XN000022-1972-03-01 — Page 35

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Wednesday, March 1, 1972

He said that adding the $76 million yet to be paid out to the

civil service (in respect of 1971-72) and this 100 million to the

expenditure estimate of $3,657 million, there was an excess of expenditure

over revenue of $106 million.

"Although in the 11 years 1960-61 to 1971-72 we have under-

estimated revenue 10 times, I am fairly confident that this year we

have not under-estimated it by more than a small margin, if at all."

As regards expenditure, the Financial Secretary said it had

been over-estimated eight times in the last 11 years.

"However, the expenditure estimates are as realistic as we

can make them, without cutting back arbitrarily, and this we have

refrained from doing."

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