Secret
FAT 10% per year
inflation it and appear to be the equivalent of the
precant figure of
£5m].
mis
5.
(b) The Governor's offer of £7.5 million would meet the whole
of the estimated recurrent local costs of that proportion
of the Garrison required for internal security purposes;
in addition it would provide £870,000 per annum towards
the capital costs. Under the current agreement Hong Kong
provides £5 million per annum to cover recurrent local
costs estimated in 1966 at £4.5 million, leaving £.5
million as an annual contribution towards capital costs.
The figure of £7.5 million per annum represents an
increase of 50 per cent over the existing contribution,
a substantial one by any yardstick.
(c)
(a)
(e)
Increased taxation bolnice the creticlly bred be justifica I covers increased defence cosh)
prejudica
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The investment needed to
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знавий
On the basis of the Colony's current annual estimates of
revenue and expenditure Hong Kong is devoting 12.25 per
cent of its total annual expenditure (capital and recurrent)
to defence and internal security measures. In terms of
recurrent expenditure only, the figure is 15.35 per cent.
Unlike countries such as Taiwan and South Korea, Hong Kong
cannot fall back on agriculture to provide a subsistence
economy for its people in the event of a decline in the
Colony's export trade. Something like 100,000 new jobs
will have to be provided each year for school leavers
coming into the employment market; to make this possible
an annual increase of about 15 per cent in exports is
estimated as the minimum required to give the expansion
in industry necessary to provide these additional jobs.
Moreover, Hong Kong must "trade-up" (produce more sophisticated goods) if the Colony is to retain its
!
markets overseas;
this in turn means that the Government
Secret
/will be
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