

additional sums would become available for investment but, of course,

it was difficult to predict the trend of interest rates though the

likelihood was for some reduction.

Turning to capital revenue, Mr. Haddon-Cave said the estimate

for land sales was down by $39 million on this year's revised estimate

for fewer lots would become available for auction and premia in respect

of regrants of expired leases might not reach this year's figure of

$45 million.

The only other item worth of particular mention, he said, was

the $30 million expected from the sale of taxi concessions.

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