XN000022-1987-02-25 — Page 9

WEDNESDAY, FEBRUARY 25, 1987

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+WE MUST ALL PLAY OUR PART IN MAINTAINING THE INTEGRITY OF THE SYSTEM BECAUSE IF THE ACTIVITIES OF A FEW ARE ALLOWED TO DAMAGE THAT SYSTEM OR MAR ITS REPUTATION THEN ALL WILL SUFFER.+

+LET US NOT IMAGINE THAT IN THIS AREA WE ARE DEALING WITH VICTIMLESS CRIMES,

MR JACOBS POINTED OUT THAT HONG KONG HÅD ENJOYED Å REMARKABLE YEAR IN 1986, AND +THE RESULTS OVE MUCH TO THE HARD WORK AND IMAGINATION OF THE COMMUNITY AS A WHOLE.+

+HONG KONG HAS A JUSTIFIABLE REPUTATION FOR BETTING ON WITH THE JOB IN HAND, HE SAIB.

+OUR BUSINESS COMMUNITY IS VIGOROUS IN ITS PURSUIT OF NEW MARKETS AND OPPORTUNITIES, AND OUR LABOUR FORCE IS KNOWN FOR ITS SKILL AND ENERGY.

+THESE ARE THE TRADITIONAL QUALITIES OF HONG KONG, AND WE WILL CONTINUE TO PROSPER IF WE HOLD TRUE TO THEM.+

CONCLUDING HIS SPEECH, MR JACOBS SAID: +HONG KONG WILL IN THE YEARS AHEAD FACE MANY PROBLEMS; BUT WITH COURAGE, HONESTY AND STRENGTH OF PURPOSE IT WILL OVERCOME THEM.+

1986-87 SURPLUS RISES TO $3 BILLION *****

THE FINANCIAL SECRETARY, THE HON PIERS JACOBS, TODAY (WEDNESDAY) FORECAST Á MUCH STRONGER OUTTURN OF JUST OVER $3 BILLION IN SURPLUS ON GENERAL REVENUE ACCOUNT FOR 1986-87, COMPARED WITH THE MODEST ESTIMATE OF $0.35 BILLION AT THE START OF THE FINANCIAL YEAR.

THIS GENERAL REVENUE ACCOUNT SURPLUS, ALONG WITH THE INCREASE IN FUND BALANCES, GAVE AN OVERALL SURPLUS OF $4.9 BILLION FOR THE YEAR, HE SAID.

PRESENTING HIS BUDGET, MR JACOBS SAID HE WAS PLEASED TO RECORD THAT THE RAPID ECONOMIC RECOVERY IN 1986 EXCEEDED HIS EXPECTATIONS AND HAD GENERATED CONSIDERABLE IMPROVEMENTS IN THOSE REVENUE AREAS MOST CLOSELY LINKED TO ECONOMIC PERFORMANCE.

HE NOTED THAT THE MOST SIGNIFICANT GAINS HAD COME FROM PROFITS TAX, SALARIES TAX AND STAMP DUTY WHICH, TOGETHER, WERE ESTIMATED TO YIELD A TOTAL OF $2.8 BILLION MORE THAN BUDGETTED.

/+PROFITS AND