XN000022-1973-03-14 — Page 6

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Wednesday, March 14, 1973

EXPENDITURE ON URBAN RENEWAL CALLED INADEQUATE

Move To Increase Cost Of Becoming A Motorist Supported

The Hon. Szeto Wai today expressed disappointment at the $40 million

budgetted by the Financial Secretary for expenditure on urban renewal.

Speaking at the annual Budget debate, Mr. Szeto said the amount was

"rather inadequate.'

The estimated cost of resumption compensation for improving the old

parts of Yau Ma Tei, Wan Chai and Western District and for creating an Urban

Renewal Pilot Scheme amounted to no less than $120 million, he said.

"Although expenditure on this count may reach the two-thirds mark by

March 1974, it will be many more years before the environments of these areas

are improved,"

He pointed out that the Urban Renewal Pilot Scheme was proposed by

the Slum Clearance Working Party over seven years ago.

As for Yau Ma Tei, Wan Chai and the Urban Renewal District in Western,

private redevelopment of affected land in these areas had been frozen for a

number of years, causing hardship to many owners.

Commenting on the revenue estimates, Mr. Szeto said the new budget

showed a scale-down of $60 million in stamp duties despite doubling the duty

on shares transaction while revenue from land sales and re-grant premia was

slashed by 50 per cent ($301 million).

Another area which appeared unrealistic, he said, was motor vehicles

taxes and licences - a mere four-per-cent increase was budgetted as against the

15 per cent vehicle growth.

/On the ...**