XN000022-1972-03-15 — Page 16

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Wednesday, March 15, 1972

He said his critical attitude last year of the four per cent unrealistic

growth rate had now been vindicated. In fact the growth rate turned out to be

13 per cent. His criticism on this year's low estimates in revenue from land

sales and stamp duty had also turned out to be correct.

Turning to the estimated 7 per cent increase in revenue for 1972/73,

Mr. Szeto Wai said it was an improvement on the four per cent for 1971/72 though

in his opinion it was a little pessimistic.

He felt that the Financial Secretary's had been more optimistic than

his predecessor on revenue from sale of land an expected drop of $39 million

as against Sir John's forecast decline of $109 million.

Land Sales

Recalling that the Director of Public Works had recently indicated

that almost two million square feet of land would be ready for disposal next

year, Mr. Szeto Wai said in all probability the Financial Secretary would be

taken by surprise again by a windfall revenue from that source.

"If my honourable Friend was gloomy over land sales next year the same

cannot be said to his outlook on taxi concession," he said.

He felt that the $30 million which the Financial Secretary had anticipated

from that source might prove to be a disappointment for apparently he had been

forestalled recently by the previous Commissioner for Transport who, acting on

his own, had promised to operators, without any form of competitive tendering,

200 hire-car licences on the context of improving airport transport services.

The premia that would be offered for the new taxi licences as recommended

by the Transport Advisory Committee early last year were bound to be affected

by the large fleet of additional hire-cars on the roads, he added.

/The most