XN000022-1972-03-29 — Page 32

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Wednesday, March 29, 1972

Mr. Robson explained that his 1971/72 estimates had been prepared

on that basis and he was happy to say that his hope that they would not

prove to be too far off the mark had not been misplaced.

The approved 1971/72 Non-Recurrent P.V.D. estimates were

$530 million and he expected to spend $550 million. The total of the

Non-Recurrent P.W.D. estimates for the past three years $1,189 million

as compared with an actual expenditure of $1,219.5 million.

"My forecasts must make provision for rising costs, the chances

of filling vacancies on establishment, and the many factors which can

effect the 600 odd projects for which funds have been provided in this

year's estimates and the 400 odd contracts which are running at any moment

in time over the year," he said.

F.N.D. Estimates

In the circumstance the P..D. estimating had not been too bad

and that was only possible because of the extreme flexibility of the

financial system and the despatch with which first the Public Works Sub-

Committee of the Finance Committee of the Legislative Council approved

projects for construction and then the approval of the necessary funds by

the Finance Committee.

Mr. Robson said that he was to blame for what the Hon. Szeto Wai

had described as "the gloomy forecast of returns" from land sales of

$149 million which he had made last year.

For the coming year he had estimated a return of $223 million

but those estimates had to be made anticipating market prices 15 months

ahead, he added.

/He refuted