J
FRIDAY, MARCH 5, 1976
WHEN THIS IS COMPLETED IN JULY THIS YEAR, THIS WILL PERMIT SHIPPING UNRESTRICTED ENTRY TO THE HARBOUR FROM THE WESTERN APPROACHES, THEREBY REDUCING THE NUMBER OF SHIPS WHICH WOULD OTHERWISE PASS CLOSE TO TUNNEL CONSTRUCTION ACTIVITIES.
IT IS EXPECTED THAT CONSTRUCTION WORK ON THE CROSS HARBOUR TUNNEL WILL TAKE ABOUT FOUR YEARS TO COMPLETE, DURING WHICH TIME THE SECTION OF HARBOUR OCCUPIED BY THE CONTRACTORS' WORKS AREA WILL BE CLOSED TO MARINE TRAFFIC.
GAZETTE NOTIFICATIONS DESCRIBING THESE WORKS AND CLAIMS PROCEDURE APPEAR IN TODAY'S GOVERNMENT GAZETTE.
GOVERNMENT ACCOUNTS FOR DECEMBER 1975
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THE HONG KONG GOVERNMENT ACCOUNTS FOR THE MONTH OF DECEMBER 1975 SHOW A SURPLUS OF $72 MILLION COMPARED WITH A SURPLUS OF $133 MILLION IN DECEMBER 1974.
THIS HAS RESULTED IN AN ACCUMULATED DEFICIT OF $285 MILLION (EXCLUDING LOANS) FOR THE FIRST NINE MONTHS OF THE FINANCIAL YEAR, COMPARED WITH A DEFICIT OF $673 MILLION FOR THE SAME PERIOD IN 1974.
TOTAL REVENUE FOR THE MONTH AT $545 MILLION WAS $101 MILLION LESS THAN IN DECEMBER 1974 DUE MAINLY TO DECREASED RECEIPTS IN INTERNAL REVENUE ARISING FROM THE INTRODUCTION IN 1975-76 OF THE PAYMENT OF SALARIES AND PROFITS TAX BY TWO INSTALMENTS, WITH THE SECOND INSTALMENT OF 25 PER CENT FALLING DUE TOWARDS THE END OF 1975-76 OR THE BEGINNING OF 1976-77.
TOTAL EXPENDITURE AT $473 MILLION WAS $40 MILLION LESS THAN THE SAME MONTH IN 1974, MAINLY BECAUSE OF DECREASED SPENDING ON PUBLIC WORKS PROJECTS DUE LARGELY TO THE SIGNIFICANT DECLINE IN CONTRACT PRICES AND ALSO TO THE EXCEPTIONALLY RAINY SUMMER IN 1975.
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