XN000022-1972-03-01 — Page 28

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Wednesday, March 1, 1972

He regarded recurrent revenue, which broke through the $3,000

million barrier to reach 3,164 million only a year after total revenue

had done this as one of the most significant features of the revenue

picture in 1971/72.

Revenue from earnings and profits taxes increased by 17 por cont;

Stamp duties due to the 1971 stock market boom increased by no less

than $78 million or 61 per cent; motor vehicle taxes will exceed even

last year's record figure of 339.7 million by 4.3 million as a result

of record registration of some 30,000 new vehicles.

Excise Duties

Mr. Haddon-Cave said that although the yield from excise duties

was up overall by 331 million, it was a little disappointing as regards

hydrocarbon oils, table waters and locally manufactured liquor.

The revenue from rates at 364 million had increased by 728

million on 1970/71 due to higher assessed rateable values for new premises.

Post Office revenue had been disappointing, and at $162 million

represented an increase of less than $2 million on actual revenue in

1970/71.

He said interest earnings this year were expected to be a

remarkable $207 million, a 32 per cent increase on 1970/71.

This was due to the buoyancy of rovenuc collections during the

year and the employment of a relatively higher proportion of Hong

Kong's balances than before in sterling investments which yield more

than local deposits, he added.

"One aspect