XN000022-1972-03-01 — Page 29

Wednesday, March 1, 1972

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"One aspect of our strong reserve position which is perhaps

sometimes overlooked is the contribution which earnings on our investments

make to our recurrent revenue: this year it is no less than 6 per cent

or equal to the contribution made by stamp duties. Put another way,

earnings on our investments this year financed no fewer than 34 of the

65 heads of expenditure."

On capital revenue, he said this year total collections were

likely to be down on the record 1970/71 figure of $327 million by

some $23 million.

+

Urban L

"However, the demand for land in the urban areas, especially

for domestic and commercial development, the availability for sale of

more sites than originally expected, premia on regrants of 75 year

non-renewable leases and revonue from the early renewal of renewal

leases have meant that the revised estimate, at (263 million, is not

far short of the record 1970/71 figure of $272 million," he added.

The Financial Secretary said that for the second year running

actual expenditure at $2,930 million would exceed the original estimate, which

had been $2,862 million.

The amount of $2,930 million represented an increase of almost

20 per cent on actual expenditure in 1970/71.

He explained that the continuation of the sharp upward trend

was due mainly to a recovery in public works and other capital expenditure which had fallen away from 3735 million in 1965/66 to $372 million in 1969/70.

/Capital