XN000022-1977-03-04 — Page 4

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FRIDAY, MARCH 4, 1977

THUS, CHANNELLING BACK THE MONEY FROM THE SALE OF FLATS INTO THE FUND, HE CONTINUED, WOULD MEAN THE SPEEDY RECOVERY OF FINANCIAL RESOURCES WHICH COULD BE USED TO FINANCE THE CONSTRUCTION OF AN INCREASING STOCK OF HOUSING. WHEN DEMAND HAS BEEN SATISFIED THESE RESOURCES WILL STILL BE AVAILABLE TO MEET OTHER COMMUNITY NEEDS.

+WHAT REMAINS TO BE DONE NOW,+ MR. HADDON-CAVE SAID, +IS FOR CONTRACTS TO BE LET AND CONSTRUCTION TO PROCEED, FOR SELLING ARRANGEMENTS TO BE FINALISED AND FOR SUITABLE MORTGAGE FACILITIES TO BE DEVISED.+

IN ADDITION, THE GOVERNMENT HAS APPROVED AN EXPERIMENTAL SCHEME PROPOSED BY THE WORKING PARTY TO INVITE BIDS FROM PRIVATE ESTATE DEVELOPERS FOR SEVERAL ADDITIONAL SITES TO BUILD FLATS FOR SALE AT FIXED PRICES.

THIS EXPERIMENT WILL INDICATE WHETHER PRIVATE DEVELOPERS CAN KEEP PRODUCTION COSTS (AND PROFITS) DOWN TO A POINT WHERE HOUSEHOLDERS EARNING LESS THAN $3,500 A MONTH CAN AFFORD TO BUY SUCH FLATS ON THE SPECIAL MORTGAGE TERMS TO BE OFFERED.

GOVERNMENT ACCOUNTS FOR DECEMBER 1976 ******

THE GOVERNMENT ACCOUNTS FOR THE MONTH OF DECEMBER 1976 SHOW A SURPLUS OF $152 MILLION AS COMPARED WITH A SURPLUS OF $72 MILLION IN DECEMBER 1975.

THIS HAS RESULTED IN A SURPLUS OF $61 MILLION FOR THE FIRST NINE MONTHS OF THE FINANCIAL YEAR, COMPARED WITH A DEFICIT OF $37 MILLION FOR THE SAME PERIOD LAST FINANCIAL YEAR.

GROSS EXPENDITURE AT $563 MILLION WAS $90 MILLION MORE THAN IN DECEMBER 1975.

TOTAL REVENUE AND RECEIPTS AT $715 MILLION WAS $170 MILLION MORE THAN THE SAME MONTH IN 1975, DUE MAINLY TO INCREASED RECEIPTS FROM DUTIES, INTERNAL REVENUE, MOTOR VEHICLE TAXES AND LAND SALES.

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