XN000022-1973-03-28 — Page 6

Wednesday, March 28, 1973

He also denied that revenue from stamp duties would be reduced despite

This alone, he said, would

the doubling of the duty on share transactions.

bring in an extra $300 million.

In any case, he added, there was little wisdom in assuming that the

stock market was going to maintain its then level of activity.

"We cannot afford to be over-confident on share prices and turnover,

as recent events have indicated," he said.

"Indeed, although revenue from stamp duty on contract notes is

recurrent revenue it has an uncertainty about it similar to some items of

capital revenue."

The Financial Secretary conceded that his estimated revenue from

land sales might be on the conservative side but said there were too many

variables to enable an exact prediction on how much land would be available

for sale in the second half of next year.

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