TNAG-0761-FCO40-965-Budget-of-Hong-Kong--1978-1979-1978 — Page 69

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Hong Kong Budget, 1978-79: Fina

Introduction

17EER 1978

DEAK OFTH

INDEX

NO

Ronefully).

All the financial and economic statistics I

See: 13

the situation this year is

need to finalise next year's budget are still not available, but the main aggregates are now firming up. There have been some significant shifts in the financial

statistics for 1977-78 to 1978-79 since I wrote my

preview of 27th January particularly fluid - and these have influenced my judgement as to the strategy we should adopt for 1978-79. So, with apologies, this minute should be substituted for my minute of 27th January.

1977-78 Outturn

2. The Approved Estimates for this year envisage a surplus of $30 million only:

Revenue:

Recurrent

Capital

Expenditure:

Recurrent

Capital

Surplus on recurrent account Deficit on capital account

.. Overall surplus

$mn

$mn

7,339

936

8,275

6,236

2,009

8,245

+1,103

-1,073

+ 30

3. On the basis of the revised estimates of revenue

and expenditure for this year (which I believe will prove to be more accurate than in previous years for various

technical reasons), we shall do distinctly better than

this (and better than my 18th November guess, and better

/than......

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