TNAG-0453-FCO40-518-Budget-of-Hong-Kong-1974-1975-1975 — Page 223

G

S 1610

ORITY

EN CLAIR

FM HONG KONG

2704282

UNCLASSIFIED

[CULL]

RECEIVED IN REGISTRY No. 51

- 4 MAR 1974

TOP COPY

HKK 5/20.

TO PRIORITY F C O TELNO 258 OF 27TH FEBRUARY, 1974 INFO PRIORITY HONG KONG GOVERNMENT OFFICE LONDON.

APPROPRIATION BILL 1974.

LEC

RE

NEXT

BEF

THE FINANCIAL SECRETARY MOVED THE SECOND READING TODAY. THE MAIN POINTS IN HIS SPEECH WERE

REVISED ESTIMATES FOR 1973-74

PART 1: FINANCIAL POSITION

REVENUE :

HK DOLLARS 5,276 MILLION

SURPLUS :

HK DOLLARS

EXPENDITURE : RK DOLLARS 4,833 MILLION

FINANCIAL POSITION

1ST APRIL 1973

31ST MARCH 1974 #

433 MILLION (BUT ON THE BASIS OF DAILY RECEIPTS AND PAYMENTS COULD BE HK DOLLARS 500 MILLION BRING IT VERY CLOSE TO THE SURPLUS THE FINANCIAL SECRETARY BUDGETTED FOR IN HIS 1973 BUDGET SPEECH). NEXT MONTH FINANCE COMMITTEE WILL BE INVITED TO APPROPRIATE HK DOLLARS 300

MILLION AS A FURTHER CREDIT TO THE MASS TRANSIT FUND FOR THE GOVERNMENT'S EQUITY

CONTRIBUTION FOR THE FIRST FOUR STAGES OF THE RAILWAY, LEAVING HK DOLLARS 200 MILLION TO BE CARRIED FORWARD TO THE GENERAL REVENUE BALANCE.

FISCAL RESERVES WERE HK DOLLARS 3,179 MILLION.

FISCAL RESERVES ESTIMATED AT HK DOLLARS

3,066 MILLION, THE REDUCTION BEING CAUSED BY THE DECLINING VALUE OF FOREIGN CURRENCY

ASSETS.

/PART 11:

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