CONERENTIAL
Tinence
them is out of the question.
All attempts to improve the
trade union structure have failed in spite of the Hong Kong
Government's efforts to promote, trade union education and tho
efforts of some international trade union organisations.
PUBLIC FINARCH
$
30. Hong Kong receives virtually no financial aid from
Her Majesty's Government. Since the end of the last wOR':
with one or two exceptions, it has run a substantial surplun
on the recurrent budget, from which it has financed its own
development expenditure, which has been on a massive scale.
The housing programe in particular has been an outstanding
success, and has been carried through entirely from local
resources. Aid from the United Kingdon' has been limited is
grants towards higher education projects (the two universitico
and technical education) and a loan and grants for the
development of Kui Tek airport, It is a sore point i22
Hong Kong that since 1945, wo have not felt able to make
regular uid allocations to the Colony. Our reason is that they are able to manage without; if they run short of
development finance, our general attitude has been that they ahould raise local loans (the public debt is very low) or
increase taxation. But since we provido no aid, we cannot
exercise control over their financial policies; financial policies;
the ultimate
responsibility of the Secretary of State is in practice purely
formal, and they are to all intents and purposes financially
evenue and wenditure
autonomous,
31. Annual revenue and expenâiture have nearly dcubled sinco 1963 to £170m. und £139m. respectively in 1969/70.
Thoro
vas a budget doficit in 1959/60 (£2.8m) and in 1965/66 (£0.(m) but in all other years since 1947 surpluse¤ havo been realirod.!
A surplus
No comments yet.
Private notes are available after approval.