XN000022-1978-10-18 — Page 8

WEDNESDAY, OCTOBER 18, 1978

SUPPLEMENTARY PROVISIONS FOR LAST QUARTER OF 1977-78

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THE SUPPLEMENTARY PROVISIONS OF GOVERNMENT EXPENDITURE FOR THE FOURTH QUARTER OF THE FINANCIAL YEAR 1977-78 AMOUNTED TO $917 MILLION,

THIS WAS DISCLOSED BY THE FINANCIAL SECRETARY, THE HON. PHILIP HADDON-CAVE, WHEN HE INTRODUCED A MOTION IN THE LEGISLATIVE COUNCIL TODAY TO SEEK THE COUNCIL'S COVERING AUTHORITY FOR SUCH EXPENDITURE WHICH HAD BEEN APPROVED BY THE FINANCE COMMITTEE.

MR. HADDON-CAVE SAID OF THIS SUM, $485 MILLION WAS REQUIRED FOR PAYMENT TO THE HOME OWNERSHIP FUND FOR FINANCING PHASE OF THE HOME OWNERSHIP SCHEME; $100 MILLION FOR PAYMENT TO THE DEVELOPMENT LOAN FUND FOR FINANCING PUBLIC HOUSING PROJECTS; $151 MILLION FOR PUBLIC WORKS PROJECTS, AND $88 MILLION TO AUGMENT PERSONAL EMOLUMENTS SUBHEADS ON ACCOUNTS OF THE 1977 SALARIES REVISION.

HE ALSO POINTED OUT THAT THE SUPPLEMENTARY PROVISIONS COVERED BY THE SCHEDULE RESULTED IN A NET INCREASE OF $655 MILLION IN THE EXPENDITURE APPROVED FOR THE YEAR, THE REMAINDER BEING OFFSET BY SAVINGS UNDER OTHER HEADS OF EXPENDITURE AND BY FREEZING OF FUNDS AVAILABLE UNDER ADDITIONAL COMMITMENTS OF MISCELLANEOUS SERVICES.

PROGRESS REPORT OF RK INDUSTRIAL ESTATES CORPORATION

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THE HONG KONG INDUSTRIAL ESTATES CORPORATION HAS PARTLY, IF NOT WHOLLY, NEGOTIATED THE INITIAL HURDLE OF ATTRACTING THE FIRST FEW FIRMS AND CREATING CONFIDENCE, CHAIRMAN OF THE CORPORATION, THE HON. LI FOOK-WO TOLD THE LEGISLATIVE COUNCIL TODAY.

SPEAKING AT THE TABLING OF THE CORPORATION'S ANNUAL REPORT FOR 1977-78 IN THE COUNCIL, MR. LI SAID THIS HURDLE HAS BEEN SHOWN BY EXPERIENCE IN MOST OTHER PARTS OF THE WORLD TO BE THE GREATEST PROBLEM IN THE DEVELOPMENT OF INDUSTRIAL ESTATES.

/THE.....