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Wednesday, February 28, 1973
REVENUE ESTIMATES FOR 1973/74
Lower Land Sales Anticipated
The Financial Secretary, the Hon. C.P. Haddon-Cave, today forecast
total revenue in the coming financial year starting April 1 would amount to
34,722 million, an increase of three per cent over the revised estimate for
1972/73.
He stressed that he was not under-estimating revenue and explained
that the apparently small growth was due to the vagaries of yield from items
of capital revenue.
He estimated capital revenue for the new fiscal year at $447 million
which, although 57 per cent higher than the original' estimate for 1972/73, was
37 per cent less than the likely result for the current year.
The reduction, he explained, was due firstly to the unexpected revenue
boost in 1972/73 of $122 million in respect of settlement of outstanding
instalments of land premia.
"Secondly, because of clearance difficulties and the priority which
must be given to the Mass Transit Railway and the Housing Authority, uncertainty
surrounds the amount of land likely to be available for sale during 1973/74,"
he added.
Present indications, he went on, were that, in the urban area, about
175,000 square feet of non-industrial land and 80,000 square feet of industrial
land would be offered for sale during the first half of the year.
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