XN000022-1972-03-29 — Page 9

Wednesday, March 29, 1972

He was referring to the Financial Secretary's delegated powers

to authorise spending on personal emoluments up to the limit of the

approved establishment; his delegated powers to authorise spending on

public works projects up to approved project estimates; the fact that

there had always been more work in the Public Works Programme than could

conceivably be completed before the next batch of projects came forward for

upgrading to Category A despite substantial increases in the establishment

of the Public Works Department in recent years and increased use of consultants;

and finally, the fact that total vote provision, or spending authority, had

in recent years been around 112% of actual expenditure and around 115%

of the original estimates,

Estimates Of Revenue

"The question does arise, of course, whether my estimates of

revenue for 1972-73 are realistict I cannot say with certainty, nor can

my honourable Friend Mr. Szeto. For all his good humoured scepticism I

heard nothing in his speech which amounted to a critique of my forecast.

"But I can assure both him and my honourable Friend Mr. Browne

that I am as anxious as anyone that the Estimates should be 'credible',

I believe they are," he said.

The Hon Szeto Wai, while deploring in one breath "the amassing

of huge yearly surpluses" had implied in another that Goverment should not

compete with the private sector for available resources.

"But