XN000022-1975-08-08 — Page 6

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FRIDAY, AUGUST 8, 1975

LOTTERIES BOARD MEMBERSHIP ANNOUNCED

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THE COMPOSITION OF THE NEW SEVEN-MEMBER HONG KONG LOTTERIES BOARD WHICH WILL ORGANISE AND CONDUCT REGULAR LOTTERIES WAS ANNOUNCED TODAY.

THE POSITION OF CHAIRMAN OF THE BOARD WILL BE HELD BY THE CHAIRMAN OF THE STEWARDS OF THE ROYAL HONG KONG JOCKEY CLUB. THE THREE MEMBERS OF THE CLUB'S CASH SWEEP AND TOTALISATOR SUB- COMMITTEE ARE ALSO MEMBERS OF THE BOARD TOGETHER WITH THE ACCOUNTANT GENERAL, THE COMMISSIONER OF POLICE AND MR. CHAU KAI-YIN, WHO IS THE CHAIRMAN OF THE EXISTING GOVERNMENT LOTTERIES MANAGEMENT COMMITTEE.

THE APPOINTMENTS, WHICH HAVE BEEN MADE BY THE GOVERNOR, ARE FOR A PERIOD OF TWO YEARS FROM AUGUST 1.

LAST WEEK, THE LEGISLATIVE COUNCIL APPROVED A BILL SETTING UP THE HONG KONG LOTTERIES BOARD. IT IS INTENDED THAT THE JOCKEY CLUB'S EXISTING FACILITIES WILL BE USED FOR CONDUCTING THE LOTTERIES,

$60M DEFICIT RECORDED IN MAY

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THE GOVERNMENT ACCOUNTS FOR THE MONTH OF MAY SHOW A DEFICIT OF $60 MILLION COMPARED WITH A DEFICIT OF $151 MILLION IN MAY LAST YEAR.

THIS HAS RESULTED IN AN ACCUMULATED DEFICIT OF $78 MILLION FOR THE FIRST TWO MONTHS OF THIS FINANCIAL YEAR, COMPARED WITH A DEFICIT OF $183 MILLION FOR THE SAME PERIOD LAST YEAR.

TOTAL REVENUE FOR THE MONTH AT $406 MILLION WAS $71 MILLION MORE THAN IN MAY 1974 DUE MAINLY TO INCREASED RECEIPTS FROM RATES, INTERNAL REVENUE AND LAND SALES.

TOTAL EXPENDITURE AT $466 MILLION WAS $20 MILLION LESS THAN THE SAME MONTH LAST YEAR.

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