XN000022-1988-03-02 — Page 14

WEDNESDAY, MARCH 2, 1988

PROPOSALS TOGETHER INTERESTS IN THE

IN SHARES

1 HE "THE GOVERNMENT, FOR ITS PART,

TO THE RELATION

HELD BY DIRECTORS SHAREHOLDERS OF PUBLIC LISTED COMPANIES.

ADDED, "CONTINUES TO

OF BENEFICIAL DISCLOSURE

AND OTHER SUBSTANTIAL

PUT

RECEIVED HE SAID COMMENTS ON THE PUBLISHED WHITE BILL HAD BEEN

EXECUTIVE COUNCIL IN THE AND HE INTENDED TO SEEK THE ADVICE OF THE NEAR FUTURE.

"THE

SUBJECT

OF

INSIDER TRADING

IS

ALSO

UNDER ACTIVE THE

CONSIDERATION, AND AGAIN I AM ON THE POINT OF TAKING PROPOSALS TO EXECUTIVE COUNCIL, HE SAID.

r

1987-88 SURPLUS STANDS AT $7.6 BILLION

EXPECTED A

THE FINANCIAL SECRETARY, THE HON PIERS JACOBS, HAS MUCH HIGHER THAN BUDGETTED SURPLUS ON GENERAL REVENUE ACCOUNT OF SOME $6.1 BILLION FOR THE FINANCIAL YEAR 1987-88.

SURPLUS

WHEN COMBINED WITH THE GOVERNMENT'S FUND ACCOUNTS, THE

THE LEGISLATIVE COUNCIL TODAY BECAME $7.6 BILLION, MR JACOBS TOLD (WEDNESDAY) WHEN PRESENTING HIS BUDGET SPEECH.

SURPLUS MAY SEEM, YEARS OF OF TWO

HE NOTED HOWEVER THAT "SUBSTANTIAL AS THIS

THAT

PRODUCT THE IT IS REMEMBERED

IT MUST BE EXCEPTIONAL ECONOMIC PERFORMANCE.

蚰

YEAR WERE PER

HE SAID THAT THE ORIGINAL REVENUE ESTIMATES FOR THE FORMED ON THE ASSUMPTION AT THAT TIME OF GDP GROWTH OF AROUND 8.5 CENT IN 1986 AND SIX PER CENT IN 1987.

"AS WE HAVE SEEN, ACTUAL ECONOMIC GROWTH HAS BEEN

CONSIDERABLY

BETTER.

ACCOUNT

TO "I NOW EXPECT THE REVENUE YIELD ON GERENAL REVENUE

ABOVE THE BE NINE PER CENT

ORIGINAL ESTIMATE. COMBINING GENERAL ORIGINAL REVENUE ACCOUNT AND FUND ACCOUNT REVENUE THE INCREASE ON THE ESTIMATE IS 11 PER CENT.

AT DUTY

$5.0 BILLION WAS NEARLY MR JACOBS SAID THAT STAMP

MOTOR DOUBLE THE ORIGINAL ESTIMATE: WHILST SALARIES TAX, PROFITS TAX,

OF WHICH VEHICLE FIRST REGISTRATION TAX AND LAND SALES REVENUE, ALL

ALSO HAD STRONG ECONOMIC PERFORMANCE, NORMALLY BENEFITTED FROM HIGHER THAN EXPECTED YIELDS.

A

/ON THE