XN000022-1976-07-02 — Page 7

FRIDAY, JULY 2, 1976

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COMMENTING ON THE FACT THAT THE FINAL OUTTURN WAS NOW A SURPLUS OF $223 MILLION, THE FINANCIAL SECRETARY SAID THAT THIS WAS ALMOST ENTIRELY DUE TO REVENUE BEING HIGHER THAN HE EXPECTED WHEN HE PRESENTED THE REVISED ESTIMATES FOR 1975-76 IN HIS RECENT BUDGET SPEECH. WHILE ACTUAL EXPENDITURE HAD TURNED OUT TO BE VERY CLOSE TO WHAT HE HAD FORECAST, REVENUE WAS HIGHER THAN EXPECTED MAINLY BECAUSE OF TWO UNEXPECTED CIRCUMSTANCES. THE FIRST WAS THAT THE REVIVAL OF ACTIVITY ON THE STOCK EXCHANGE CONTINUED TO ACCELERATE INTO MARCH WITH A CORRESPONDING INCREASE IN YIELD FROM STAMP DUTY. THE SECOND AND MORE SIGNIFICANT WAS THAT MORE THAN 50,000 SALARIES TAX PAYERS PAID THEIR FULL TAX IN 1975-76 RATHER THAN TAKING ADVANTAGE OF THE INSTALEMENT SYSTEM WHICH WOULD HAVE ALLOWED THEM TO DEFER PART OF THE PAYMENT TO 1976-77. THE FINANCIAL SECRETARY POINTED OUT THAT HE HAD ALLOWED FOR THE DEFERRED PAYMENTS IN THE REVENUE ESTIMATES FOR 1976-77 RATHER THAN IN THE REVISED OUTTURN FOR 1975-76.

HE SAID THERE HAD ALSO BEEN GREATER ACTIVITY THAN HE HAD EXPECTED IN RESPECT OF THE LICENSING OF NEW VEHICLES, LAND SALES AND THE USE OF THE POSTAL SERVICES AND OF THE AIRPORT, LARGELY BECAUSE OF THE CONTINUING STRENGTHENING OF THE ECONOMY.

TO PUT THE MATTER IN PERSPECTIVE, THE FINANCIAL SECRETARY COMMENTED THAT THE CHANGE FROM A DEFICIT OF $431 MILLION ESTIMATED IN FEBRUARY 1975 TO AN ACTUAL SURPLUS OF $223 MILLION AT THE END OF MARCH 1976 SHOULD BE VIEWED AGAINST THE INCREASING SIZE OF THE GOVERNMENT'S TOTAL ESTIMATED REVENUE AND EXPENDITURE WHICH NOW EXCEEDS $14,000 MILLION.

PART-TIME LECTURERS FOR TECHNICAL INSTITUTES

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VACANCIES FOR PART-TIME EVENING LECTURERS MAY EXIST AT THE MORRISON HILL, KWAI CHUNG AND KWUN TONG TECHNICAL INSTITUTES FOR THE SESSION 1975/76 BEGINNING IN SEPTEMBER.

COURSES AT CRAFT, TECHNICIAN AND POST-SECONDARY LEVELS WILL BE OFFERED IN THE FOLLOWING SUBJECTS: CLOTHING INDUSTRIES COMMERCIAL STUDIES, ELECTRICAL ENGINEERING, GENERAL STUDIES, MECHANICAL ENGINEERING, PRINTING AND TEXTILE INDUSTRIES.

ANY PERSON WITH RELEVANT QUALIFICATIONS AND EXPERIENCE IS INVITED TO APPLY FOR THESE VACANCIES.

THE CLOSING DATE FOR APPLICATION IS JULY 20, 1976,

FURTHER DETAILS CONCERNING THE COURSES AND SUBJECTS TO BE OFFERED BY INDIVIDUAL INSTITUTES CAN BE OBTAINED EITHER IN PERSON OR IN WRITING FROM THE MORRISON HILL TECHNICAL INSTITUTE AT 6 01 KWAN ROAD, WAN CHAI.

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