XN000022-1975-02-26 — Page 31

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WEDNESDAY, FEBRUARY 26, 1975

+BY BORROWING OVER $400, MILLION WE SHALL BE ABLE TO FINANCE CAPITAL WORKS EXPENDITURE OF JUST ON $2,000 MILLION OUT OF TOTAL EXPENDITURE OF $6,600 MILLION. WITHIN THIS FIGURE OF $2,000 MILLION, PROVISION HAS BEEN POSSIBLE FOR THE LETTING OF QUITE A NUMBER OF NEW CONTRACTS AS WELL AS THE CONTINUATION OF EXISTING CONTRACTS. THIS WILL BE HELPFUL TO THE CONSTRUCTION. INDUSTRY AND GENERALLY I THINK THE BUDGET WILL HAVE A MILD EXPANSIONARY EFFECT ON THE ECONOMY WITHOUT, I FEEL CONFIDENT, INVOLVING BALANCE OF PAYMENTS PROBLEMS.

+I THINK THE BUDGET STRIKES THE RIGHT BALANCE BETWEEN THE CONTAINMENT OF EXPENDITURE AND THE RAISING OF ADDITIONAL TAX AND NON-TAX REVENUE. AND, CERTAINLY, I HAVE TRIED TO DEAR IN MIND THE IMPORTANCE OF MAINTAINING STEADY PROGRESS IN THE DEVELOPMENT OF THE PUBLIC SERVICES, WHILST AVOIDING ANY MOVE WHICH MIGHT DAMAGE THE ECONOMY, ON THE HEALTH OF WHICH OUR FUTURE DEPENDS.+

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