F. Public Finance
Hong Kong may be moving into a period of budgetary deficits and the S. of S. may be asked why the Colony receives no development aid from H.M.G.
The S. of S's answer
2.
might be in two parts, as follows:-
(i) Hong Kong is a flourishing, viable economy capable of attracting
sufficient capital to sustain its growth. Our limited capital
aid is directed to countries less fortunately placed.
(b) The cost to H.M.G. of the garrison already represents a substantial contribution to the Colony's well-being. The precont cost is about £16 million a year, to which Hong Kong has been contributing £5 m. In addition we have made regular grants towards the two Universities and the Technical College.
If at official level there is mention of Hong Kong's request for assistance in extending the airport runway in preparation for the introduction of the Concord supersonic airliner, the S. of S. might say that we are still seeing whether anything can be done, at the same time emphasising that in our present economic position overseas aid is having to be strictly controlled and it is not easy to find money other than for existing commitments.
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