XN000022-1992-05-06 — Page 6

WEDNESDAY, MAY 6, 1992

MATTER

OF

THE

BY CONTRAST, THE SLOWNESS IN IDENTIFYING THE MAGNITUDE OF UNDERSPENDING IN PUBLIC WORKS IS LESS READILY UNDERSTANDABLE, AND IS A SOME OF THE ALTHOUGH, IN THE LONGER TERM, FOR CONCERN.

YEARS AS UNDERSPENDING THIS YEAR WILL BE MADE UP FOR IN SUBSEQUENT DELAYED PROJECTS ARE IMPLEMENTED, IT IS CLEARLY UNSATISFACTORY THAT WE

UNABLE TO HAVE BEEN

PREDICT THE PROGRESS

OUR CAPITAL WORKS WITH MORE ACCURACY. PROGRAMME

THE I HAVE THEREFORE ASKED

SECRETARY FOR THE TREASURY AND THE SECRETARY FOR WORKS TO LOOK URGENTLY AT TO IMPROVE OUR ESTIMATING TECHNIQUES AND PROCEDURES FOR

то WORKS

ENSURE THAT IN FUTURE YEARS PROGRAMME, PICTURE OF THE SITUATION EMERGES.

ALTHOUGH

HOW THE PUBLIC

A MORE

ACCURATE

ΤΟ

DEFER

THIS WINDFALL SURPLUS WILL ENABLE US

AN THIS INCREASE IN GENERAL RATES, I AM ALSO ABLE TO ASSURE MEMBERS THAT

WAYS OF POSSIBLE DOES NOT AFFECT OUR DETERMINATION TO LOOK AT

THE I STAND BY RESOLVING THE PROBLEMS FACED BY THE "SANDWICH CLASS".

THAT 19, ASSURANCES WHICH I GAVE IN MY CONCLUDING SPEECH ON 1 APRIL.

ARE FINANCES IF OUR

IN LINE WITH EXPECTATIONS, I PLAN ANOTHER SUBSTANTIAL INCREASE IN SALARIES ALLOWANCES TOGETHER WITH A REVIEW TAX BANDS. THE SECRETARY FOR PLANNING, ENVIRONMENT AND LANDS IS

ΤΟ FORWARD WITH OUR EXAMINATION OF POSSIBLE WAYS PRESSING THE HIGH COST OF HOUSING FOR THE "SANDWICH CLASS", AND RECOMMENDATIONS BY SEPTEMBER THIS YEAR.

OF

ALSO ALLEVIATE WILL PRODUCE

AN

OF

CAN

FINALLY, THE FACT THAT WE ARE FORTUNATELY NOW ABLE TO AVOID INCREASE IN GENERAL RATES DOES NOT DETRACT FROM THE IMPORTANCE

WE MAINTAINING THE INTEGRITY OF THE REMAINING BUDGET MEASURES. AND MUST MOVE FORWARD WITH OUR CAREFULLY CONSTRUCTED PACKAGE OF TAX, IN CONCESSIONS, AS WELL AS WITH THE MODEST INCREASE IN PROFITS ORDER TO BE ABLE TO MAINTAIN OUR PLANNED LEVEL OF REVENUE AND FUND THE EXPENDITURE APPROVED BY MEMBERS IN THE APPROPRIATION BILL ON 1 APRIL.

0

—

SPEECH BY FS ON BCC MOTION

BCC

THE FOLLOWING IS THE FULL TEXT OF THE SPEECH BY THE FINANCIAL SECRETARY, MR HAMISH MACLEOD, WHEN WINDING UP A MOTION DEBATE ON INQUIRY IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY):

MR DEPUTY PRESIDENT,

Ι AS

STATED IN

IT

IS

THE

THE WERE

THE

THIS COUNCIL ON 15 MARCH 1992, CONSIDERED VIEW OF THE ADMINISTRATION THAT A FURTHER INQUIRY INTO BCCHK

PURPOSE AFFAIR WOULD SERVE NO USEFUL

UNLESS THERE

OF OUTSIDE HONG KONG OR ARISING IN THE COURSE INDICATIONS FROM LIQUIDATION OF BCCHK THAT THERE WERE OTHER IMPORTANT DIMENSIONS TO THE THE POSITION REMAINS THAT, ISSUE WHICH REQUIRED SPECIAL EXAMINATION. TO THE PRESENT, NO SUCH INDICATIONS HAVE ARISEN.

THE THE MOTION SETS OUT TWO PURPOSES FOR THE PROPOSED INQUIRY.

SEE WHETHER ANY FIRST IS TO INVESTIGATE THE BCCHK FAILURE AND TO

ACTION NEEDS ΤΟ FURTHER

BE TAKEN.

IS THE SECOND

то REVIEW THE THE GOVERNMENT EXISTING SUPERVISION MECHANISM OF THE BANKING SYSTEM. DOES NOT CONSIDER THAT SUCH AN INQUIRY IS NECESSARY OR WOULD SERVE ANY USEFUL PURPOSE IN THESE RESPECTS.

/AS FAR

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