XN000022-1973-02-28 — Page 18

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Wednesday, February 28, 1973

The Financial Secretary said revenue from licences for drivers and

vehicles had also been under-estimated by $10 million, interest earnings by

$12 million and airport revenue by $13 million.

As regards capital revenue, the revised estimate was put at $712

million, $428 million higher than the original estimate.

Of this increase, $278 million was accounted for by the very high

prices realised at this year's land sales and another $122 million was unexpectedly

received as a result of two lease-holders settling outstanding instalments on

lots bought in earlier years in order to avoid interest payments.

duty.

Another $18 million was due to a higher than expected yield from estate

Government Spending

On Government spending, the Financial Secretary said that the rate

of growth of expenditure was such that, for the third consecutive year, actual

expenditure was likely to exceed the original estimate.

The revised expenditure was estimated to be $209 million more than

the original estimate.

This was partly accounted for by the cost of implementing the

recommendations of the 1971 Salaries Commission and of introducing revised rates

for public assistance;

and partly by a certain amount of unforeseen expenditure

arising, for example, from the June rainstorms.

The Financial Secretary stressed that additional expenditure during

the year had not been restricted on purely financial grounds.

/Supplementary